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News
21.05.2012
Pennant Energy Inc. provides update on Bigstone Project
Pennant Energy Inc. provides update on Bigstone Project
Pennant Energy Inc. ("Pennant" or the "Company") (TSX-V: PEN), provides the following update on our Bigstone, highly liquids rich natural gas resource project.
The Bigstone Montney "Extended Reach" horizontal well 00/13-33-060-22W5/0 well is equipped with liner and packer assembly and is ready for the Multi-stage Fracturing operation. Pennant and its joint venture partners were ready to commence fracing and completion operations for our recently drilled well in mid April. However, due to the annual spring break-up imposed road-bans, which were activated during the second week of April, these operations are temporarily on hold. The operator will commence the completion phase of the operations as soon as weather conditions allow for the drilling rig to be removed and completion operations initiated. Pennant anticipates these operations could commence anytime within the next 2 weeks. Pennant holds an undivided 12.5% pooled interest in the Pooled Lands and is participating as to a 12.5% working interest in the drilling and completion of the 13-33-060-22W5 well.
As stated in our April 10, 2012 press release, construction of the surface production facilities and 1.6 mile, 8 inch pipeline to the gas gathering system has been completed and ready for production. Production start up is currently waiting on a connecting pipeline to be re-commissioned and a scheduled maintenance for the processing plant which could delay production start-up until Mid June.
Thomas Yingling President of Pennant Energy Inc. stated, “Although these delays are unfortunate the fundamentals of the Company remain stronger than ever. We are just a few weeks away from tying in the Companies first two Bigstone wells, which will increase our cash flow dramatically! We are also just a few weeks away from fracing and testing our third Bigstone horizontal well, joint ventured with a Major. During these difficult global market conditions share prices of many companies are suffering. Pennant is no exception. However, once our balance sheet reflects the earnings from the new wells being tied in combined with the fact that we have no debt, cash in the bank and good share structure the Company will have reached a significant milestone and turning point. I would like to thank the Pennant shareholders for their patience.”
To view several pictures of our pipeline being built please visit the company website at: http://www.pennantenergy.com/s/PhotoGallery.asp?ReportID=502838 and/or for further information on any of our projects please feel free to contact the company at 604-689-1799.
The Company also announces that it has granted stock option agreements to its directors, officers, employees and consultants to purchase up to aggregate of 900,000 common shares of the Company, exercisable at the price of $0.10 per share for five years. The stock options will be granted in accordance with the Company’s Stock Option Plan and will have the required four (4) month hold period pursuant to the policies of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
Signed: “Thomas Yingling”
Mr. Thomas Yingling
President
Oil Equivalency Conversion (BOE)
Where amounts are expressed on a barrel of oil equivalent (“BOE”) basis, natural gas volumes have been converted to BOE at a ratio of 6,000 cubic feet of natural gas to one barrel of oil equivalent (6 Mcf = 1 BOE). The conversion ratio is based upon an energy equivalent conversion method, primarily applicable at the burner tip and does not represent value equivalence at the wellhead. BOE values may be misleading, particularly if used in isolation. Furthermore, this News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
FORWARD-LOOKING STATEMENTS Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including statements regarding the spud of a Bigstone well on the west side of the block, horizontal length, the timing of tie-in of it or any other of the wells, anticipated initial production, drilling plans for the Company's Bigstone acreage, potential drilling locations, the drilling of additional wells and the construction of a gathering system at Bigstone and projected corporate Q2 2012 production rate. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Pennant’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Pennant believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our management's discussion and analysis, Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Pennant does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Where amounts are expressed on a barrel of oil equivalent ("BOE") basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel. The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. References to oil in this discussion include crude oil and natural gas liquids ("NGLs"). NGLs include condensate, propane, butane and ethane. References to gas in this discussion include natural gas. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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Pennant Energy Inc. ("Pennant" or the "Company") (TSX-V: PEN), provides the following update on our Bigstone, highly liquids rich natural gas resource project.
The Bigstone Montney "Extended Reach" horizontal well 00/13-33-060-22W5/0 well is equipped with liner and packer assembly and is ready for the Multi-stage Fracturing operation. Pennant and its joint venture partners were ready to commence fracing and completion operations for our recently drilled well in mid April. However, due to the annual spring break-up imposed road-bans, which were activated during the second week of April, these operations are temporarily on hold. The operator will commence the completion phase of the operations as soon as weather conditions allow for the drilling rig to be removed and completion operations initiated. Pennant anticipates these operations could commence anytime within the next 2 weeks. Pennant holds an undivided 12.5% pooled interest in the Pooled Lands and is participating as to a 12.5% working interest in the drilling and completion of the 13-33-060-22W5 well.
As stated in our April 10, 2012 press release, construction of the surface production facilities and 1.6 mile, 8 inch pipeline to the gas gathering system has been completed and ready for production. Production start up is currently waiting on a connecting pipeline to be re-commissioned and a scheduled maintenance for the processing plant which could delay production start-up until Mid June.
Thomas Yingling President of Pennant Energy Inc. stated, “Although these delays are unfortunate the fundamentals of the Company remain stronger than ever. We are just a few weeks away from tying in the Companies first two Bigstone wells, which will increase our cash flow dramatically! We are also just a few weeks away from fracing and testing our third Bigstone horizontal well, joint ventured with a Major. During these difficult global market conditions share prices of many companies are suffering. Pennant is no exception. However, once our balance sheet reflects the earnings from the new wells being tied in combined with the fact that we have no debt, cash in the bank and good share structure the Company will have reached a significant milestone and turning point. I would like to thank the Pennant shareholders for their patience.”
To view several pictures of our pipeline being built please visit the company website at: http://www.pennantenergy.com/s/PhotoGallery.asp?ReportID=502838 and/or for further information on any of our projects please feel free to contact the company at 604-689-1799.
The Company also announces that it has granted stock option agreements to its directors, officers, employees and consultants to purchase up to aggregate of 900,000 common shares of the Company, exercisable at the price of $0.10 per share for five years. The stock options will be granted in accordance with the Company’s Stock Option Plan and will have the required four (4) month hold period pursuant to the policies of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
Signed: “Thomas Yingling”
Mr. Thomas Yingling
President
Oil Equivalency Conversion (BOE)
Where amounts are expressed on a barrel of oil equivalent (“BOE”) basis, natural gas volumes have been converted to BOE at a ratio of 6,000 cubic feet of natural gas to one barrel of oil equivalent (6 Mcf = 1 BOE). The conversion ratio is based upon an energy equivalent conversion method, primarily applicable at the burner tip and does not represent value equivalence at the wellhead. BOE values may be misleading, particularly if used in isolation. Furthermore, this News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
FORWARD-LOOKING STATEMENTS Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including statements regarding the spud of a Bigstone well on the west side of the block, horizontal length, the timing of tie-in of it or any other of the wells, anticipated initial production, drilling plans for the Company's Bigstone acreage, potential drilling locations, the drilling of additional wells and the construction of a gathering system at Bigstone and projected corporate Q2 2012 production rate. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Pennant’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, operational risks in exploration and development, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Pennant believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our management's discussion and analysis, Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Pennant does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Where amounts are expressed on a barrel of oil equivalent ("BOE") basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel. The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. References to oil in this discussion include crude oil and natural gas liquids ("NGLs"). NGLs include condensate, propane, butane and ethane. References to gas in this discussion include natural gas. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7080491011">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA7080491011</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.