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News
09.04.2010
Pennant Energy Inc.: Second Badger Well Successful
Pennant Energy Inc.: Second Badger Well Successful
Pennant Energy Inc. (the “Company”) (TSX Venture Exchange – PEN”) is pleased to announce that, pursuant to our press release of February 12, 2010, the operator of the Badger 100/04-17-016-18W4/0 has informed the Company that it has been completed and successfully flow tested oil and natural gas from the targeted Mannville formation zones. This is the Companies second Badger well and based on the flow test data, the well is expected to produce oil and gas with NGL’s, similar to that of the production performance of our offset Badger 100/02-07 well as noted below. Progress toward pipeline tie-in operations will be announced as the information is made available to the public by the operator. The Company holds an undivided 25% working interest in the P&NG rights below the base of the Belly River in the total section.
The first Badger well drilled, 100/02-17 well, has been producing oil, gas and natural gas liquids (NGL’s) since January, 2009. The initial production rates from that well were over 1.1 million cubic feet of natural gas per day (Mmcf/day) and 30 barrels of oil per day (bopd). It has produced approximately 230 million cubic feet (Mmcf) of natural gas and 7 thousands of barrels (Mbbls) of oil.
The Company currently holds a 25% interest in a total of 2 sections of land with an option to participate in future exploration and development activities within an area of mutual interest in the Badger area. The Company is currently evaluating additional drilling locations.
Thomas Yingling, President of Pennant Energy states “I am pleased to announce success at our second well on our badger project. The additional cash flow from this well added to our current production should impact our balance sheet quite positively, especially with only 23,431,974 shares outstanding and no debt! The Company is in a position now that it should be able to self finance its projects from internal cash flow!
For further information on any of our projects please feel free to contact the company at 604-689-1799 or visit our web site at www.pennantenergy.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
_”Jim Britton”______________________
Mr. Jim Britton
P. Geol. - Director
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.
BOEs may be misleading, particularily when used in isolation. A BOE conversion ratio of 6Mcf: 1 bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not present a value equivalency at the wellhead.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Pennant Energy Inc. (the “Company”) (TSX Venture Exchange – PEN”) is pleased to announce that, pursuant to our press release of February 12, 2010, the operator of the Badger 100/04-17-016-18W4/0 has informed the Company that it has been completed and successfully flow tested oil and natural gas from the targeted Mannville formation zones. This is the Companies second Badger well and based on the flow test data, the well is expected to produce oil and gas with NGL’s, similar to that of the production performance of our offset Badger 100/02-07 well as noted below. Progress toward pipeline tie-in operations will be announced as the information is made available to the public by the operator. The Company holds an undivided 25% working interest in the P&NG rights below the base of the Belly River in the total section.
The first Badger well drilled, 100/02-17 well, has been producing oil, gas and natural gas liquids (NGL’s) since January, 2009. The initial production rates from that well were over 1.1 million cubic feet of natural gas per day (Mmcf/day) and 30 barrels of oil per day (bopd). It has produced approximately 230 million cubic feet (Mmcf) of natural gas and 7 thousands of barrels (Mbbls) of oil.
The Company currently holds a 25% interest in a total of 2 sections of land with an option to participate in future exploration and development activities within an area of mutual interest in the Badger area. The Company is currently evaluating additional drilling locations.
Thomas Yingling, President of Pennant Energy states “I am pleased to announce success at our second well on our badger project. The additional cash flow from this well added to our current production should impact our balance sheet quite positively, especially with only 23,431,974 shares outstanding and no debt! The Company is in a position now that it should be able to self finance its projects from internal cash flow!
For further information on any of our projects please feel free to contact the company at 604-689-1799 or visit our web site at www.pennantenergy.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
PENNANT ENERGY INC.
_”Jim Britton”______________________
Mr. Jim Britton
P. Geol. - Director
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.
BOEs may be misleading, particularily when used in isolation. A BOE conversion ratio of 6Mcf: 1 bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not present a value equivalency at the wellhead.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this 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.