[Marinir] {Disarmed} PENNANT successfully drills second Horizontal Montney well to 5, 512 meters!

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http://www.pennantenergy.com/s/Home.asp 

PENNANT'S FIRST "EXTENDED REACH" MONTNEY HORIZONTAL WELL TD'd 

Thomas Yingling, President of Pennant Energy Inc. (TSX Venture Exchange: 
PEN 

http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=PEN&region=C&lookup=symbol&snapshot=default 

) announces that Pennant has been advised by the operator, Donnybrook 
Energy Inc, that the DEI Bigstone Hz 15-32-60-22 W5M "extended reach" 
horizontal well (25% working interest to Pennant) has been drilled to 
total depth ("TD") and the completion string has been installed in 
preparation for fracing operations, scheduled for January 15, 2012. The 
well was drilled directionally to a total measured depth of 5,512 meters 
from the 3-29-60-2W5 surface location and included an extended reach 
lateral through the Montney Formation measuring 2,744 meters at the 
15-32-60-22W5 bottom-hole terminus. The completion string is configured 
to conduct a continuous, multi stage fracture stimulation consisting of 
up to 24 stages over the length of the horizontal lateral. The 
completion operations including the frac procedure, production test and 
preparing the well in readiness for tie-in to sales are estimated to be 
accomplished by early to mid February, 2012. 

The 15-32 well horizontal section is over twice as long (close to 1,500 
meters longer) than Pennant's first successfully tested Montney 
horizontal well, DEI Bigstone Hz 14-29-60-22W5. The 14-29, (37.5% 
BPO/25% APO working interest) which parallels part of and directly 
offsets the 15-32 well, flowed at a rate of approximately 4.3 million 
cubic feet per day of natural gas (mmcf/d) and 295 barrels per day 
(bbl/d) of condensate from a 1,254 meter lateral (1,011 barrels of oil 
equivalent per day (boe/d)) during the last 24 hours of a 4 day 
production test. The 15-32 well will be frac'd with the same, synthetic 
oil-based multi-stage system utilized in the completion of the 14-29 
well. 

The long lateral or "extended reach" horizontal wells, in suitable 
areas, have the potential of reducing well density by up to 50% over the 
shorter 1200 meter laterals, improving project economics and 
substantially reducing the surface environmental footprint. To date, 11 
of the 15 Montney horizontal wells currently drilled in the Bigstone/Fir 
area are "extended reach" with laterals ranging in length from 2,200 to 
2,800 meters, while the remaining four wells have laterals of 1,200 to 
1,300 meters. Each of these shorter laterals were drilled by local 
operators, to assess the development potential of the Montney formation, 
liquids rich natural gas resource in this area by employing current, 
state of the art horizontal drilling and fracture stimulation techniques 
prior to moving to the extended reach longer laterals for development 
purposes. 

Planning for drilling a third well and construction of gas gathering and 
production facilities are currently underway with a targeted start-up 
and on stream to sales commencing in Q2 2012. Pennant holds a 25% 
working interest in 7 gross sections (1.75 net) sections at Bigstone, 
which could potentially support an equivalent of 4 (1.0 net) horizontal 
wells per section, depending on lateral length. 

Pennant and its partners continue to work toward having 3 wells drilled 
completed and tied in by the end of the winter drilling season. Thomas 
Yingling President of Pennant Energy Inc. stated, " Once these first 
Bigstone wells are on stream it will add significantly to our current 
production and reserve base as well as our overall understanding of the 
Bigstone prospect's potential." 

To view a brief video detailing the horizontal frac process please visit 
our web site at www.pennantenergy.com 

http://www.pennantenergy.com 

and for further information on any of our projects please feel free to 
contact the company at 604-689-1799. 

ON BEHALF OF THE BOARD OF DIRECTORS OF PENNANT ENERGY INC. 

"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 The TSX Venture Exchange has not reviewed and does not accept 
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 
completion of the Bigstone 15-32 well, the timing of tie-in, 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 date. 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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