Pennant Announces Receipt of Approval of Farmout Agreement With Blackbird Energy Inc.

Pennant Energy Inc. ("Pennant" or the "Company") (TSX VENTURE:PEN) announces
that it has received approval from the TSX Venture Exchange (the "Exchange") to
the Farmout Agreement (the "Agreement") with Blackbird Energy Inc.
("Blackbird"), whereby Blackbird has agreed to allow the Company to earn a 30%
working interest in certain lands and leases (the "Farmout Lands") owned by
Blackbird in Mantario area of West Central Saskatchewan. In order to earn its
30% interest, the Company will pay to Blackbird, within 15 days of receipt of
the approval of the Exchange, the following: (i) 50% of the land acquisition
costs incurred to date including brokerage and transfer costs ($200,000 net
estimated), and (ii) 50% of the 3D seismic program including geological and
geophysical interpretation ($125,000 net estimated). In addition, the Company
has agreed to pay 50% of the drilling, completing, equipping and tie-in costs of
the test well to earn the working interest.


About Pennant Energy 

Pennant's core project is the Bigstone Project and is comprised of lands and
licenses covering a total of 5,120 acres (net 1,120 acres), in Township 60,
ranges 22 and 23W5 at Bigstone, Alberta. By completing the terms of a farm in
agreement with Donnybrook Energy Inc., Pennant earned 25 per cent of
Donnybrook's interest in the Bigstone lands and in any future operations within
an area of mutual interest.


PENNANT ENERGY INC. 

Garth Braun, President & CEO      

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLCIEIS OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
QIS Capital Corporation
Doren Quinton
[phone]
[e-mail]