Pennant Energy Inc.: Pennant 13-33 Well Test Successful, Production Tubing Installed

Thomas Yingling, President of Pennant Energy Inc. (TSX VENTURE:PEN) is pleased
to provide an operations update on its Bigstone Montney high natural gas liquids
resource play. DEI Bigstone Hz 13-33-60-22w5, (Pennant 12.5% W.I. subject to a
prorated 2% GORR): the production tubing string has been installed in the well
bringing the final phase of well completion operations to a close. The well is
now ready for tie-in to the Donnybrook operated Bigstone pipeline system.
Construction of the surface facilities and pipeline installation is anticipated
to commence by early fall. Pennant has fully funded its share of the AFE'd
facilities and pipeline costs.


The well was flowed back for a period of 32 hours and 15 minutes after the
installation of the tubing string. The average flow rate during the final 24
hours of flow back was 2.87 Mmcf/day (PEN net - 0.360 Mmcf/d) and 510 bbls/day
(PEN net - 64 bbls/day) of condensate and load fluid 988 BOE/D (123 BOEPD net to
PEN). Approximately 75% of the load fluid used during fracing operations has
been recovered to date. The 13-33 well was drilled to a total measured depth of
5,336m and completed with a 20 stage frac.


About Pennant

Pennant's Bigstone core area is comprised of lands covering a total of 8
sections (1.75 net) or 5,120 acres (1,120 net acres) in Township 60, ranges 22
and 23W5 at Bigstone, Alberta. Pursuant to the terms of the farm in agreement
with Donnybrook Energy Inc., and subsequent pooling agreements, Pennant has a
25% W.I. in 6 sections and 12.5% W.I. in 2 sections of the lands. 


Pennant has 68 million shares outstanding and NO DEBT. The company is currently
looking at several oil opportunities and is actively seeking to develop
additional core areas focusing on light oil.


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

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 Bigstone 13-33 well and
horizontal length, 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. 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.