Pennant Announces Revenue Receipts and Construction update for 13-33 Tie In

NOT FOR DISTRIBUTION TO THE UNITED STATES

Thomas Yingling, President of Pennant Energy Inc. (TSX VENTURE:PEN) is pleased
to provide an operations update on its Bigstone Montney formation, liquids rich
natural gas resource play.


The tubing string has been installed in the DEI Bigstone Hz 13-33-60-22w5 well
(PEN W.I. - 12.5%). After tubing installation the well was flowed back for a
period of 32.25 hours and during the final 24 hour period it produced at an
average rate of 2.87 Mmcf/day (PEN net - 0.360 Mmcf/d) and 510 bbls/day (PEN net
- 64 bbls/day) of condensate and load fluid for a combined barrel of oil
equivalent rate of 988 BOEPD (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 5,336 meters and completed with a
20 stage frac.


The DEI Bigstone Hz 13-33-60-22W5 tie-in operations including construction of
surface facilities and laying the pipeline connection to the Donnybrook operated
Bigstone gathering system is near completion. The pipeline is currently
undergoing testing while the surface facilities installation is in the final
stage of assembly. Pennant expects that the well will be placed on production in
mid- November.


Pennant is also pleased to announce that production revenues from the
15-32-60-22w5 and 14-29-60-22w5 wells are now being received from the operator.
The Production revenue from the 13-33-60-22w5 well should start to be received
by Pennant by the end of the 4th quarter.


The Company year-end independent reserve evaluation prepared by GLJ Petroleum
Consultants Ltd., effective June 30,2012, estimated total Proved plus Probable
reserves of 625,000 bbls of oil equivalent were recoverable from 2.25 sections
of the Company interest 8 section block, based upon the drilling of the first
three wells at Bigstone. The remaining undeveloped interest lands are offset by
successfully completed Montney wells drilled by industry participants and has
thereby substantially de-risked the Montney potential of remaining acreage. The
next phase of development work at Bigstone will focus on proving up the
potential of the remaining 5.75 sections of undrilled lands.


Thomas Yingling, President of Pennant Energy said, "The receipt of production
revenue is another milestone at Bigstone and we are looking forward to the
commencement of production from our most recent well at 13-33-60-22w5 later this
month."


To view several pictures of the tie in and completion of our third Bigstone
well, and for further information on any of our projects, please visit the
company web site at http://www.pennantenergy.com/s/PhotoGallery.asp or 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 spud of the Bigstone 15-32 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 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.




FOR FURTHER INFORMATION PLEASE CONTACT: 
Pennant Energy Inc.
Thomas Yingling
President
604-689-1799
604-689-8199 (FAX)
[e-mail]
www.pennantenergy.com