Pennant Announces Succesful Disposition of Daly Field, Manitoba Interests

Thomas Yingling, President of Pennant Energy Inc. (TSX VENTURE:PEN) is pleased
to announce that it has completed an Assignment and Conveyance Agreement with
Tundra Oil & Gas Partnership for the sale of all of its Assets in the Daly,
Manitoba Field for a cash consideration of $380,000. The Company Assets included
a 15% working interest in 5 producing oil wells and various interests in 4
shut-in oil wells. The Company's recent working interest share of production
from the Daly interests averaged approximately 2 to 3 barrels of oil per day.
The proceeds from sale of the Assets will be applied to it's on-going
development of the Bigstone Field, Alberta project, as well as evaluating
additional oil properties. The settlement date of the Daly Asset disposition is
May 1, 2012.


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.

Mr. Thomas Yingling, President

Follow Pennant Energy On:

Facebook: http://www.facebook.com/pages/Pennant-Energy-Inc-PEN-TSXV/271092776302052

Twitter: https://twitter.com/PennantEnergy

YouTube: http://www.youtube.com/pennantenergy

Flickr: http://www.flickr.com/pennantenergy

FORWARD-LOOKING STATEMENTS Certain information set forth in this news release
contains forward-looking statements or information ("forward-looking
statements"). 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.