Pennant Energy Inc.
TSX VENTURE : PEN

Pennant Energy Inc.

July 26, 2005 17:52 ET

Pennant Energy Inc.: Additional Meekwap Property Acquired

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 26, 2005) - Pennant Energy Inc. (TSX VENTURE:PEN) ("Pennant") is pleased to announce that together with it's joint venture partners has been successful at the July 13, 2005, P & NG land sale, in acquiring additional key properties beside our 9-29-66-15 W5 well at Meekwap Alberta (Meekwap 9-29 Test Well). The Meekwap 9-29 Test Well was recently production tested and has indicated an initial production rate of 170 barrels of oil per day (27 cubic meters per day) from the Nisku formation. The operator informs the company the oil is of excellent quality (37-degree API) and has a 1-per-cent water cut. Pennant has an 8% interest in the Meekwap 9-29 Test Well before payout and a 4% interest after payout. With the newly acquired lands Pennant now has the right to participate in a possible seven drill locations. Drilling will commence depending on rig availability.

Pennant also announces that further to the news release dated June 9th, 2005 the Company has decided not to proceed with the announced joint venture with Arapahoe Energy Corporation on land located on the Tsuu T'ina First Nation (Sarcee Indian Reserve) immediately west of the City of Calgary, Alberta.

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 - Director

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.

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