Pennant Energy Inc.

Pennant Energy Inc.

March 09, 2005 14:34 ET

Pennant Energy Inc.: Gulf Shores Kabob 15-30 Well Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PENNANT ENERGY INC.

TSX VENTURE SYMBOL: PEN

MARCH 9, 2005 - 14:34 ET

Pennant Energy Inc.: Gulf Shores Kabob 15-30 Well
Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 9, 2005) - Pennant
Energy Inc. ("TSX Venture Exchange -- PEN") ("PEN") is pleased to
announce that in west central Alberta, drilling has finished and
production casing has been set on the Gulf Shores Kabob 15 - 30 - 66 -
19W5 well (Goose River project). Pennant Energy Inc. is a joint venture
partner in the project and is paying 18% of the drilling, testing and
completion costs of the initial well to earn a 18% working interest
before payout (subject to GORR) and a 10.8% working interest after
payout. The location is 2 miles north of the Kabob gas field. The well
will be completed and equipped when equipment can be moved onto the site.

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.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Pennant Energy Inc.
    Mr. Thomas Yingling
    President - Director
    (604) 689-1799
    (604) 689-8199 (FAX)
    tom@pennantenergy.com
    www.pennantenergy.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.