Pennant Energy Inc.

Pennant Energy Inc.

March 01, 2005 09:01 ET

Pennant Energy Inc.: Meekwap Well Flows 400-1100 Barrels per Day


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PENNANT ENERGY INC.

TSX VENTURE SYMBOL: PEN

MARCH 1, 2005 - 09:01 ET

Pennant Energy Inc.: Meekwap Well Flows 400-1100
Barrels per Day

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2005) - Pennant
Energy Inc. (TSX VENTURE:PEN) ("PEN") is pleased to announce additional
results of testing at our 9-29-66-15 W5M well, (the "Meekwap Well") in
Northern Alberta.

As well stimulation and acid fluids have been extracted by swabbing; the
well has started to free flow on its own at measured flow rates of 400
to 1,100 barrels of oil per day and solution gas up to 350 mcf per day.

These rates while very gratifying must be tempered with caution.
Production over the next few months will indicate the reservoir size.

The Company has earned the rights to participate in at least three
additional wells on this prospect.

The terms of the farmout agreement required Pennant to contribute 8% of
the costs to drill and complete a test well at the above location to
earn a reversionary working interest of 8% before payout (BPO) reverting
to 4% after payout (APO) in the test well and 160 acre spacing unit
subject to BPO gross overriding royalties payable to the Farmor.
Subsequent to satisfying the earning conditions of the agreement Pennant
will hold a 3% working interest in the balance of the lands.

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.

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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.