Thomas Yingling, President of Pennant Energy Inc. has reached an agreement with its partners to pool a single section of the lands at Bigstone in which Pennant has a 25% working interest, with a single section held jointly by Trilogy Energy Corp. and TAQA North Ltd.. The purpose of the pooling is to allow for the joint lands to be developed utilizing extended reach horizontal wells. After pooling, Pennant will participate for its pooled 12.5% working interest in all further operations on the joint lands. Prior to the pooling, Pennant had earned a 25% interest in 7 sections (4480 acres) at Bigstone with a net interest of 1.75 Sections (1120 acres). After the pooling Pennant will have an interest in 8 sections (5120 acres) and a net interest of 1.75 sections (1120 acres).

The first well to be drilled on the Joint lands will be from a surface location at 4-28-60-22W5 and the plan is to drill horizontally 2960m to a bottom hole location at 13-33-60-22W5. The well is expected to commence drilling operations on March 2nd.

Thomas Yingling, President of Pennant Energy Inc., stated, "Although Pennant's acreage position and net interest at Bigstone will remain unchanged, this pooling agreement allows for all of the lands in the Bigstone property to be developed using extended reach horizontal wells. Development of the Bigstone property with the extended reach laterals is expected to be much more efficient and economical for all parties. We are looking forward to working with Trilogy and TAQA on the joint lands and the drilling of the 13-33 well."

Tags: Pennant Energy Inc.