Pennant Energy Provides Operational Update
20 Dezembro 2013 - 11:05AM
Marketwired
Pennant Energy Provides Operational Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 20, 2013) -
Pennant Energy Inc. ("Pennant" or the "Company") (TSX-VENTURE:PEN)
is pleased to provide an update on its continued operations.
At the recently drilled A15-6-26-24W3 ("A15-6") well on its
Mantario project, Pennant encountered a 20 meter pay section in the
Success formation containing oil bearing sands. The well is now
tied in and producing approximately 25 bbls/d of heavy oil with
minimal water cut. The well has a high pumping fluid level with
additional production capability. The Company is monitoring the
well's sand cuts and torque levels for stabilization before further
increasing the production rate. The Company is following a
carefully planned development versus high initial rates at the cost
of future profit.
Pennant and its partner Blackbird Energy Inc. are now beginning
to evaluate utilizing horizontal drilling as this project would
lend itself exceptionally well to this type of development as it
would increase production and total recoverable oil. These
horizontal wells have great economics as they require no expensive
packer systems or fracture stimulation and qualify for exceptional
royalty incentives.
Pennant will continue to evaluate and increase production on
this well with a plan to initiate a horizontal development program
in the first half of 2014.
Pennant holds a 30% non-operated working interest in the
project.
About Pennant
Energy
Pennant Energy Inc. is a Western Canadian based company that
explores, develops and produces oil and natural gas in Western
Canada. Pennant trades on the TSX Venture Exchange under the symbol
PEN.
PENNANT ENERGY INC.
Garth Braun, President & CEO
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements that
involve various risks and uncertainties regarding future events
relating to future production on Pennant's recently drilled
A15-6-26-24W3 ("A15-6") well on its Mantario project, similar
results that may be achieved from other wells on the Mantario
project, or the utilization or effectiveness of horizontal drilling
on the project, or that such drilling may increase production and
total recoverable oil. Such statements are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements and are not guarantees of future performance of the
Company. Although Pennant believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements. No assurance can be given that
any of the events anticipated by the forward-looking statements
will occur or, if they do occur, what benefits the Company will
obtain from them. These forward-looking statements reflect
management's current views and are based on certain expectations,
estimates and assumptions which may prove to be incorrect. A number
of risks and uncertainties could cause our actual results to differ
materially from those expressed or implied by the forward-looking
statements, including: (1) a downturn in general economic
conditions in North America and internationally, (2) the inherent
uncertainties and speculative nature associated with oil and gas
exploration and production, (3) a decreased demand for natural gas,
(4) any number of events or causes which may delay or cease
exploration and development of the Company's property interests,
such as environmental liabilities, weather, mechanical failures,
safety concerns and labour problems, (5) the risk that the Company
does not execute its business plan, (6) inability to retain key
employees, (7) inability to finance operations and growth, and (8)
other factors beyond the Company's control. These forward-looking
statements are made as of the date of this news release and,
accordingly, are subject to change after such date. Except as
required by law, the Company assumes no obligation to update these
forward-looking statements or to update the reasons why actual
results differed from those projected in the forward-looking
statements
NEITHER TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Pennant Energy Inc.Doren Quinton(250)
377-1182info@qiscapital.comwww.pennantenergy.com
Pennant Energy (TSXV:PEN)
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