Pennant Energy Inc. Reaches Agreement with its Partners to Pool Bigstone Lands

- February 29th, 2012

Pennant Energy Inc.(TSXV:PEN) has reached an agreement with its partners to pool a single section of the Bigstone property lands. The pooling of the land will help develop utilization to reach horizontal wells. Drilling is expected to commence on March 2nd.

Pennant Energy Inc.(TSXV:PEN) has reached an agreement with its partners to pool a single section of the Bigstone property lands. The pooling of the land will help develop utilization to reach horizontal wells. Drilling is expected to commence on March 2nd.

As quoted in the press release:

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).

Pennant Energy, President, Thomas Yingling, said:

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.

Click here to read the Pennant Energy Inc. (TSXV:PEN) press releaseSee this press release on Marketwire
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