pen news of drilling!
Pennant Energy to spud first Success well in Q4
2013-09-04 08:59 ET - News Release
Mr. Garth Braun reports
PENNANT ANNOUNCES PLANS TO DRILL THE FIRST SUCCESS WELL AT ITS NEW OIL EXPLORATION PROJECT IN THE MANTARIO AREA OF WEST CENTRAL SASKATCHEWAN FOCUSING ON THE LOWER MANNVILLE
Pennant Energy Inc. plans to spud its first Success formation well at its new oil exploration project located in the Mantario area of west-central Saskatchewan (the Mantario project) in the fourth quarter of 2013.
The Mantario project consists of 1,440 gross acres (net 432 acres) of petroleum and natural gas rights rights located approximately 21 kilometres southeast of Rock Energy Inc.'s Mantario oil project. Pennant will earn a 30-per-cent working interest by payment of 50 per cent of the drilling, completing, equipping and tie-in costs of the first well. At this time, the well is scheduled to spud from a surface location at 15d-6-26-24W3 with a total depth of 1,000 metres.
Garth Braun, president and chief executive officer of Pennant, stated: "The Mantario project has been developed with an extensive due diligence process including the shooting of 960 km of 3-D and the processing of 2-D and 3-D seismic data. The Mantario project has strong analogue support to Rock Energy's Mantario oil discovery that currently has 31 wells in production. Pennant will be looking to aggressively explore and develop this oil project."
Pennant has also appointed Ron Schmitz to the board of directors and to the company's audit committee. Mr. Schmitz is currently the chief financial officer of the company.