RE: Three Stooges One of the other stooges announced the same news tonight a week late LOL. Everyone must have been on vacation at Pennant or someone mentioned to them that Blackbird put out a release a week ago. Trying to release it late on a Friday night to minimize the negative effect - too late. I've lost all respect for this group which is a shame because this was a great play with mucho potential.
stateside
Pennant delays completion phase at Montney well
2012-05-18 19:28 ET - News Release
Mr. Thomas Yingling reports
PENNANT ENERGY INC PROVIDES UPDATE ON BIGSTONE PROJECT
Pennant Energy Inc. is providing the following update on its Bigstone liquids-rich natural gas resource project.
The Bigstone Montney "Extended Reach" horizontal well 13-33-060-22W5 well is equipped with liner and packer assembly and is ready for the Multi-stage Fracturing operation. Pennant and its joint venture partners were ready to commence fracing and completion operations for our recently drilled well in mid April. However, due to the annual spring break-up imposed road-bans, which were activated during the second week of April, these operations are temporarily on hold. The operator will commence the completion phase of the operations as soon as weather conditions allow for the drilling rig to be removed and completion operations initiated. Pennant anticipates these operations could commence anytime within the next 2 weeks. Pennant holds an undivided 12.5% pooled interest in the Pooled Lands and is participating as to a 12.5% working interest in the drilling and completion of the 13-33-060-22W5 well
As stated in our April 10, 2012 press release, construction of the surface production facilities and 1.6 mile, 8 inch pipeline to the gas gathering system has been completed and ready for production. Production start up is currently waiting on a connecting pipeline to be re-commissioned and a scheduled maintenance for the processing plant which could delay production start-up until Mid June.
Thomas Yingling President of Pennant Energy Inc. stated, "Although these delays are unfortunate the fundamentals of the Company remain stronger than ever. We are just a few weeks away from tying in the Companies first two Bigstone wells, which will increase our cash flow dramatically! We are also just a few weeks away from fracing and testing our third Bigstone horizontal well, joint ventured with a Major. During these difficult global market conditions share prices of many companies are suffering. Pennant is no exception. However, once our balance sheet reflects the earnings from the new wells being tied in combined with the fact that we have no debt, cash in the bank and good share structure the Company will have reached a significant milestone and turning point. I would like to thank the Pennant shareholders for their patience."
The Company also announces that it has granted stock option agreements to its directors, officers, employees and consultants to purchase up to aggregate of 900,000 common shares of the Company, exercisable at the price of
.10 per share for five years. The stock options will be granted in accordance with the Company's Stock Option Plan and will have the required four (4) month hold period pursuant to the policies of the TSX Venture Exchange.
We seek Safe Harbor.