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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/06/12 -- Thomas Yingling, President of Pennant Energy Inc. (TSX VENTURE:PEN) is pleased to provide an operations update on its Bigstone Montney high natural gas liquids resource play. DEI Bigstone Hz 13-33-60-22w5, (Pennant 12.5% W.I. subject to a prorated 2% GORR): the production tubing string has been installed in the well bringing the final phase of well completion operations to a close. The well is now ready for tie-in to the Donnybrook operated Bigstone pipeline system. Construction of the surface facilities and pipeline installation is anticipated to commence by early fall. Pennant has fully funded its share of the AFE'd facilities and pipeline costs.
The well was flowed back for a period of 32 hours and 15 minutes after the installation of the tubing string. The average flow rate during the final 24 hours of flow back was 2.87 Mmcf/day (PEN net - 0.360 Mmcf/d) and 510 bbls/day (PEN net - 64 bbls/day) of condensate and load fluid 988 BOE/D (123 BOEPD net to PEN). Approximately 75% of the load fluid used during fracing operations has been recovered to date. The 13-33 well was drilled to a total measured depth of 5,336m and completed with a 20 stage frac.