Pennant Announces Receipt of Approval of Farmout Agreement With Blackbird Energy Inc.
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/18/13 -- Pennant Energy Inc. ("Pennant" or the "Company") (TSX VENTURE: PEN) announces that it has received approval from the TSX Venture Exchange (the "Exchange") to the Farmout Agreement (the "Agreement") with Blackbird Energy Inc. ("Blackbird"), whereby Blackbird has agreed to allow the Company to earn a 30% working interest in certain lands and leases (the "Farmout Lands") owned by Blackbird in Mantario area of West Central Saskatchewan. In order to earn its 30% interest, the Company will pay to Blackbird, within 15 days of receipt of the approval of the Exchange, the following: (i) 50% of the land acquisition costs incurred to date including brokerage and transfer costs ($200,000 net estimated), and (ii) 50% of the 3D seismic program including geological and geophysical interpretation ($125,000 net estimated). In addition, the Company has agreed to pay 50% of the drilling, completing, equipping and tie-in costs of the test well to earn the working interest.
About Pennant Energy
Pennant's core project is the Bigstone Project and is comprised of lands and licenses covering a total of 5,120 acres (net 1,120 acres), in Township 60, ranges 22 and 23W5 at Bigstone, Alberta. By completing the terms of a farm in agreement with Donnybrook Energy Inc., Pennant earned 25 per cent of Donnybrook's interest in the Bigstone lands and in any future operations within an area of mutual interest.
PENNANT ENERGY INC.
Garth Braun, President & CEO
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLCIEIS OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
QIS Capital Corporation
Doren Quinton
(250) 377-1182
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Datum: 18.07.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 279643
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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