Pembina 16-29 Well Update

Pennant Energy Inc. is pleased to announce that, further to the March 13, 2008 press release regarding our Farmout Agreement with Highpine Oil & Gas Ltd., the well ‘Highpine et al Pembina 102/16-29-048-08W5/00’ has been drilled to total depth and cased. The well, which spud on March 9, was drilled in 19 days, 7 days under the original estimated time of 26 days to reach this stage of operations. The Nisku formation was encountered close to depth prognosis. Timing of the completion and testing operations is contingent upon weather conditions. The recent warm weather has resulted in diurnal road bans restricting transportation of heavy equipment to the cooler, night time hours. Announcement of testing operations will be made upon Highpine’s notification to Pennant. The Company is participating as to a 24% interest in the well.