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Pennant Energy Boasts Solid Performance, Considers New Prospects

Investors looking for Alberta energy forty-five years in the oil and gas
stocks would do well to notice Pennant exploration and development business.
Energy Inc. [TSXV: PEN] a promising oil During his notable career, he has been
and gas firm that trades on the TSX instrumental in successfully
Venture Exchange. This company enjoys commercializing over four hundred and
good cash flow from 15- 45 % interest in thirty oil and gas wells, some of which
eight oil wells in Manitoba's Daly Field, are still abundant producers. Jim Britton
producing medium grade crude from the has a remarkable track record of drilling
Lodgepole and Bakken formations. These 86% commercially successful wells. He was
wells come on strong and then plateau for the man who engineered Dynamic Oil & Gas,
decades - all are in the plateau stage Inc's growth from 25 barrels of oil
now and only 4 years old. Pennant's equivalent a day (boepd) to over 5,000
Manitoba Properties provide the cash fuel boepd.
that helps propel this company's Alberta But drilling for oil is risky business.
explorations, and that's a good business In the spring of 2007, the company's
model in any oil patch. share price rose to a record $1.07 in on
On paper, Pennant Energy is a solid anticipation of the results of testing on
performer. The company has no debt and Pennant's Kaybob S#1 Project. The
approx $1,500,000 in the bank. The $0.40 company's stock dropped again two months
cent share price seems compacted - with later when Yingling announced "the
only 16,164,809 shares outstanding and absence of hydrocarbons in commercial
only 21,255,938 fully diluted, it's a quantities led to the abandonment of this
tightly packed structure. This firm has technically challenging $3-million-plus
$900,000 in flow through funds to spend well."
before the end of the year, and they need There was an upside, however. Pennant's
to spend that money in the ground. business model works: All of Pennant's
When I spoke to President Thomas Yingling financial risk was absorbed by Austin
on the phone recently, he confirmed that Developments Corp., which paid 100% of
both his team and his land positions are the costs of the drilling in return to
growing. Pennant is looking to acquire earn a 50% interest in the venture. By
more oil production in Alberta, and is adhering to a finely balanced risk/reward
presently considering which of three model, and refueling from their Manitoba
large-scale drilling it will commence in wells, Pennant managed to keep its
the short term. Yingling categorized all treasury of over $1,500,000 relatively
three of these options as, "drill-ready, intact and still remains debt free.
farm-in opportunities for us to drill Just last month, together with Austin
before year end. Each of these projects Developments Corp. (TSX: AUL), Pennant
is between one and half and three million Energy expanded its Bronson Property land
dollars which we consider to be low risk, holdings by successful bidding at a
high-return, drill-ready projects. So September 19th, 2007 Alberta Crown Land
we're about to move on one of them.' Sale. The Bronson Property is now
Another encouraging aspect about Pennant sub-divided as Bronson East and Bronson
Energy is the strong share position held West with the east portion being the
by management. Yingling, for example, newly acquired 640 acre contiguous
personally holds 1.3 million shares of property located south east of the
the company and can therefore be expected existing Bronson West. Positive results
to energetically pursue growth. These from a Geochem survey and a 3D seismic
include "increasing shareholder wealth by survey have identified several potential
targeting opportunities that offer the drill targets on the 640 acre Bronson
promise of accelerated oil production East site.
with a fast payback," and simultaneously Yingling says the team has everything in
expanding "participation in low-risk place to potentially drill a
developmental drilling projects that company-maker in Alberta this winter.
provide enough cash flow to mitigate the With a $0.40 share price, undiluted share
need to seriously dilute the company's structure and record oil prices, Pennant
much-envied share structure." offers a rare opportunity to participate
A seasoned venture capitalist, Thomas in a ground-floor opportunity of a
Yingling was appointed President of well-managed and highly ambitious
Pennant Energy on June 25, 2003. Mr. (producing!) oil & gas junior.
Yingling has also served for over a This article is intended for information
decade as the President of Brahma purposes only, and is not a
Communications Corp., an recommendation to buy or sell the
investment-consulting firm that equities of any company mentioned herein.
specializes in corporate finance, It is based on sources believed to be
investor relations and strategic reliable, but no warranty as to accuracy
corporate planning for publicly traded is expressed or implied. The opinions
companies. In restructuring Pennant expressed in the article are those of the
Energy, he brought James Britton, P. author except where statements are
Geol. P. Eng. out of a comfortable attributed to individuals other than the
retirement to serve as the firm's Senior author, in which case the opinions are
Geologist / Engineer and sit on the board those of the individual to whom they are
as one of the Company Directors. attributed.
Britton's wealth of experience spans over




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