Pennant Energy Inc. (the "Company") (TSX.V-PEN) is pleased to announce that the Company has been informed by the operator, Highpine Oil & Gas Limited, (TSE - HPX) that a service rig has been moved in for the completion and testing operations of the well "Highpine et al Pembina 102/16-29-048-08W5/00". The well was spud on March 9, drilled to total depth, logged and cased by March 27, 2008.

The Nisku formation was encountered close to depth prognosis. Due to spring road ban closures, Highpine and Pennant had to wait to move in production testing equipment. Progress of completion and testing operations will be announced, as Highpine makes the information available. Testing should take approx 10 to 14 days. The Company is participating as to a 24% interest in the well.

The Pembina Field is a large, mature oil and gas field centered approximately 65 miles southwest of the City of Edmonton, Alberta. Individual wells in each of the neighboring pools have produced at rates of in excess of 1000 barrels of oil per day (bopd) and 3 million cubic feet of natural gas per day (Mmcfd). Based on 3D seismic data, the reservoir, encountered in drilling this well is approximately 140 acres in area with an average potential pay interval of 25 feet. For further background on the project please refer to our press releases dated March 13, 2008.