Thomas Yingling, President of Pennant Energy Inc. (TSX VENTURE:PEN) is pleased to announce that it has completed an Assignment and Conveyance Agreement with Tundra Oil & Gas Partnership for the sale of all of its Assets in the Daly, Manitoba Field for a cash consideration of $380,000. The Company Assets included a 15% working interest in 5 producing oil wells and various interests in 4 shut-in oil wells. The Company's recent working interest share of production from the Daly interests averaged approximately 2 to 3 barrels of oil per day. The proceeds from sale of the Assets will be applied to it's on-going development of the Bigstone Field, Alberta project, as well as evaluating additional oil properties. The settlement date of the Daly Asset disposition is May 1, 2012. |