Pennant Energy Inc. (TSX-V: PEN) has announced that under the press release from February 2, 2010, the farmin well “Drumlin Pearl 7-9-30-16W4” has been drilled, completed and production tested.
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Drilling information was held confidential thus far, due to upcoming Alberta Crown land sales which include parcels of interest to the Company which offset the Pearl well. The Company did however announce the well was successful in producing hydrocarbons during the flow test of a completed target formation.
The terms of the Farmin Agreement called for the Company to pay 75% of the costs needed to drill and complete the test well and if required, 50% of equipping and tie-in costs. By satisfying the terms of the agreement, the company earned a reversionary working interest of 50% BPO reverting to 25% APO of a drilling and completion capital costs multiple, subject to Crown royalties in the Drumlin Pearl 7-9 well. Pennant does not revert back to 25%
Pennant Energy Inc., is an emerging junior oil and gas company which trades on the TSX Venture Exchange under the symbol, PEN.
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