2009-08-10-2008-05-01-2008-05-01

Entered farm-out to drill well for 24% interest.

Pennant Energy Inc., Vancouver, (Toronto Venture: PEN) has entered a farm-out agreement with Highpine Oil & Gas Ltd., Calgary (Toronto: HPX) to drill a well in Alberta in exchange for a 24% interest. Pennant began drilling the Devonian Nisku formation well in Pembina Field on March 9. Pennant's share of drilling and casing or abandonment is expected to be less than C$500,000.