Pennant to Drill on Badger Property, Southern Alberta

Thu Jul 10, 1:36 PM

TSX Venture Symbol: PEN

VANCOUVER, July 10 /CNW/ - Pennant Energy Inc. (TSX Venture Exchange - PEN") is pleased to announce that it has been notified by its operating partner that it will spud a well on joint venture lands in southern Alberta approximately July 12, 2008. The well will be drilled to test the hydrocarbon potential of the Upper and Lower Mannville formations on lands earned through participation in a "Seismic Option Agreement" with Drumlin Energy Corp. announced in our press release of December 17, 2007. Through participating in and successful completion of the seismic program, the Company earned an undivided 25% working interest in 3 sections (1,920 acres) of land in the area and is not subject to further promotion. The Company will pay an undivided 25% of all costs associated with drilling and completion or abandoning the test well. The Company's share of the estimated costs to drill and case or abandon is $123,000. Operation progress will be announced as the information is made available by the operator.

ON BEHALF OF THE BOARD OF DIRECTORS OF

PENNANT ENERGY INC.

"Jim Britton"

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Mr. Jim Britton

P. Geol. - Director

This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this release.

Contacts

on any of our projects please feel free to contact the company at (604) 689-1799 or visit our web site at www.pennantenergy.com