Whitecap Resources Inc. press release
Pennine Petroleum Corp. Announces Pincher Creek Deep Well Extension
TSX - Toronto Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
(via Thenewswire.ca)
August 26 2008 - Pennine Petroleum Corp (PNN on TSX.V) (the "Company") is pleased to announce that Alberta Energy has extended the term of the Petroleum and Natural Gas rights underlying Section 12 and the South one-half of Section 13 Township 4 Range 29 W4M in the Pincher Creek Project. The term has been extended for a period of one year expiring August 2, 2009.
This extension will allow Pennine and its joint venture partners to apply for a drilling license to drill at the PENNINE PINCH CK 100/06 12 004 29W4M location which is targeting the seismically defined Rundle Formation anomaly; the productive horizon of the Pincher Creek Gas Field. This location is 700 metres from the recently re-completed success in the Jurassic-Cretaceous age reservoirs at PENNINE PINCH CK 100/01 11 004 29W4M.
A third party independent engineering report from December 31, 2006 has documented the following prospective resources and production potential for this deep well prospect.
Prospective Resources
Marketable prospective gas resources of 24 BCF raw gas per well for the Best Estimate, 18 BCF raw gas for the Low Estimate and 30 BCF raw gas for the High Estimate have been estimated for the Company's prospect. A shrinkage (surface loss) of about 30 percent is predicted based on gas analysis from the analogous pools.
Production potential
It is anticipated that the productivity of a successful Rundle well on the property will be 8.0 MMscf/d of raw gas for the Best Estimate, 6.0 MMscf/d for the Low Estimate, and 10.0 MMscf/d for the High Estimate.
About Pennine Petroleum Corporation.
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company with active projects located in Alberta, Saskatchewan, and British Columbia. The Company intends to create growth in production cash flow by focusing on drilling and well re-completions on selective land areas in which the Company operates.
For further information contact
Pennine Petroleum Corporation
N. Desmond Smith
T: 403 277-4421
F: 403 277-4439
E: des.smith@penninecorp.com
Boardmarker Group
Dean Stuart
T: 403 517 2270
E: dean@boardmarker.net
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