Whitecap Resources Inc. press release
Pennine Petroleum Announces Long Term Production testing Initiated at Pincher Creek
TSX - Toronto Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
(via Thenewswire.ca)
October 24 2008, CALGARY, Alberta - Pennine Petroleum Corporation (TSX.V-PNN) announces it has initiated long term production testing effective Wednesday 22 October 2008. The Service Rig was released after accessing the Brown Sand reservoir and placing rods and a bottom hole pump. The operation to date has been trouble free and under budget. Initial results will be forthcoming and the Company will keep updating activities on a timely basis.
Pennine maintains a 34.5 per cent working interest in the Pennine Pinch Ck 100/01-11-004-29W4M Project and is Joint Venture Operator. The Company holds 10,560 gross acres (4,851.2 net acres) of land in the entire Pincher Creek area. The average working interest for the Company is approximately 40 per cent of crown and freehold leases.
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.
NOTE FOR FORWARD LOOKING STATEMENTS - Statements made in this press release comprise forward-looking information based on current company operations that may vary from actual results obtained by the company. Specifically, the reader is cautioned that past production testing may not be indicative of future stabilized flow rates. Further, while it is the policy of Pennine Petroleum Corporation to constantly review and respond to changes in the operational, competitive and regulatory environments, readers are advised that exploration and production of hydrocarbon resources carries significant risk and that the information contained herein should be used accordingly.
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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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