Pennant Announces $2,000,000 Brokered Financing

CALGARY, ALBERTA -- (Marketwire) -- 06/17/11 -- Pennant Energy Inc. (TSX VENTURE: PEN) (the 'Company') is pleased to announce that it has entered into an agreement with Secutor Capital Management Corporation and Industrial Alliance Securities (together, the 'Agents'), in connection with a private placement financing of up to 2,777,777 units (the 'Units') at a price of 18 cents per unit and 6,818,181 flow-through units (the 'Flow-Through Units') at a price of 22 cents per flow-through unit for gross proceeds of up to $2,000,000.

The Offering is being made by the Agents on a commercially reasonable efforts basis and is expected to close later this month. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. All securities to be issued under the Offering will be subject to a four-month statutory hold period in Canada. The Company has granted the Agents an option, exercisable in whole or in part, at any time until the date that is 30 days following the Closing Date, to purchase up to that number of Flow-Through Units or Units or a combination thereof that does not exceed 25% of the total number of Flow-Through Units and Units sold pursuant to the Offering, as the case may be, to cover over-allotments, if any.

Each Unit consists of one common share of the Company and one common share purchase warrant (a 'Warrant').

Each Flow-Through unit consists of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant.

Each Warrant will be exercisable by the holder thereof to acquire one common share of the Company at a price of $0.35 for a period of 12 months after the Closing.

The Company will pay the Agents an aggregate cash commission equal to 8% of the gross proceeds raised in respect of the Offering and issue to the Agents (i) an aggregate number of compensation options to acquire that number of common shares that is equal to 8% of the total number of Units and Flow-Through Units sold, exercisable at a price of $0.18 per share for a period of 12 months following the date of closing of the Offering.

The gross proceeds raised from the issuance of the Flow-Through Units will be used by the Company for exploration on the Bigstone Project located NW of Edmonton, Alberta in accordance with the provisions of the Company's earn-in agreement with Donnybrook Energy Inc. The net proceeds from the issuance of the Units will be used for working capital purposes.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Pennant Energy Inc.

Thomas Yingling

President

(403) 539-5095

(403) 265-8875 (FAX)