NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Pennant Energy Inc. (the "Company") (TSX VENTURE:PEN) has entered into an
agreement with Canaccord Genuity Corp. (the "Agent"), to sell up to 5,000,000
flow-through shares of the Company (the "FT Shares") at a price of $0.20 per FT
Share and up to 5,000,000 units of the Company (the "Units") at a price of $0.20
per Unit for total gross proceeds $2,000,000. 


Each Unit shall consist of one common share of the Company and one half of one
common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant
shall be exercisable into one common share of the Company for a period of 24
months from closing at an exercise price of $0.30. 


The Company will grant the Agent an option to solicit additional FT Shares,
Units or any combination thereof to raise additional gross proceeds of up to
$500,000 exercisable 48 hours prior to closing. 


In addition, the Company also announces that it will conduct a non-brokered
private placement of up to $250,000 in a combination of Units and FT Shares
under similar terms as above. 


The funds raised from the issuance of the FT Shares shall be used for general
exploration and/or development expenditures which will qualify as expenses under
paragraph 66 (12.66) (b) of the Income Tax Act (Canada) on the Company's the
Bigstone Project located NW of Edmonton, Alberta in accordance with the
provisions of the Company's earn-in agreement with Donnybrook Energy Inc. Funds
raised from the issuance of Units will be for general working capital. 


Closing of the financings is anticipated to occur on or before March 15, 2012
and is subject to receipt of applicable regulatory approvals including approval
of the TSX Venture Exchange. The securities issued will be subject to a standard
four month hold period. 


This news release does not constitute an offer to sell or a solicitation of an
offer to buy nor shall there be any sale of any of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful. The
securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities
laws of any state of the United States and may not be offered or sold within the
United States or to, or for the account or the benefit of, U.S. persons (as
defined in Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable state securities laws or pursuant to an
exemption from such registration requirements. 


This News Release may contain forward-looking statements based on assumptions
and judgements 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.


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