BBI will have 50% control in what looks to be a merger coming up....

Pennant Energy names Braun, Harris as directors

2012-11-26 17:56 ET - News Release


Mr. Garth Braun reports


Pennant Energy Inc. has appointed Garth Braun and James Harris to the board of directors of the company. Mr. Braun and Mr. Harris fill positions that became available with the concurrent resignations of Thomas Yingling and Patrick Power from the Board, which resignations were effective on Friday, November 23, 2012. Mr. Braun has more than 25 years of diversified real estate, finance and oil and gas industry experience in operations, finance and strategic planning. He has been the Chief Executive Officer and a director of Blackbird Energy Inc. (TSXV:BBI) since November 2009, a director of Huldra Silver Inc. (TSXV:HDA) since June 2010 and the Chief Financial Officer of Huldra since May 2011. He worked as an investment banker for Gateway Securities Inc. Prior to such time, he was the President, Chief Executive Officer and a director of Cheetah Oil & Gas Ltd., an international oil and gas company. Throughout the last twenty-five years, Mr. Braun has also operated a private Canadian real estate development company.

Mr. Harris is a corporate, securities and business lawyer with over 30 years' experience in British Columbia and internationally. He is currently of counsel at McCullough O'Connor Irwin LLP. He has been a director of Entree Gold Inc. (TSX:ETG) since January 29, 2003 and was appointed its non-executive Chairman on March 15, 2006. He has extensive experience with the acquisition and disposition of assets, corporate structuring and restructuring, regulatory requirements and corporate filings, and corporate governance. Mr. Harris was a Founding Member of the Legal Advisory Committee of the former Vancouver Stock Exchange. He has completed the Directors' Education Program of the Institute of Corporate Directors and is an Institute-certified Director. Mr. Harris has also completed a graduate course in business at the London School of Economics. Together with existing Board members, David Finn and James Britton, Mr. Braun and Mr. Harris hope to facilitate a new strategic vision for the Company. Most critically, they plan to prepare Pennant to participate in the drilling and completion of the fourth Montney well that is to be drilled at the Bigstone Project, Pennant's most significant asset, north of the Delphi well #3 14-23. They also intend to focus on bringing the Company's overhead under control, reducing management fees and improving communication with shareholders.

Mr. Yingling and Mr. Powers have also tendered their resignations as officers of the Company, with such resignations to be effective upon the completion of the filing on SEDAR of the Company's interim financial statements and management's discussion and analysis for the interim period ended September 30, 2012. It is expected that Mr. Braun will assume the positions of President and Chief Executive Officer of the Company and Ron Schmitz will assume the position of Chief Financial Officer once such resignations are effective.

Ron Schmitz is an Executive Vice President with Gold Canyon Resources Inc. and the Chief Financial Officer and a director of Blackbird Energy Inc. (TSXV:BBI). He has over 20 years of experience in financial management of resource companies. He is the owner of ASI Accounting Services, providing accounting and administration to public resource companies; and he has been a director and CFO of various public companies.

We seek Safe Harbor.