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Pennant Announces Change of Auditor

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/16/13 -- Pennant Energy Inc. ("Pennant" or the "Company") (TSX VENTURE:PEN) announces that Charlton & Company, Chartered Accountants (the "Former Auditor"), has resigned as the Company's auditor at the request of the Company and, effective January 15, 2013, it appointed Davidson & Company LLP, Chartered Accountants (the "Successor Auditor"), as its auditor.

There were no reservations in the Former Auditor's reports for the two most recently-completed fiscal years or for any period subsequent to the most recently-completed period for which an audit report was issued and preceding the date of the Former Auditor's resignation. To the Company's knowledge there was no "reportable event" (as that term is defined in section 4.11 of National Instrument 51-102 Continuous Disclosure Obligations) between the Company and the Former Auditor or the Successor Auditor. The resignation of the Former Auditor as auditor of the Company has been approved by the Company's audit committee and its board of directors. The Notice of Change of Auditor, together with the letter from the Former Auditor and the letter from the Successor Auditor, have been reviewed by the Company's audit committee and its board of directors. All procedures have been properly followed under NI 51-102 regarding the change of auditor and, as required, a Notice of Change of Auditor, together with the required letters from the Former Auditor and the Successor Auditor, will be filed on SEDAR.

About Pennant Energy

Pennant's core project is the Bigstone Project and is comprised of lands and licenses covering a total of 5,120 acres (net 1,120 acres), in Township 60, ranges 22 and 23W5 at Bigstone, Alberta. By completing the terms of a farm in agreement with Donnybrook Energy Inc., Pennant earned 25 per cent of Donnybrook's interest in the Bigstone lands and in any future operations within an area of mutual interest.

PENNANT ENERGY INC.

Garth Braun, President & CEO

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLCIEIS OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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