Austin and Pennant provide update on Kaybob S No. 1 Well

TSX Venture Symbol: AUL

VANCOUVER, Aug. 20 /CNW/ - Austin Developments Corp. (the "Company") (TSX.V-AUL) together with its joint venture partner, Pennant Energy Inc. ("Pennant") (TSX.V-PEN), together known as the "The Companies" announce that production testing of its Kaybob S No. 1 is complete. After reviewing the geophysical logs of the well, multiple zones were tested. Although hydrocarbon was encountered, none of the zones tested proved to contain commercial quantities. Kaybob S No. 1 well will be abandoned and pinpointing of the drill for the Bronson Property, Northern Alberta has commenced.

The Bronson Property has an extensive 3D seismic program that was completed last winter, an existing geochem survey completed in July 2006, and a newly completed geochem survey. The newest geochem survey was completed in July 2007 and was conducted to pinpoint potential drill locations on the Bronson property. The Bronson property will be a 50/50 joint venture as the Company will be fully earned in by paying all the costs of drilling the Kaybob S No. 1 well with Pennant being the operator.

The Qualified Person for the Kaybob and the Bronson Projects, who holds responsibility for the accuracy of the technical information contained in this news release, is Jim Britton, P. Geol. P. Eng.

On behalf of the Board of Directors

Austin Developments Corp.

Per:

"Patrick Power"

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Patrick Power

President and Director

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