Review: Penelope Founders Reserve Bourbon 13, Conundrum Rye 12, and Cigar Sessions Chapter 2

There is more than one way to make a whiskey worth talking about. Time can transform a spirit as it interacts with oak over the course of years. Selecting and blending barrels can bring individual components together to create something greater than the sum of their parts. And sometimes, the goal is not simply to create a whiskey that stands on its own, but one designed to complement an entirely different experience.

Penelope’s 2026 releases offer an opportunity to explore these different approaches to whiskey making. The Estate Collection brings together Founders Reserve Bourbon 13 Years Old , and Conundrum Rye 12 Years Old, while Cigar Sessions Chapter 02 American Whiskey takes a different approach, with an emphasis on the cigar-pairing experience. Each release has its own purpose, giving us three different perspectives on what goes into making a memorable whiskey. Let’s take a closer look at each release and see how Penelope brought its vision to life.

Penelope Estate Collection Conundrum Rye 12 Years Old Review

Batch No. 26-2001 of the Penelope Estate Collection was distilled by MGP in Lawrenceburg, Indiana, from a mashbill of 95% rye and 5% malted barley. It also marks the oldest rye whiskey Penelope has released to date. The distillate entered barrels at 120 proof, and the whiskey was bottled without chill filtration.

The nose opens with mulled, unfiltered apple cider, with the apple taking precedence while the mulling spices play a supporting role. As the initial cider notes recede, Red Twizzlers bring a waxy red fruit quality. Spearmint gum makes an appearance, as expected from an MGP 95/5 rye, though the mint is exceptionally faint. Given more time in the glass, Butterfinger candy bar filling takes over, with the chocolate nowhere to be found and the peanut butter candy center taking the spotlight. I’m a fan of the bright, herbaceous profile often associated with MGP 95/5 rye, but I thoroughly enjoy this departure from that style. Oak takes a more prominent role here without becoming overly tannic. The nose suggests a palate with considerable concentration.

The first sip delivers a strong dose of Hawaiian Punch Fruit Juicy Red. I’m not sure I’ve encountered such an intense red fruit note in an Indiana-distilled 95/5 rye, and I like it. As the fruit subsides, peppermint candy develops, though with less sweetness than the little red-and-white discs. Blue raspberry candy follows through the mid-palate before giving way to clove. As the nose suggests, the palate is dense and full, with ample sweetness that stops short of becoming cloying.

Honey cough drops lead the finish, followed by mild cinnamon gum and a savory combination of black pepper and bacon with a pepper-crusted edge.

I’m a big fan of rye whiskey, in large part because of the range of profiles it can offer. The herbal notes commonly associated with MGP 95/5 rye can be polarizing, but they’re a major part of what I enjoy about the style. Penelope Estate Collection Batch No. 26-2001 presents an interesting departure from expectations, with age and oak taking precedence over the profile many enthusiasts associate with this mashbill. For drinkers who believe they already know what MGP 95/5 rye has to offer, this release provides a welcome reason to reconsider those assumptions. 101.5 proof. A- / $85

Penelope Cigar Sessions Chapter 02 American Whiskey Review

Like Cigar Sessions Chapter 01, Chapter 02 combines bourbon, American single malt, and light whiskey distilled by MGP in Lawrenceburg, Indiana. The blend has a derived mashbill of 69% corn, 19% rye, and 12% malted barley, with bourbon accounting for the largest share. Each component was aged for at least six years. Penelope partnered with master cigar blenders Alec Bradley to develop a whiskey intended to pair with a medium- to full-bodied cigar. As a non-smoker, I’m evaluating Chapter 02 on its own, without the intended cigar pairing.

The nose opens with mild maple fudge, offering creamy maple sweetness without becoming excessive. Freshly sharpened No. 2 pencils add a touch of wood and graphite, followed by pizzelle and the honeyed sweetness of Bit-O-Honey candy. The result is a mildly sweet, bready nose that’s enjoyable, if not particularly elaborate.

Cow Tale candy leads the palate, bringing caramel and vanilla with a touch of nutmeg. The mid-palate moves toward malty Ovaltine and Grape-Nuts cereal, with an exceptionally memorable oily mouthfeel.

The finish brings oatmeal with brown sugar and nutmeg, followed by walnut. The flavors remain in keeping with the cereal, candy, and baking spice notes found earlier in the tasting.

Chapter 02 is a worthwhile step up from Chapter 01, particularly when evaluated without a cigar. It stands on its own more successfully, offering enough flavor and a pleasingly oily mouthfeel to make the whiskey enjoyable apart from its intended pairing. The profile should also appeal to more drinkers than its predecessor, making Chapter 02 the more approachable of the two releases for those who plan to enjoy the whiskey on its own. 117.4 proof. B+ / $80 [BUY IT NOW FROM FROOTBAT]

Penelope Estate Collection Founders Reserve Bourbon 13 Years Old (2026) Review

Founders Reserve is distilled by MGP from a mashbill of 75% corn, 21% rye, and 4% malted barley. The batch identifications, 12L03K09BNL and 12L04L01BNL, indicate that the respective components entered barrels at 120 proof on December 3 and 4, 2012. The whiskey matured for more than 13 years in barrels sourced from Independent Stave Company, resting on floors 6 and 1 of Warehouse E. The 2025 Founders Reserve 13 Year Old release was distilled in Kentucky.

The nose opens with gingersnaps and orange bitters, bringing spice and citrus to the forefront before giving way to crème brûlée and toasted coconut. It’s an enjoyable combination, and the oak influence is less pronounced than I anticipated from a whiskey of this age. With more time in the glass, the gingersnap and orange bitters notes become increasingly prominent, while the sweetness gradually recedes.

Brown butter and toasted walnut lead the palate, followed by cacao nibs and clove through the mid-palate. Although the nose suggests less oak influence than expected, the palate introduces an astringent oak quality that doesn’t suit my preferences. The mouthfeel is somewhat drying, and that sensation detracts from the experience.

Chocolate stout and fresh ginger arrive on the finish, followed by burnt brown sugar and additional walnut. The astringency returns here, becoming increasingly drying as the finish progresses.

Taste is subjective, and I can see this profile appealing to drinkers who favor oak-forward bourbon. For me, however, the astringency detracts from an otherwise enjoyable nose and an interesting combination of flavors. At $200, I struggle to justify the price based on what’s in the glass. Even at $50, this isn’t a bottle I’d choose to purchase. Those who prefer more oak influence may find more to appreciate, but I don’t believe this release delivers $200 worth of enjoyment, even with its age statement. 101.4 proof. B / $200 [BUY IT NOW FROM FROOTBAT]

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