Pennine follows winds of change home to Alberta
Pennine Petroleum Corporation embraces the change in Alberta’s provincial government, and the province’s renewed commitment to championing its resource sector.
As of spring 2019, Calgary-based Pennine has reconsidered its own efforts on the Western Canadian Sedimentary Basin, after enduring four difficult years.
On May 6, 2019, Pennine signed a Memorandum of Understanding with a private company with an eye to acquiring producing assets in southwest Alberta with a 50% to 100% working interest, in addition to operatorship.
The property contains wells and infrastructure with about 12,000 net acres of petroleum and natural gas rights. The transaction is anticipated to close prior to July 31, 2019.
While Pennine’s current activities focus on Western Canada, we will continue to use our industry experience and expertise—geological and geophysical exploration, reservoir and extraction engineering, and production—to investigate international opportunities with a focus on producing assets and strong development potential.