Pennine signs MOU for petroleum, natural gas rights on producing Alberta property

CALGARY (May 6, 2019)—Pennine Petroleum Corporation (PNN:TSX-V) (“Pennine” or “the Company”) is pleased to announce that it has signed a Memorandum of Understanding to undertake a business combination transaction with a private company.

Pennine is seeking to acquire assets located in southwest Alberta with a 50% to 100% working interest, in addition to operatorship. The property contains wells and infrastructure with approximately 12,000 net acres of petroleum and natural gas rights.

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Albanian Ministry withdraws Velca Block license

CALGARY (May 1, 2019)—Pennine Petroleum Corporation (TSX-V: PNN) (“Pennine” or “the Company”) has received a letter from the Albanian Ministry of Infrastructure and Energy’s National Agency of Natural Resources (AKBN) announcing it has withdrawn the Velca Block license from the Production Sharing Agreement between Albpetrol Sh. A. and Pennine.

The Company is currently investigating opportunities with a focus on producing assets with strong development potential in stable political and pricing regimes in Canada and abroad.

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London-based international management consultant Jon Harris joins Pennine as Non-Executive Director

CALGARY, Canada (April 9, 2018)—Jon Harris, a London-based project management veteran with extensive experience in the natural resources sector, has joined Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”), effective immediately, as a Non-Executive Director.

Mr. Harris has served as a Non-Executive Director for several AIM- and TSX-listed companies, including Bankers Petroleum Ltd., which pioneered Albania’s Patos-Marinza heavy oil fields, from 2004 through 2016. He also has experience in leading two AIM listings for clients in the past decade.

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With prep work afoot in Albania, Pennine targets initial Velca Block spudding date in early Q3 2018

A geological look at Albania's Velca Block.

A geological look at Albania's Velca Block.

CALGARY, ALBERTA (February 22, 2018)—With a wide range of preparatory activities now in motion, Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) now anticipates a spudding date of early third quarter 2018 for its earning well No. 1 in Albania’s Velca Block.

Pennine expects to determine the exact drilling location in the Vela Block, located in south-central Albania, within six weeks, following a complete integration of geophysical and geological data, says the Corporation’s Chief Executive Officer N. Desmond Smith.

“We are making steady progress on a number of fronts in Albania,” says Mr. Smith. “Our geophysical team has retrieved all of the available data, and is reprocessing it to select an ideal drilling location. At the same time, our Albpetrol partners selected a location based on data collected in 2000, and we are using the most modern analysis techniques to examine that data and pinpoint a location.”

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Pennine holds discussions with suppliers and contractors in preparation for drilling in Albania's Velca Block

CALGARY, ALBERTA (February 6, 2018) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) has been moving rapidly over the past month to establish a drilling bid framework for its earning well No. 1 in Albania’s Velca Block.

Carey Chilliak, who was appointed Pennine’s Vice President of Operations, Albania on Jan. 3, 2018, has created a tender process that aligns with terms of the Velca Block Production Sharing Agreement (“PSA”), and provides abundant transparency to satisfy local audits.

Mr. Chilliak is well known among local and European suppliers and contractors, and has been engaging in preliminary discussions with reputable drilling equipment suppliers—particularly drilling rig contractors and well service providers.

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Pennine appoints Carey Chilliak as its Vice President of Operations in Albania

CALGARY, Alberta (January 3, 2018)—Pennine Petroleum Corporation (“Pennine” or the “Corporation”) (TSX-V: PNN) is pleased to announce that Carey Chilliak has been appointed as Pennine’s Vice President of Operations, Albania, effective Jan. 1, 2018.

Mr. Chilliak will provide leadership, business continuity, communication and transparency to all business units and transactions to fulfil Pennine’s activities in Albania, while also ensuring rigorous Supply Chain Management (SCM) discipline and ethics.

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Pennine ready to advance Velca Block activities after Albanian government gives PSA final approval

CALGARY, ALBERTA (November 23, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce the receipt of final approval of a Production Sharing Agreement (“PSA”) for research, development and production of hydrocarbons in Albania’s Velca Block.

This final approval from Albania’s newly formed Council of Ministers of the Republic of Albania means Pennine now has the rights to:

  • withdraw available geotechnical data from Albania’s Ministry of Infrastructure and Energy (“MIE”) for the Velca Block;
  • engage geophysical consultants to re-process that data; and
  • integrate the data with previously collected geological information.

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Pennine announces results of its 2017 annual and special meeting of shareholders

CALGARY, Alberta (October 23, 2017)—Pennine Petroleum Corporation (“Pennine” or the “Corporation”) (TSX-V: PNN) is pleased to report that its five current Directors have been re-elected for another term, following Pennine’s annual and special meeting of shareholders held October 23, 2017.

N. Desmond Smith, Richard Wadsworth, Jeff Saxinger, Ray Gertz and Harry Sargeant IV all received at least 99.91% of the votes cast by Pennine’s shareholders.

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Former E*TRADE executive Connie Kuhl joins Pennine’s advisory board

CALGARY, ALBERTA (July 11, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce the appointment of Ms. Connie Kuhl to its advisory board.

Ms. Kuhl, based near Dallas, Texas, previously served as Senior Vice President of E*TRADE Financial (“E*TRADE”), a New York-based financial services company for self-directed investors, and was responsible for developing E*TRADE’s customer service, operations and trading activities. She was also the former Chief Compliance Officer and Senior Vice President of Customer Service and Brokerage Operations for Motif Investing, a next-generation online broker.

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CALGARY, ALBERTA (May 18, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce the closing of the previously announced private placement (“Financing”) in the amount of CAD$1,019,300. The Financing will consist of the issuance of 16,988,335 units, each unit consisting of one common share and one common share purchase warrant with an exercise price of $0.10 for one year from issue. 

In addition, the Corporation is pleased to announce the signing of a Credit Facility for up to CAD $2,000,000 with Ionian Refining and Trading Company, BVI (“IRTC”). IRTC subsidiary, established in the Albanian capital of Tirana in 2016, has an ownership stake in the Ballsh and Fier oil refineries in southern Albania, and has undertaken a strategy to reconsolidate, rationalize and upgrade the Albanian refinery system.

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