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

CALGARY, Alberta (January 3, 2017)—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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PENNINE CLOSES PRIVATE PLACEMENT, SIGNS CREDIT FACILITY WITH IONIAN REFINING AND TRADING COMPANY BVI

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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PENNINE APPOINTS GLOBAL OIL MANAGEMENT GROUP’S HARRY SARGEANT IV TO BOARD OF DIRECTORS

CALGARY, ALBERTA (May 8, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce the appointment of Mr. Harry Sargeant IV to its Board of Directors. Mr. Sargeant will be instrumental in the continuing development of the Velca Block in Albania.

Mr. Sargeant is Vice President of Global Oil Management Group Ltd. (“GOMG”), a Boca Raton, Florida-based international oil corporation.

GOMG, through its subsidiary Ionian Refining & Trading Company Ltd. (“IRTC”), is a leading independent energy firm with operations in Albania, as well as Texas and Alabama.

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PENNINE ANNOUNCES TECHNICAL REPORT FOR VELCA BLOCK ALBANIA

CALGARY, ALBERTA (May 2, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce the completion of the Resource Estimate Velca Block, Central Albania, (“Technical Report”) prepared by Apex Energy Consultants Inc. (“Apex”), in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook. Apex is an independent qualified reserves evaluator with offices located in Calgary, Alberta.

In summary, the Prospective Resource Report identifies a Best Case recoverable resource of 26,400,000 barrels of oil providing a Pennine Net Risked Prospective Resource of 11,200,000 barrels of Oil as to its net working interest (after payout and joint venture interests).  Further the Report states that after a Chance of Discovery of 43%, the Pennine Net Risked Prospective Resource is 4,874,000 barrels of Oil.

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PENNINE ANNOUNCES C$3.0 MILLION NON-BROKERED FINANCING TO ADVANCE ALBANIAN ENERGY PROJECT 

CALGARY, ALBERTA (April 04, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce that the Corporation will be undertaking a non-brokered financing of up to 50,000,000 units for proceeds of C$3,000,000 (the “Offering”).

This non-brokered financing will help Pennine move its exploration and production activities forward in Albania’s Velca Block, following the finalization on Feb. 14, 2017 of a Production Sharing Agreement with Albpetrol, the national oil company of Albania.

Each unit is offered at C$0.06, and shall consist of one common share (“common share”), and one common share purchase warrant (“warrant”) with an exercise price of C$0.10 for a period of one year from closing.

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PENNINE SIGNS VELCA BLOCK PSA, ANTICIPATES ‘SEAMLESS INTEGRATION’ INTO ALBANIA’S ENERGY INDUSTRY 

CALGARY, AB (Feb. 14, 2017) – Pennine Petroleum Corporation (TSX VENTURE: PNN or the “Corporation” or “Pennine”) is pleased to announce that it has signed a Production Sharing Agreement (“PSA”) with Albpetrol Sh.A (“Albpetrol”) for the exploration and development of the Velca Block in Albania.

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