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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PENNINE PETROLEUM ANNOUNCES LETTER OF INTENT FOR SASKATCHEWAN OIL PROJECT

CALGARY, AB (Jan. 5, 2017) – Pennine Petroleum Corporation (TSX VENTURE: PNN or the “Corporation” or “Pennine”) is pleased to announce that it has signed a Letter of Intent (“LOI”) with an independent third party (“Third Party”) to acquire approximately 11 barrels of oil equivalent per day (“boe/d”) production in the Gull Lake region (“Gull Lake Property”) of southwestern Saskatchewan.

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WADSWORTH ASSUMES CHAIRMAN’S ROLE AS PENNINE MAKES EXECUTIVE AND COMMITTEE APPOINTMENTS

CALGARY, AB (Nov. 10, 2016) – Pennine Petroleum Corporation (TSX VENTURE: PNN or the “Corporation” or “Pennine”) is pleased to announce a number of appointments to its executive team and committees. 

Richard Wadsworth, P. Eng. has been appointed to the position as Chairman of the Corporation. Mr. Wadsworth was a co-founder of Bankers Petroleum Ltd. (“Bankers”) and maintains strong relationships with Albanian energy entities and individuals. Bankers was the largest foreign direct investor in the Republic of Albania, and was recently sold to Geo-Jade Petroleum for the sum of approximately C$575,000,000.  Mr. Wadsworth will be working closely with management to advance the Corporation’s strategy and activities in Albania, including the expected conclusion to the Velca production sharing contract.

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