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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