PENNINE BEGINS WORK ON PRODUCTION SHARING AGREEMENT FOR ALBANIA’S BLOCK VELCA TERRITORY

CALGARY, ALBERTA (Dec. 14, 2015) – Pennine Petroleum Corporation (TSX-Venture: PNN or “Pennine”) is pleased to announce that it has received a first draft of a production sharing agreement from licensee Albpetrol Sh.A (“Albpetrol”) for onshore petroleum exploration, development and production in the Block Velca region of Albania.

Block Velca, covering an area of 153,215 acres (239 square miles, or 620 square kilometers), is located 10 km southeast of the city of Vlore in southern Albania. As per the Corporation’s news release dated Dec. 7, 2015, Pennine was confirmed on Dec. 2, 2015 by the Republic of Albania’s Ministry of Energy and Industry as the successful bidder for Block Velca.

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