PENNINE PETROLEUM CORPORATION SECURES CREDIT FACILITY FOR UP TO $1.0 MILLION

CALGARY, ALBERTA (Oct. 18, 2016) – Pennine Petroleum Corporation (TSX VENTURE: PNN or the “Corporation”) is pleased to announce that the Corporation has entered into a Credit Facility (“Credit Facility”) for up to C$1,000,000. Funds used as part of the Credit Facility will be used to advance certain oil and natural gas projects in Canada and Albania.

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FINANCING UPDATE

CALGARY, ALBERTA (August 02, 2016) – Pennine Petroleum Corporation (TSX VENTURE: PNN or the "Corporation") announces that the previously announced non-brokered private placement (“Private Placement”) is anticipated to close on August 04, 2016. The Private Placement was originally announced on March 22, 2016 and subsequent updates regarding the Private Placement were provided to the market by press releases dated May 25, 2016 and June 3, 2016. Proceeds from this offering will be used to satisfy the terms of a production sharing agreement for the Velca block (the “Velca Agreement”) in Albania and general working capital.

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PENNINE ANNOUNCES RE-PRICING OF C$1.0 MILLION NON-BROKERED FINANCING TO ADVANCE ALBANIAN ENERGY PROJECT 

CALGARY, ALBERTA (May 25, 2016) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce that the Corporation has re priced its previously announced (March 22, 2016) non-brokered private placement of up to 50,000,000 units for proceeds of C$1,000,000. Each unit is offered at C$0.02, and shall consist of one common share (“common share”), and one common share purchase warrant (“warrant”) with an exercise price of C$0.05 for a period of one year.

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PENNINE ANNOUNCES C$1.5 MILLION NON-BROKERED FINANCING TO ADVANCE ALBANIAN ENERGY PROJECT 

CALGARY, ALBERTA (March 22, 2016) – 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$1,500,000. Each unit is offered at C$0.03, and shall consist of one common share (“common share”), and one common share purchase warrant (“warrant”) with an exercise price of C$0.05 for a period of one year.

Proceeds from this financing will be used for the following items:

  • $1,100,000 to enact and meet the terms of a production sharing agreement for the Velca Block in Albania;
  • $200,000 for offering costs; and
  • $200,000 for working capital.

“We are very pleased and excited to continue the advancing of items related to the Velca Block in Albania,” says Pennine president and CEO John Garden. “The Velca Block provides the foundation to build an emerging energy firm in Albania, and will open up additional opportunities in developing the natural resource sector in this nation.”

Adds Mr. Garden: “Our team’s significant experience and expertise in Albania will contribute to the continued success of Pennine. We thank our shareholders and partners for their support and look forward to developments in the coming months.”

As part of this non-brokered financing, warrants are subject to an acceleration clause. This clause states that if, four months and one day after the warrants are issued, the closing price of the common shares of the Corporation, on the principal market on which such shares trade, is equal to, or exceeds, C$0.20 for 20 consecutive trading days (with the 20th such trading date hereafter referred to as the “Eligible Acceleration Date”), the warrant expiry date shall accelerate to a date 20 calendar days after issuance of a press release by the Corporation announcing the reduced warrant term—provided, no more than five business days following the Eligible Acceleration Date, that:

  • the press release is issued; and
  • notices are sent to all warrant holders.

This financing is subject to final TSX Venture Exchange approval. Common shares and warrants are subject to a four-month hold period. 

The Velca Block is located 10 kilometres southeast of the port city of Vlore, in southern Albania, and covers an area of 153,215 acres (239 square miles, or 620 square km). The hydrocarbon reservoirs associated with the Velca Block are Ionian subthrust carbonates, similar in structure to reservoirs of the foothills of western Alberta.

On Nov. 17, 2015, Pennine received notification from licensee Albpetrol Sh. A. (“Albpetrol”), the national oil company of Albania, that Pennine had been confirmed by the Republic of Albania’s Ministry of Energy and Industry as the successful bidder for the Velca Block.

On Jan. 11, 2016, the Corporation announced the appointment of Richard Wadsworth, P. Eng, to its board of directors. Mr. Wadsworth is the former president and director of Bankers Petroleum Ltd., when Bankers initiated activities in Albania.

On Feb. 17, 2016, the Corporation announced it had signed the main terms and conditions of a production sharing agreement for the Velca Block with Albpetrol.

Additional details related to Pennine’s projects in Albania and Canada can be viewed on the Corporation’s website at: www.penninecorp.com.

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PENNINE ESTABLISHES MAIN TERMS AND CONDITIONS OF VELCA BLOCK PRODUCTION SHARING AGREEMENT IN ALBANIA

CALGARY, ALBERTA (February 17, 2016) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce that it has signed the main terms and conditions of a production sharing agreement for the Velca Block, in southern Albania, with licensee Albpetrol Sh. A. (“Albpetrol”), the national oil company of Albania.

The Velca Block, covering an area of 153,215 acres (239 square miles, or 620 square kilometers), is located 10 km southeast of the Albanian coastal city of Vlore. Pennine previously announced in early December that it had been confirmed by the Republic of Albania’s Ministry of Energy and Industry as the successful bidder for the Velca Block.

The Velca Block contains 250 kilometers of 2-D seismic and two drilled hydrocarbon-indicative wells. A seismically defined structure has been identified with a closure of 12 square kilometers in area, with a vertical closure of between 450 vertical meters (mid case) and 750 vertical meters (maximum case).

“The finalization of the production sharing agreement with Albpetrol is expected to proceed to conclusion in the near future, now that the main terms have been established,” says John Garden, Pennine’s Chief Executive Officer.

“Working in the Republic of Albania, and respecting its established legislation and regulations, will generate significant interest to the shareholders of Pennine and the people of Albania,” adds Mr. Garden. “And with the recent appointment of (former Bankers Petroleum Ltd. President, Chief Operating Officer and Director) Richard Wadsworth to our team, as an independent director, we expect a seamless integration of Pennine into the Albanian oil and gas exploration and development industry.”

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PENNINE WELCOMES FORMER BANKERS PRESIDENT WADSWORTH AS INDEPENDENT DIRECTOR, GRANTS STOCK OPTIONS

CALGARY, ALBERTA (January 11, 2016) – Pennine Petroleum Corporation (TSX-VENTURE: PNN OR “PENNINE”) is pleased to announce that Mr. Richard Wadsworth, a former executive of Albania-focused oil and gas exploration company Bankers Petroleum Ltd., is joining Pennine’s Board of Directors as an independent Director.

Mr. Wadsworth was co-founder, director, president and chief operating officer (COO) of Calgary-based Bankers during its early years, from 2004 through 2008, after negotiating a new petroleum contract and assembling a team to develop Albania’s Patos-Marinza heavy oilfield in early 2004—a move that led to the creation of Bankers. Mr. Wadsworth also led Anglo Albanian Petroleum, an Albanian-based joint venture company of Premier Oil Plc., Albpetrol, IFC and OMV, from 2001 to 2004.

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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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