Sep. 15, 2010 (TheNewswire.ca) --
September 15th, 2010 - Pennine Petroleum Corporation ("Pennine")(TSXV: PNN) and Montello Resources Ltd. ("Montello")(TSXV: MEO) jointly announced today that both companies have entered into an agreement to settle all claims against Pennine and Desmond Smith brought by Montello.
The settlement agreement includes non-disclosure and confidentiality provisions and does not reflect any admission by either Pennine or Montello, their affiliates, directors or officers. The settlement has been entered into on the basis that it best serves the interests of both companies and their shareholders.
About Pennine Petroleum Corporation
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company active in Alberta, Saskatchewan, and British Columbia. The Company's strategy is based on increasing cash flow by focusing on drilling and well re-completions on selective land areas where it currently operates.
For further information, contact:
Pennine Petroleum Corporation
N. Desmond Smith
T: 403 277-4421
F: 403 277-4439
E: des.smith@penninecorp.com
Boardmarker Group
Dean Stuart
T: 403 517 2270
E: dean@boardmarker.net
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2010 Thenewswire.ca - All rights reserved.