Feb. 8, 2011 (TheNewswire.ca) --
February 8th, 2011 - CALGARY, ALBERTA - Pennine Petroleum Corporation (TSXV:PNN) (PNN on TSX.V)(the "Company") is pleased to announce that Mr. Joerg Wittenberg, P. Geol has agreed to become an independent director on the Board of Directors of Pennine Petroleum Corporation. Mr. Wittenberg holds a Masters of Science (Geology) degree from the University of Alberta and has 19 years oil and gas industry experience. Mr. Wittenberg is currently a Corporate Operating Officer of a successful intermediate oil and gas industry company.
Mr. Wittenberg has been granted 300,000 Options of the Company at a price of $0.10 per Option convertible into a Common Share for a period of five years effective 01 February 2011.
This appointment is subject to TSX Venture Exchange approval.
PNN also announces that it is offering a Private Placement of Units of the Company to a value of $1,000,000. The Units shall comprise one Common Share of the Company and one warrant at a price of $0.05 per Unit. Each warrant shall be convertible to one Common Share of the Company at $0.10 per share, exercisable for a period of two years from closing of this Private Placement. In the event the Common Shares of the Company trade on the TSX V exchange at a weighted average price of $0.30 per share or greater for a period of 15 trading days, after the hold period of the Private Placement, the Company may provide notice in writing to the holders of the Warrants that the expiry date of the Warrants will be accelerated to a date no earlier than the 30th day after the date on which it gives notice to the Warrant holders.
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This private placement is subject to TSX Venture Exchange approval.
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.
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