May 20, 2011 (TheNewswire.ca) --
May 20th, 2011 - CALGARY, ALBERTA - Pennine Petroleum Corporation (TSXV:PNN) (PNN on TSX.V)(the "Company") announces the granting of 1,650,000 stock options at an exercise price of $0.10 to directors, officers and consultants pursuant to the Company's stock option plan. These options will vest according to the Company stock option plan.
Of the total option grant, 1,400,000 will have an expiry date of May 16, 2016, and a total of 250,000 will have an expiry date of May 16, 2013.
This option grant 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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