Mr. Desmond Smith reports

PENNINE PETROLEUM CORPORATION COMPLETES RE-ENTRY OF CASTOR WELL

Further to Pennine Petroleum Corp.'s news release of Oct. 2, 2014, concerning the corporation's activities at the Castor 2-22 well site, the company is offering the following update on recompletion efforts.

The well, located in east-central Alberta near Youngstown, has been re-entered. After drilling out the abandonment cement bridge plug, the corporation recorded pressure buildup in the wellbore and decided to reperforate at four shots per foot in the prospective zone. The corporation conducted pressure buildup tests and has been able to confirm that the Castor 2-22 well is connected to an existing Colony formation reservoir. An analysis of offsetting production decline curves has indicated the Colony reservoir has remaining reserves of approximately 161 million cubic feet of natural gas.

The corporation will continue to test and monitor the Castor 2-22 well pressure buildup for a period of time to confirm the Colony formation reservoir production capability and evaluate tie-in options.

We seek Safe Harbor.