Mr. John Garden reports

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

Pennine Petroleum Corp. has repriced its non-brokered private placement, originally announced on March 22, 2016, of up to 50 million units for proceeds of $1-million. Each unit is offered at two cents and shall consist of one common share and one common share purchase warrant with an exercise price of five cents for a period of one year. Proceeds from this financing will be used for the following items:

• $700,000 to enact and meet the terms of a production-sharing agreement for the Velca block in Albania;
• $100,000 for offering costs;
• $200,000 for working capital.

"Our team's significant experience and expertise in Albania will contribute to the continued success of Pennine," says Pennine president and chief executive officer, John Garden. "We thank our shareholders and partners for their support, and we look forward to developments in the coming months."

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 kilometres). The hydrocarbon reservoirs associated with the Velca block are Ionian subthrust carbonates, similar in structure to reservoirs of the foothills of western Alberta. An identified structure is defined by 250 km of 2-D seismic and indicates a structure 12 square kilometres in area, with a vertical displacement of between 450 metres and 750 metres.

On Jan. 11, 2016, the corporation announced the appointment of Richard Wadsworth, PEng, to its board of directors. Mr. Wadsworth is the co-founder and former president and director of Bankers Petroleum Ltd., the largest foreign investor in the Republic of Albania. On April 7, 2016, Pennine and Albpetrol ShA, the national oil company of Albania, agreed to the terms of the production-sharing agreement for the Velca block and submitted the document to Albania's Ministry of Energy and Industry for approval.

Additional details related to Pennine's projects in Albania and Canada can be viewed on the corporation's website.

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