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File: 30.07.2014 PNN Directors NBPP.docx








Directors participate in Pennine Petroleum Corporation's non-brokered private placement

CALGARY, Alberta (July 30, 2014) - Pennine Petroleum Corporation (TSX Venture: PNN or the "Corporation") announces tha
--->t, further to a previous news release dated June 13, 2014 concerning the Corporation's offering of a non-brokered Priv
--->ate Placement, the Directors of the Corporation have sold an aggregate of 3,500,000 common shares, at a price of $0.03
---> per share, to members of the public through the assistance of the Dundee Goodman Private Wealth division of Dundee Se
--->curities Ltd. None of the common shares sold by the Directors are subject to hold periods. Subsequent to the above sal
--->e of common shares, the directors will, subject to final acceptance of the Corporation's submissions to the TSX Ventur
--->e Exchange, acquire up to 50%, or 5,000,000 units, of the non-brokered Private Placement announced on June 13, 2014.

The non-brokered Private Placement will consist of up to 10,000,000 units, at $0.03 per unit, for total proceeds of $3
--->00,000. Each unit is comprised of one common share and one common share purchase warrant. Each share purchase warrant 
--->will entitle the holder to purchase one common share at a price of $0.05, exercisable for a period one year from closi
--->ng.

The Corporation will use the proceeds of up to $300,000, if the offering is fully subscribed, in the following manner 
--->- $221,000 to complete well workovers on two wells in the Youngstown area and one well in the Castor area of east-cent
--->ral Alberta, as well as one well at Success, Saskatchewan; $26,000 on surface lease and mineral rights expenses; up to
---> $23,000 on general and administrative expenses; and up to $30,000 on finder's fees.

The Castor property contains a natural gas well that is 500 metres from transportation infrastructure. The well will b
--->e re-entered in the Mannville Formation where, after a 90-minute drill stem test over the target zone was conducted, m
--->aximum natural gas rates of 629 Mcf/day were recorded with 59 feet of drilling mud.

This non-brokered Private Placement is subject to a four-month hold period from the date of closing, and is subject to
---> TSX Venture Exchange review and acceptance.

-30-

About Pennine Petroleum Corporation: Pennine Petroleum Corporation is an emerging oil and gas exploration and developm
--->ent company currently active in Alberta and Saskatchewan. Pennine's strategy is based on increasing cash flow by focus
--->ing on drilling and well re-completions on selective land areas where it currently operates.

For further information, contact:

Pennine Petroleum Corporation
N. Desmond Smith Anthony Ghitter
T: 403.277.4421 T: 403.277.4421
C: 403.978.9066 C: 403.404.0575
F: 403.277.4439
E: des.smith@penninecorp.com E: ghitter@gmail.com


This news release contains forward-looking statements. Certain statements contained in this news release constitute fo
--->rward looking statements. The use of any words such as "anticipate", "continue", "estimate", "expect", "may", "will", 
--->"project", "should", "believe" and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are ma
--->de. Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance
--->, or achievements may differ materially from any future results, performance or achievements expressed or implied by s
--->uch forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business
--->, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance t
--->hat forward-looking statements will materialize. The Company assumes no obligation to update or revise any forward-loo
--->king statements, whether as a result of new information, future events or any other reason except as required by appli
--->cable securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy
---> any securities, nor shall there be any sale of securities in any state in the United States in which such offer, soli
--->citation or sale would be unlawful. The securities referred to herein have not been and will not be registered under t
--->he United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent regist
--->ration or an applicable exemption from registration requirements.

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.


File: 30.07.2014 PNN Directors NBPP.pdf

        Directors participate in Pennine Petroleum
       Corporation's non-brokered private placement
CALGARY, Alberta (July 30, 2014) � Pennine Petroleum Corporation (TSX Venture:
PNN or the "Corporation") announces that, further to a previous news release dated June
13, 2014 concerning the Corporation's offering of a non-brokered Private Placement, the
Directors of the Corporation have sold an aggregate of 3,500,000 common shares, at a
price of $0.03 per share, to members of the public through the assistance of the Dundee
Goodman Private Wealth division of Dundee Securities Ltd. None of the common shares
sold by the Directors are subject to hold periods. Subsequent to the above sale of
common shares, the directors will, subject to final acceptance of the Corporation's
submissions to the TSX Venture Exchange, acquire up to 50%, or 5,000,000 units, of the
non-brokered Private Placement announced on June 13, 2014.

The non-brokered Private Placement will consist of up to 10,000,000 units, at $0.03 per
unit, for total proceeds of $300,000. Each unit is comprised of one common share and
one common share purchase warrant. Each share purchase warrant will entitle the holder
to purchase one common share at a price of $0.05, exercisable for a period one year from
closing.

The Corporation will use the proceeds of up to $300,000, if the offering is fully
subscribed, in the following manner � $221,000 to complete well workovers on two wells
in the Youngstown area and one well in the Castor area of east-central Alberta, as well as
one well at Success, Saskatchewan; $26,000 on surface lease and mineral rights
expenses; up to $23,000 on general and administrative expenses; and up to $30,000 on
finder's fees.

The Castor property contains a natural gas well that is 500 metres from transportation
infrastructure. The well will be re-entered in the Mannville Formation where, after a 90-
minute drill stem test over the target zone was conducted, maximum natural gas rates of
629 Mcf/day were recorded with 59 feet of drilling mud.

This non-brokered Private Placement is subject to a four-month hold period from the date
of closing, and is subject to TSX Venture Exchange review and acceptance.

                                           -30-
 About Pennine Petroleum Corporation: Pennine Petroleum Corporation is an
emerging oil and gas exploration and development company currently active in Alberta
and Saskatchewan. Pennine'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                              Anthony Ghitter
T: 403.277.4421                               T: 403.277.4421
C: 403.978.9066                               C: 403.404.0575
F: 403.277.4439
E: des.smith@penninecorp.com                  E: ghitter@gmail.com


This news release contains forward-looking statements. Certain statements contained
in this news release constitute forward looking statements. The use of any words such
as "anticipate", "continue", "estimate", "expect", "may", "will", "project",
"should", "believe" and similar expressions are intended to identify forward-looking
statements.

Forward-looking statements are based on the opinions and estimates of management
as of the date such statements are made. Readers are cautioned not to place undue
reliance on these statements as the Company's actual results, performance, or
achievements may differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements if known or
unknown risks, uncertainties or other factors affect the Company's business, or if the
Company's estimates or assumptions prove inaccurate. Therefore, the Company
cannot provide any assurance that forward-looking statements will materialize. The
Company assumes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or any other reason except as
required by applicable securities laws. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any securities, nor shall there be any sale of
securities in any state in the United States in which such offer, solicitation or sale
would be unlawful. The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable exemption from
registration requirements.

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.