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Pennine Petroleum Corp
Symbol	PNN
Shares Issued	75,786,527
Close 2014-10-01	C$ 0.05
Market Cap	C$ 3,789,326
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Pennine drills out cement, bridge plug at Castor 2-22

2014-10-02 02:51 ET - News Release

Kimberley Subject: Press Release/News Attached for Distribution on Stockwatch.com File: 02.10.2014 PNN Castor recompletion update.doc Pennine Petroleum Corporation offers Castor well recompletion update CALGARY, ALBERTA (October 2, 2014) - Pennine Petroleum Corporation (TSX Venture: PNN or "the Corporation"), further to its news release of September 15, 2014 concerning the Corporation's initiation of activities at the Castor 2-22 well site, is pleased to report the following update on recompletion efforts. Castor 2-22, located in east-central Alberta, is a re-entry to access the Mannville Formation where, in 1989, after a 90-minute drill stem test over the target zone, maximum natural gas flow rates of 629 Mcf/day were recorded with 59 feet of drilling mud recovered. The well has been re-entered. A casing corrosion log has been run, and the casing has been found to be sound. As of September 28, 2014, the Corporation drilled out the cement and bridge plug that was placed in the well bore when it was abandoned in 1999. The Corporation plans to re-perforate at four shots per foot in the prospective zone to provide current and better access to the reservoir. Following this activity, the well will be tested for a period of time to establish natural gas production rates. To reiterate, Mr. John Garden (P. Eng), Director of the Corporation, remarked: "Pennine is extremely pleased to initiate work to recomplete the Castor 2-22 well. This is the beginning of positive asset-building activities of the Corporation, and will kick off the Corporation's move to expand interests in the Castor area." Mr. Garden is a Professional Engineer, graduating from the University of Calgary in 1993 and obtaining his Alberta P. Eng. professional designation in 1995. Mr. Garden has provided drilling, completion, and production engineering services in Albania and Ukraine, and pioneered horizontal drilling and completion procedures in the Bakken, Three Forks, Viking and Cadomin formations in Canada. Mr. Garden has occupied the roles of senior officers and directors of various public companies in Canada, and is a past president of the Canadian Association of Drilling Engineers. Mr. Garden became a Director of Pennine in May 2014. -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 recompletions 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. File: 02.10.2014 PNN Castor recompletion update.pdf Pennine Petroleum Corporation offers Castor well recompletion update CALGARY, ALBERTA (October 2, 2014) � Pennine Petroleum Corporation (TSX Venture: PNN or "the Corporation"), further to its news release of September 15, 2014 concerning the Corporation's initiation of activities at the Castor 2-22 well site, is pleased to report the following update on recompletion efforts. Castor 2-22, located in east-central Alberta, is a re-entry to access the Mannville Formation where, in 1989, after a 90-minute drill stem test over the target zone, maximum natural gas flow rates of 629 Mcf/day were recorded with 59 feet of drilling mud recovered. The well has been re-entered. A casing corrosion log has been run, and the casing has been found to be sound. As of September 28, 2014, the Corporation drilled out the cement and bridge plug that was placed in the well bore when it was abandoned in 1999. The Corporation plans to re- perforate at four shots per foot in the prospective zone to provide current and better access to the reservoir. Following this activity, the well will be tested for a period of time to establish natural gas production rates. To reiterate, Mr. John Garden (P. Eng), Director of the Corporation, remarked: "Pennine is extremely pleased to initiate work to recomplete the Castor 2-22 well. This is the beginning of positive asset-building activities of the Corporation, and will kick off the Corporation's move to expand interests in the Castor area." Mr. Garden is a Professional Engineer, graduating from the University of Calgary in 1993 and obtaining his Alberta P. Eng. professional designation in 1995. Mr. Garden has provided drilling, completion, and production engineering services in Albania and Ukraine, and pioneered horizontal drilling and completion procedures in the Bakken, Three Forks, Viking and Cadomin formations in Canada. Mr. Garden has occupied the roles of senior officers and directors of various public companies in Canada, and is a past president of the Canadian Association of Drilling Engineers. Mr. Garden became a Director of Pennine in May 2014. -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 recompletions 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.