Stockwatch

Pennine Petroleum Corp
Symbol	PNN
Shares Issued	75,786,527
Close 2014-10-23	C$ 0.03
Market Cap	C$ 2,273,596
Recent Sedar Documents

Pennine finishes re-entry of Castor 2-22

2014-10-24 09:05 ET - News Release

Kimberley Subject: Press Release/News Attached for Distribution on Stockwatch.com File: 24.10.2014 PNN Castor re-entry completion.doc Pennine Petroleum Corporation completes re-entry of Castor well CALGARY, ALBERTA (October 24, 2014) - Pennine Petroleum Corporation (TSX Venture: PNN or "the Corporation"), further to its news release of October 2, 2014 concerning the Corporation's activities at the Castor 2-22 well site, offers 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 build-up in the well bore and decided to re-perforate 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. -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: ghittera@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: 24.10.2014 PNN Castor re-entry completion.pdf Pennine Petroleum Corporation completes re-entry of Castor well CALGARY, ALBERTA (October 24, 2014) � Pennine Petroleum Corporation (TSX Venture: PNN or "the Corporation"), further to its news release of October 2, 2014 concerning the Corporation's activities at the Castor 2-22 well site, offers 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 build-up in the well bore and decided to re-perforate 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. -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: ghittera@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.