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File: 11.01.2016 PNN Wadsworth FINAL.doc


Pennine welcomes former Bankers president Wadsworth as independent director, grants stock options

CALGARY, ALBERTA (January 11, 2016) - Pennine Petroleum Corporation (TSX-Venture: PNN or "Pennine") is pleased to anno
--->unce that Mr. Richard Wadsworth, a former executive of Albania-focused oil and gas exploration company Bankers Petrole
--->um Ltd., is joining Pennine's Board of Directors as an independent Director.

Mr. Wadsworth was co-founder, director, president and chief operating officer (COO) of Calgary-based Bankers during it
--->s early years, from 2004 through 2008, after negotiating a new petroleum contract and assembling a team to develop Alb
--->ania's Patos-Marinza heavy oilfield in early 2004-a move that led to the creation of Bankers. Mr. Wadsworth also led A
--->nglo Albanian Petroleum, an Albanian-based joint venture company of Premier Oil Plc., Albpetrol, IFC and OMV, from 200
--->1 to 2004.

Since August 2008, Mr. Wadsworth has been involved in several startups, both private and public, and led a firm in the
---> successful procurement of a licence for the exploration of oil and gas in Iraq in 2010.

"Richard brings to Pennine's Board of Directors a well-developed, hands-on understanding of the nature of the oil indu
--->stry in Albania," says John Garden, Pennine's Chief Executive Officer, who has worked with Mr. Wadsworth in Albania. "
--->Richard has a wealth of experience in dealing with the structure and people of Albania's Ministry of Industry and Ener
--->gy, and related government directorates-and his arrival can be viewed as a strong endorsement of Pennine's initiatives
---> in Albania."

Mr. Wadsworth graduated from the University of Calgary in 1992 and received an Executive Management Certificate from Q
--->ueen's University, in Kingston, Ont., in 2009.

In December 2015, Pennine was granted the right to negotiate a production sharing agreement on the Velca Block, locate
--->d in southern Albania, which contains 250 kilometers of 2-D seismic and two drilled hydrocarbon-indicative wells, acco
--->rding to Albania's National Agency of Natural Resources ("AKBN"). The Velca Block territory has a seismically defined 
--->structure with a closure of 12 square kilometers in area, featuring a vertical closure of between 450 vertical meters 
--->(mid case) and 750 vertical meters (maximum case).

The Corporation also announces the granting of 2,580,000 share options, with an exercise price of $0.05 and a term of 
--->five years, to its Directors and Officers. The Corporation also announces the issuance of Convertible Promissory Notes
---> of $70,000, maturing on June 30, 2018.

-30-


About Pennine Petroleum Corporation: Pennine Petroleum Corporation is an emerging oil and gas exploration and developm
--->ent company (www.penninecorp.com) currently active in Alberta, Saskatchewan, Albania, and further expanding internatio
--->nally.

For further information, contact:

Pennine Petroleum Corporation   N. Desmond Smith
T: 403.277.4421 F: 403.277.4439
E: des.smith@penninecorp.com W: www.penninecorp.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 sh
--->all 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 Securi
--->ties 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: 11.01.2016 PNN Wadsworth FINAL.pdf

     Pennine
  welcomes
  former
  Bankers
  president
  Wadsworth
  
          as
  independent
  director,
  grants
  stock
  options
  
CALGARY,
  ALBERTA
  (January
  11,
  2016)
   
  Pennine
  Petroleum
  Corporation
  (TSX-Venture:
  PNN
  or
  
"Pennine")
  is
  pleased
  to
  announce
  that
  Mr.
  Richard
  Wadsworth,
  a
  former
  executive
  of
  Albania-
focused
  oil
  and
  gas
  exploration
  company
  Bankers
  Petroleum
  Ltd.,
  is
  joining
  Pennine's
  Board
  of
  
Directors
  as
  an
  independent
  Director.
  

  
Mr.
  Wadsworth
  was
  co-founder,
  director,
  president
  and
  chief
  operating
  officer
  (COO)
  of
  
Calgary-based
  Bankers
  during
  its
  early
  years,
  from
  2004
  through
  2008,
  after
  negotiating
  a
  new
  
petroleum
  contract
  and
  assembling
  a
  team
  to
  develop
  Albania's
  Patos-Marinza
  heavy
  oilfield
  in
  
early
  2004--a
  move
  that
  led
  to
  the
  creation
  of
  Bankers.
  Mr.
  Wadsworth
  also
  led
  Anglo
  Albanian
  
Petroleum,
  an
  Albanian-based
  joint
  venture
  company
  of
  Premier
  Oil
  Plc.,
  Albpetrol,
  IFC
  and
  
OMV,
  from
  2001
  to
  2004.
  

  
Since
  August
  2008,
  Mr.
  Wadsworth
  has
  been
  involved
  in
  several
  startups,
  both
  private
  and
  
public,
  and
  led
  a
  firm
  in
  the
  successful
  procurement
  of
  a
  licence
  for
  the
  exploration
  of
  oil
  and
  
gas
  in
  Iraq
  in
  2010.
  

  
"Richard
  brings
  to
  Pennine's
  Board
  of
  Directors
  a
  well-developed,
  hands-on
  understanding
  of
  
the
  nature
  of
  the
  oil
  industry
  in
  Albania,"
  says
  John
  Garden,
  Pennine's
  Chief
  Executive
  Officer,
  
who
  has
  worked
  with
  Mr.
  Wadsworth
  in
  Albania.
  "Richard
  has
  a
  wealth
  of
  experience
  in
  dealing
  
with
  the
  structure
  and
  people
  of
  Albania's
  Ministry
  of
  Industry
  and
  Energy,
  and
  related
  
government
  directorates--and
  his
  arrival
  can
  be
  viewed
  as
  a
  strong
  endorsement
  of
  Pennine's
  
initiatives
  in
  Albania."
  

  
Mr.
  Wadsworth
  graduated
  from
  the
  University
  of
  Calgary
  in
  1992
  and
  received
  an
  Executive
  
Management
  Certificate
  from
  Queen's
  University,
  in
  Kingston,
  Ont.,
  in
  2009.
  

  
In
  December
  2015,
  Pennine
  was
  granted
  the
  right
  to
  negotiate
  a
  production
  sharing
  agreement
  
on
  the
  Velca
  Block,
  located
  in
  southern
  Albania,
  which
  contains
  250
  kilometers
  of
  2-D
  seismic
  
and
  two
  drilled
  hydrocarbon-indicative
  wells,
  according
  to
  Albania's
  National
  Agency
  of
  Natural
  
Resources
  ("AKBN").
  The
  Velca
  Block
  territory
  has
  a
  seismically
  defined
  structure
  with
  a
  closure
  
of
  12
  square
  kilometers
  in
  area,
  featuring
  a
  vertical
  closure
  of
  between
  450
  vertical
  meters
  (mid
  
case)
  and
  750
  vertical
  meters
  (maximum
  case).
  

  
The
  Corporation
  also
  announces
  the
  granting
  of
  2,580,000
  share
  options,
  with
  an
  exercise
  price
  
of
  $0.05
  and
  a
  term
  of
  five
  years,
  to
  its
  Directors
  and
  Officers.
  The
  Corporation
  also
  announces
  
the
  issuance
  of
  Convertible
  Promissory
  Notes
  of
  $70,000,
  maturing
  on
  June
  30,
  2018.
  

  
                                                                     -30-
  
 
  

  
About
  Pennine
  Petroleum
  Corporation:
  Pennine
  Petroleum
  Corporation
  is
  an
  emerging
  oil
  and
  
gas
  exploration
  and
  development
  company
  (www.penninecorp.com)
  currently
  active
  in
  Alberta,
  
Saskatchewan,
  Albania,
  and
  further
  expanding
  internationally.
  

  
For
  further
  information,
  contact:
  

  
Pennine
  Petroleum
  Corporation
          
      
  N.
  Desmond
  Smith
  
T:
  403.277.4421
                                    F:
  403.277.4439
  
E:
  des.smith@penninecorp.com
                       W:
  www.penninecorp.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.