Pennine Petroleum Corporation
TSX VENTURE : PNN

April 16, 2008 13:47 ET

Pennine Petroleum Corporation: Shareholders Meeting Scheduled and New Board Appointees

CALGARY, ALBERTA--(Marketwire - April 16, 2008) - A group of shareholders (the "Concerned Shareholders") of Pennine Petroleum Corporation (the "Company" or "Pennine") (TSX VENTURE:PNN) beneficially owning more than 5% of the issued and outstanding shares of the Company have scheduled a meeting date for the election of new directors of the Company. The meeting will be held on Wednesday, May 7, 2008, at 2:00 p.m. at the offices of ProVenture Law LLP, which are located at Suite 2 Mount Royal Village, 800 - 16th Avenue S.W., Calgary, Alberta. The Concerned Shareholders believe that the Company is being poorly managed by certain directors, and is underperforming relative to its peers. The new directors will concentrate on the development of the Company's Pincher Creek assets with a focus on re-completions. If the proposed directors are elected, it is anticipated that the Company will continue with its program of further recompletions and drilling through 2008 to develop this new play.

It is anticipated that the new directors of Pennine will consist of the following individuals:

N. Desmond Smith, B. Sc Geol, current president and director of Pennine

Mr. Smith became president of the Company in September 2007, and was instrumental in the initial drilling development of the Company's Pincher Creek assets. Mr. Smith has held senior management positions with private and public international companies, sits on the board of public companies listed on the TSX and AIM, and brings strong background in risk assessment, management and fiscal discipline.

Ray Gertz, current director of Pennine

Mr. Gertz is a current director of the Company, and is a current member of the Audit Committee. Mr. Gertz has managed private companies for over 26 years including a major metals fabricator and sheet metal contractor. Mr. Gertz is current president of a TSX Venture listed company, and brings a strong background in project management and fiscal control.

Jeff Saxinger, P. Eng

Mr. Saxinger is a professional engineer with extensive practical experience in gas facilities and rotating equipment systems, particularly reciprocating compressors. His abilities include solid expertise in equipment performance evaluation, engineered designs, field troubleshooting, excellent communication skills and a very firm understanding of the financial side of the business. Mr. Saxinger is a senior project engineer with a leading oil industry engineering firm where he manages facility projects as client representative, including preliminary engineering, front end engineering and design (FEED) studies, detailed engineering/procurement and construction/commissioning management.

Mark Wolfe, Ph.D

Dr. Wolfe has an extensive background in media and corporate communications within the oilpatch. He was most recently Vice President of Communication & Strategy for SkinnyFish Media Inc., which included a role as Editor-in-chief of Alberta Oil magazine, and is currently President of Westword Communications Inc. of Calgary. Dr. Wolfe also developed an in-house communications program for Shell Canada Limited. He teaches undergraduate and graduate courses in communications technology and history at the University of Calgary and University of Alberta, and was a member of the international team of advisors that formed the masters degree program in Knowledge Management at Royal Roads University. In 1994, he was nominated for a Governor General's Gold Medal thesis award, the top national academic honour at this level of scholarship.

Mr. Gertz, Mr. Saxinger and Dr. Wolfe will also be members of the audit committee. A full corporate presentation of the Company assets is available through the Concerned Shareholders contact, Mr. Jeff Saxinger. The proxy solicitation materials of the Concerned Shareholders will be available on the SEDAR website at www.sedar.com under the Company Profile for Pennine Petroleum Corporation.

Contact Information

  • Pennine Petroleum Corporation
    Concerned Shareholders
    Jeff Saxinger
    (403) 606-1632