Shareholders of Pennine Petroleum Corporation

February 29, 2008 13:49 ET

Pennine Shareholders Arranging for Special Meeting

CALGARY, ALBERTA--(Marketwire - Feb. 29, 2008) - A group of shareholders of Pennine Petroleum Corporation (the "Company" or "Pennine") beneficially owning more than 5% of the issued and outstanding shares of the Company will be arranging for a Special Meeting for the purpose of electing a new board of directors of the Company. This group of shareholders formally requested that the directors of Pennine call a shareholders' meeting within 21 days of February 1, 2008; which was not called by the Company. The dissident shareholders believe that certain members of the existing board of directors are subject to conflicts of interest and may not be representing and developing the Company in an appropriate manner.

The dissident shareholders will be setting the date of this meeting through another trust company not used by the Company, and will be preparing and disseminating a dissident proxy circular and form of proxy shortly. Copies of such materials will be available on the SEDAR web site at www.sedar.com in due course.

Contact Information

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