Pennine Petroleum Corporation

Pennine Petroleum Corporation

November 10, 2016 07:01 ET

Wadsworth Assumes Chairman's Role as Pennine Makes Executive and Committee Appointments

CALGARY, ALBERTA--(Marketwired - Nov. 10, 2016) - Pennine Petroleum Corporation (TSX VENTURE:PNN) (the "Corporation" or "Pennine") is pleased to announce a number of appointments to its executive team and committees.

Richard Wadsworth, P. Eng. has been appointed to the position as Chairman of the Corporation. Mr. Wadsworth was a co-founder of Bankers Petroleum Ltd. ("Bankers") and maintains strong relationships with Albanian energy entities and individuals. Bankers was the largest foreign direct investor in the Republic of Albania, and was recently sold to Geo-Jade Petroleum for the sum of approximately C$575,000,000. Mr. Wadsworth will be working closely with management to advance the Corporation's strategy and activities in Albania, including the expected conclusion to the Velca production sharing contract.

N. Desmond Smith has accepted the position of Chief Executive Officer of the Corporation. Mr. Smith has acted in senior positions in the Corporation since 2008, and has experience in the international and domestic oil and gas industry. He has guided the activities of the Corporation to maintain and expand the Corporation's asset growth and financial stability.

Jeff Saxinger, P. Eng. will act as interim Chief Financial Officer as the Corporation conducts a search for a permanent officer.

"The establishment of this corporate team underscores the Corporation's stability and talent to develop our assets in Canada and Albania," says Mr. Richard Wadsworth. "This is a period of economic opportunity, and these appointments will serve Pennine well as we take advantage of those opportunities."

Pennine's Corporate Governance committee will be comprised of Bilal Hydrie, Ray Gertz and Mr. Saxinger. The Audit Committee will be comprised of Mr. Gertz, Mr. Wadsworth and Mr. Saxinger. The Reserves Committee will be comprised of Mr. Saxinger and Mr. Wadsworth.

These appointments are subject to TSX Venture Exchange approval.

About Pennine Petroleum Corporation: Pennine Petroleum Corporation is an emerging oil and gas exploration and development company ( currently active in Albania and the Canadian provinces of Alberta and Saskatchewan.

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.

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