CALGARY, ALBERTA (May 18, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce the closing of the previously announced private placement (“Financing”) in the amount of CAD$1,019,300. The Financing will consist of the issuance of 16,988,335 units, each unit consisting of one common share and one common share purchase warrant with an exercise price of $0.10 for one year from issue.
In addition, the Corporation is pleased to announce the signing of a Credit Facility for up to CAD $2,000,000 with Ionian Refining and Trading Company, BVI (“IRTC”). IRTC subsidiary, established in the Albanian capital of Tirana in 2016, has an ownership stake in the Ballsh and Fier oil refineries in southern Albania, and has undertaken a strategy to reconsolidate, rationalize and upgrade the Albanian refinery system.
CALGARY, ALBERTA (May 8, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce the appointment of Mr. Harry Sargeant IV to its Board of Directors. Mr. Sargeant will be instrumental in the continuing development of the Velca Block in Albania.
Mr. Sargeant is Vice President of Global Oil Management Group Ltd. (“GOMG”), a Boca Raton, Florida-based international oil corporation.
GOMG, through its subsidiary Ionian Refining & Trading Company Ltd. (“IRTC”), is a leading independent energy firm with operations in Albania, as well as Texas and Alabama.
CALGARY, ALBERTA (May 2, 2017) – Pennine Petroleum Corporation (TSX-Venture: PNN) (“Pennine” or the “Corporation”) is pleased to announce the completion of the Resource Estimate Velca Block, Central Albania, (“Technical Report”) prepared by Apex Energy Consultants Inc. (“Apex”), in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook. Apex is an independent qualified reserves evaluator with offices located in Calgary, Alberta.
In summary, the Prospective Resource Report identifies a Best Case recoverable resource of 26,400,000 barrels of oil providing a Pennine Net Risked Prospective Resource of 11,200,000 barrels of Oil as to its net working interest (after payout and joint venture interests). Further the Report states that after a Chance of Discovery of 43%, the Pennine Net Risked Prospective Resource is 4,874,000 barrels of Oil.