June 13, 2008 at 03:00 AM EDT
Pennine Petroleum Corp. Announces Warrant Re-Pricing and Extension

June 13 2008 - Pennine Petroleum Corp (PNN on TSX.V) (the “Company”) is pleased to announce the application to re-price warrants issued by the Company as part of its private placement on December 29, 2006. The Company has applied to have 8,024,333 warrants re-priced from two (2) warrants and $0.60 for one common share to a new term of (2) warrants and $0.40 for one common share. In addition, the term of these warrants has been extended from an original expiry date of June 29, 2008 to December 29, 2008.

This application is subject to TSX Venture Exchange approval.

About Pennine Petroleum Corporation.

Pennine Petroleum Corporation is an emerging oil and gas exploration and development company with active projects located in Alberta, Saskatchewan, British Columbia, Italy and Tunisia. The Company intends to create growth in production cash flow by focusing on drilling and well re-completions on selective land areas in which the Company operates.

For further information contact

Pennine Petroleum Corporation

N. Desmond Smith

T: 403 277-4421

F: 403 277-4439

E: des.smith@penninecorp.com

Boardmarker Group

Dean Stuart

T: 403 517 2270

E: dean@boardmarker.net

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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