Pennine Petroleum Corp. announces First Tranche of Private Placement Closed

June 17 2008 - Pennine Petroleum Corp (PNN on TSX.V) (the “Company”) is pleased to announce the first closing in the amount of $388,524 of the previously announced private placement. The Company expects to close the balance of the private placement in the next 15 days. Proceeds from this financing will be used to continue development on the company's Pincher Creek 1-11 well recompletion.

About Pennine Petroleum Corporation.

Pennine Petroleum Corporation is an emerging oil and gas exploration and development company with active projects located in Alberta, Saskatchewan, and British Columbia. 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


Boardmarker Group

Dean Stuart

T: 403 517 2270


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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