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

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.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here