May 30 2008 - Pennine Petroleum Corp (PNN on TSX.V) (the "Company") is pleased to announce the Company will be proceeding with a non-brokered private placement in the amount of Cdn $800,000 at a price of $0.12 per share. There are no warrants associated with the private placement, and it is subject to TSX Venture Exchange approval. Proceeds from the financing will be used to continue development on the Company's Pincher Creek 1-11 re-completion well and general working capital.

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: [email protected]

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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