Pennine Welcomes Former Bankers President Wadsworth As Independent Director, Grants Stock Options

Pennine Petroleum Corporation is pleased to announce that Mr. Richard Wadsworth, a former executive of Albania-focused oil and gas exploration company Bankers Petroleum Ltd., is joining Pennine’s Board of Directors as an independent Director.

Mr. Wadsworth was co-founder, director, president and chief operating officer (COO) of Calgary-based Bankers during its early years, from 2004 through 2008, after negotiating a new petroleum contract and assembling a team to develop Albania’s Patos-Marinza heavy oilfield in early 2004—a move that led to the creation of Bankers. Mr. Wadsworth also led Anglo Albanian Petroleum, an Albanian-based joint venture company of Premier Oil Plc., Albpetrol, IFC and OMV, from 2001 to 2004.

Since August 2008, Mr. Wadsworth has been involved in several startups, both private and public, and led a firm in the successful procurement of a licence for the exploration of oil and gas in Iraq in 2010.

“Richard brings to Pennine’s Board of Directors a well-developed, hands-on understanding of the nature of the oil industry in Albania,” says John Garden, Pennine’s Chief Executive Officer, who has worked with Mr. Wadsworth in Albania. “Richard has a wealth of experience in dealing with the structure and people of Albania’s Ministry of Industry and Energy, and related government directorates—and his arrival can be viewed as a strong endorsement of Pennine’s initiatives in Albania.”

Mr. Wadsworth graduated from the University of Calgary in 1992 and received an Executive Management Certificate from Queen’s University, in Kingston, Ont., in 2009.

In December 2015, Pennine was granted the right to negotiate a production sharing agreement on the Velca Block, located in southern Albania, which contains 250 kilometers of 2-D seismic and two drilled hydrocarbon-indicative wells, according to Albania’s National Agency of Natural Resources (“AKBN”). The Velca Block territory has a seismically defined structure with a closure of 12 square kilometers in area, featuring a vertical closure of between 450 vertical meters (mid case) and 750 vertical meters (maximum case).

The Corporation also announces the granting of 2,580,000 share options, with an exercise price of $0.05 and a term of five years, to its Directors and Officers. The Corporation also announces the issuance of Convertible Promissory Notes of $70,000, maturing on June 30, 2018.

About Pennine Petroleum Corporation: 
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company (www.penninecorp.com) currently active in Alberta, Saskatchewan, Albania, and further expanding internationally.