CALGARY ALBERTA / ACCESSWIRE / April 07, 2014 / Pennine Petroleum Corporation (TSX Venture: PNN or the "Company") announces that today the Company has received acceptance for filing documentation from the TSX Venture for the submitted Expedited Acquisition of the previously announced General Conveyance Agreement.
The Company, on March 31, 2014, signed a General Conveyance Agreement (the "Transaction"), effective 01 March 2014 and closing 21 April 2014, for the acquisition of 10.5 sections (2,709 hectares, 6,720 acres) of Petroleum and Natural Gas rights in the Youngstown area of Alberta. The Transaction includes two producing natural gas wells and six shut in natural gas wells. Consideration for the Transaction is 10,000,000 common shares and 10,000,000 share purchase warrants which have an exercise price of $0.05 for a period of 40 months from the date of closing of the Transaction. The shares of the Company shall be distributed to the shareholders of the private company. The distribution will not result in a change of control or create an insider of the Company. The consideration will result in there being a total of 63,539,860 shares issued and outstanding.
The company intends to initiate the development of this contiguous block of PN&G Rights during the summer of 2014. Access and infrastructure are in place to tie in the first four wells.
Cautionary Notes
Investors are cautioned that, except as disclosed in management information circulars or filing statements, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
This news release contains forward-looking statements relating to the Transaction including statements regarding the Transaction, closing of the Transaction, the receipt of all necessary regulatory approvals and satisfaction of all other closing conditions in connection with the Transaction and other statements that are not historical facts. Certain statements contained in this news release constitute forward looking statements. The use of any words such as "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance, or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, the Proposed Transaction, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or any other reason except as required by applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Pennine Petroleum Corporation
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company currently active in Alberta and Saskatchewan.
For further information, contact:
Pennine Petroleum Corporation
N. Desmond Smith
T: 403 277-4421
C: 403 978-9066
F: 403 277-4439
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pennine Petroleum Corporation