NEWS RELEASE
Pincher Creek Re-Completion Project Results
October 4, 2007
Trading Symbol: PNN – TSX.V
Pennine Petroleum Corp (PNN on TSX.V) (the “Company”) is pleased to announce the following
update to its Pincher Creek 1-11 re-completion project. The Company has released the service rig and
completed its preliminary ( swabbing and flowing ) evaluation of the Brown Sand and the Kootenay /
Cadomin formation and will setting up production equipment as soon as possible.
Cadomin / Kootenay Formation
The Cadomin / Kootenay formation is a condensate zone with associated gas and no water. Swab results
and continued flowing results resulted in average fluid rates of 225 barrels a day with no water cut and up
to 500 mcf/day of gas. The API gravity of the condensate averaged 46 degrees.
Brown Sand
The Brown sand is a condensate zone with very little associated gas that had an average production after
swabbing operations of 140 barrels of fluid a day. The water cut of this fluid was up to 60%. The
Company believes this water continues to be frac fluid. The API values of the condensate varied from
41 to 43 degrees.
Pennine intends to install pumping equipment on the well along with the required production facilities to
pump test the Cadomin / Kootenay zone. The Brown Sand will be pump tested separately. Depending on
the test results the Company may submit a Commingling Application to the AEUB to maximize production
from the well.
Lease production facilities will separate the gas and liquids and it is expected that the gas will
be tied directly into the nearby existing pipe line infrastructure. The liquids will be trucked to the nearest
terminal for processing and sale.
Pennine will announce the stabilized liquid and gas production rates from each zone after stabilized
production.
Pennine’s working interest in this project is 37.5 % and is the operator. The Company’s immediate plans
as part of its development strategy for this area is to re-complete a second well and drill a well to test the
updip extension of this discovery, and the underlying Rundle zone.
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
IR Communicators
Gordon Beach
T: 403 651 2314
E: gordbeach@shaw.ca
Pennine Petroleum Corporation
Peter C. Brown
T: 403 277-4421
F: 403 277-4439
E: info@penninecorp.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
Reader Advisory: This news release contains certain forward-looking statements, including
management's operations and capital expenditures and the timing thereof, that involve substantial
known and unknown risks and uncertainties, certain of which are beyond the Corporation's control.
The Corporation's actual results, performance or achievements could differ materially from those
expressed in, or implied. Investors are cautioned that forward-looking statements are inherently
uncertain and involve risks and uncertainties that could cause actual results to differ materially.
There can be no assurances that future developments affecting Pennine will be those anticipated by
management. Furthermore any forward-looking statements contained in this news release are made
as at the date of this news release and the Corporation does not undertake any obligation to update
publicly or to revise them whether as a result of new information, future events or otherwise, except
as may be required by applicable securities laws. We Seek Safe Harbor. "BOEs may be misleading,
particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead."