Pennine Petroleum Corporation: Shareholders Meeting Scheduled and New Board Appointees

A group of shareholders (the "Concerned Shareholders") of Pennine Petroleum
Corporation (the "Company" or "Pennine") (TSX VENTURE:PNN) beneficially owning
more than 5% of the issued and outstanding shares of the Company have scheduled
a meeting date for the election of new directors of the Company. The meeting
will be held on Wednesday, May 7, 2008, at 2:00 p.m. at the offices of
ProVenture Law LLP, which are located at Suite 2 Mount Royal Village, 800 - 16th
Avenue S.W., Calgary, Alberta. The Concerned Shareholders believe that the
Company is being poorly managed by certain directors, and is underperforming
relative to its peers. The new directors will concentrate on the development of
the Company's Pincher Creek assets with a focus on re-completions. If the
proposed directors are elected, it is anticipated that the Company will continue
with its program of further recompletions and drilling through 2008 to develop
this new play.


It is anticipated that the new directors of Pennine will consist of the
following individuals:


N. Desmond Smith, B. Sc Geol, current president and director of Pennine

Mr. Smith became president of the Company in September 2007, and was
instrumental in the initial drilling development of the Company's Pincher Creek
assets. Mr. Smith has held senior management positions with private and public
international companies, sits on the board of public companies listed on the TSX
and AIM, and brings strong background in risk assessment, management and fiscal
discipline.


Ray Gertz, current director of Pennine

Mr. Gertz is a current director of the Company, and is a current member of the
Audit Committee. Mr. Gertz has managed private companies for over 26 years
including a major metals fabricator and sheet metal contractor. Mr. Gertz is
current president of a TSX Venture listed company, and brings a strong
background in project management and fiscal control.


Jeff Saxinger, P. Eng

Mr. Saxinger is a professional engineer with extensive practical experience in
gas facilities and rotating equipment systems, particularly reciprocating
compressors. His abilities include solid expertise in equipment performance
evaluation, engineered designs, field troubleshooting, excellent communication
skills and a very firm understanding of the financial side of the business. Mr.
Saxinger is a senior project engineer with a leading oil industry engineering
firm where he manages facility projects as client representative, including
preliminary engineering, front end engineering and design (FEED) studies,
detailed engineering/procurement and construction/commissioning management.


Mark Wolfe, Ph.D

Dr. Wolfe has an extensive background in media and corporate communications
within the oilpatch. He was most recently Vice President of Communication &
Strategy for SkinnyFish Media Inc., which included a role as Editor-in-chief of
Alberta Oil magazine, and is currently President of Westword Communications Inc.
of Calgary. Dr. Wolfe also developed an in-house communications program for
Shell Canada Limited. He teaches undergraduate and graduate courses in
communications technology and history at the University of Calgary and
University of Alberta, and was a member of the international team of advisors
that formed the masters degree program in Knowledge Management at Royal Roads
University. In 1994, he was nominated for a Governor General's Gold Medal thesis
award, the top national academic honour at this level of scholarship.


Mr. Gertz, Mr. Saxinger and Dr. Wolfe will also be members of the audit
committee. A full corporate presentation of the Company assets is available
through the Concerned Shareholders contact, Mr. Jeff Saxinger. The proxy
solicitation materials of the Concerned Shareholders will be available on the
SEDAR website at www.sedar.com under the Company Profile for Pennine Petroleum
Corporation.