Shareholders of Pennine Petroleum Corporation Request Shareholders' Meeting

CALGARY, ALBERTA--(Marketwire - Feb. 1, 2008) - A group of shareholders of Pennine Petroleum Corporation (the "Company" or "Pennine") beneficially owning more than 5% of the issued and outstanding shares of the Company have requested that the directors of Pennine call a shareholders' meeting within 21 days of the date hereof pursuant to section 142 of the Business Corporation Act (Alberta). The purpose of the shareholders' meeting will be to nominate and elect a new board of directors of the Company. The dissident shareholders believe that certain members of the existing board of directors are subject to conflicts of interest and may not be representing and developing the Company in an appropriate manner. It is anticipated that the dissident shareholders will be preparing and disseminating a dissident proxy circular and a form of proxy at such time that the Company's shareholder meeting is scheduled. Copies of such materials will be available on the SEDAR website at www.sedar.com in due course.