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CALGARY, ALBERTA (Aug. 14, 2015) Pennine Petroleum Corporation (TSX-Venture: PNN or the Corporation) is pleased to announce that it has signed a General Conveyance Agreement, effective June 1, 2015, for the acquisition and operation of the remaining 50-per-cent interest in three sections (1,920 acres, or 777 hectares) of petroleum and natural-gas rights (the Transaction), in the Red Deer area of central Alberta from a privately held company announced on June 16, 2015. The property contains two producing Viking Formation natural-gas wells that are generating comfortable positive cash flow and indicate a purchase price recovery within 12 months of the effective date. The wells were last stimulated in 1985, and its expected that hydraulic fracturing techniques will further increase gas and condensate flows to near initial combined production rates net to the Corporation of 25 barrels of oil equivalent per day. This acquisition is in keeping with the Corporations strategy of adding to the domestic corporate producing asset base in selected areas with which the Corporation is familiar.