Pennine Petroleum Corporation (TSXV:PNN) signed a letter of intent to acquire 33.34% stake in Gull Lake Property from a independent third party on January 4, 2017. In addition, Pennine Petroleum has signed a right of first refusal (ROFR) to participate in the development of a suspended oil field in the same vicinity. Dean Stuart of Boardmarker Group acted as public relation advisor for the transaction.