Palomino Resources Inc. Reminds Shareholders of Special Meeting

    CALGARY, June 20 /CNW/ - Palomino Resources Inc. ("Palomino" or the
"Corporation") (TSXV: PRE.P), a capital pool company, reminds Palomino
shareholders that a special meeting will be held at 10:00 am (Calgary time) on
June 26, 2007 at the offices of Macleod Dixon llp, 3700 - 400 3rd Avenue S.W.,
Calgary, Alberta, to consider a resolution to approve its previously announced
proposed amalgamation with Pennine Petroleum Corporation ("Pennine"). If the
amalgamation is approved by shareholders of both Palomino and Pennine, the
amalgamated entity will continue as a single corporation to be known as
"Pennine Petroleum Corporation" ("Amalco"). Palomino intends that the
amalgamation will constitute Palomino's Qualifying Transaction.
    In connection with the proposed amalgamation, the common shares of
Palomino will be exchanged on the basis of three shares of Palomino for one
share of Amalco. In addition, if a Palomino shareholder makes a written
election to do so, such shareholder will also receive one-half of an Amalco
warrant. Each whole warrant plus $0.60 will entitle the holder to acquire one
additional common share of Amalco, if exercised on or before June 29, 2008.
There may be tax consequences for shareholders who make this election.
Palomino shareholders are directed to "Part II-Matters to be Acted on at the
Meeting-Approval of the Amalgamation-Canadian Federal Income Tax Consequences"
of the Corporation's Information Circular dated May 30, 2007. Palomino
shareholders are reminded that to make an election to receive Amalco warrants
a properly completed letter of transmittal must be delivered to Valiant Trust
Company, the depository for the amalgamation transaction, at 310, 606 4th
Street S.W., Calgary, Alberta, T2P 1T1, Attention: Corporate Actions, prior to
10:00 a.m. (Calgary time) on June 26, 2007. No Amalco warrants will be issued
in respect of elections received following that time.

    The TSX Venture Exchange has in no way passed upon the merits of the
    proposed transactions and has neither approved nor disapproved of the
    contents of this press release.

    %SEDAR: 00021447E

For further information:

For further information: Darrin Zinger, President of Palomino Resources
Inc. at (403) 619-9579

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