Results of Palomino Resources Inc. Special Meeting

    CALGARY, June 26 /CNW/ - Palomino Resources Inc. ("Palomino" or the
"Corporation") (TSXV: PRE.P), a capital pool company, announces that its
previously proposed amalgamation with Pennine Petroleum Corporation was not
approved by Palomino shareholders at a special meeting held today. The
proposed amalgamation was intended to constitute Palomino's Qualifying
Transaction. As a result of the Corporation's failure to complete a Qualifying
Transaction within the time permitted by the rules of the TSX Venture Exchange
("TSXV"), the Corporation expects to be delisted from the TSXV in the near
    The Corporation also announces that Mr. Tom McCabe has resigned effective
immediately as an officer and a director of the Corporation.

    The TSX Venture Exchange 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) 266-4860

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