PENNWELL ACQUIRES WORLD'S LEADING HYDROELECTRIC INFORMATION PROVIDER

TULSA, OK January 12, 2009 — PennWell Corporation, a diversified global media and information company, is pleased to announce the acquisition of HCI Publications, Inc., a Kansas City, Missouri-based producer of business-to-business magazines and conferences and exhibitions serving the hydroelectric industry.

"This acquisition marks the collaboration of two strong entities in an effort to advance and promote hydropower, as well as the overall growth and interest in the renewables industry," said Leslie Eden, former owner of HCI Publications. "We are all very excited about the additional resources available and the strong name and reputation PennWell brings to the table."

Eden and partner Carl Vansant will serve as consultants to PennWell. Additionally, seven core members of the HCI staff have joined PennWell. HCI Publication operates HydroVision and Waterpower Conferences and Exhibitions and publishes Hydro Review, HRW and HydroNews.net.

Noting that this is PennWell's third acquisition in the renewable industry in two years, PennWell President and Chief Executive Officer Robert F. Biolchini said, "HCI has for nearly three decades served the needs of the hydroelectric industry which provides 20 percent of the world's electricity. PennWell is pleased to add these outstanding publications and events to our expanding renewable energy portfolio since hydropower is an essential vertical extension for our renewable energy franchise."

Eden expressed her confidence in PennWell as the best home for the future growth of the publications and events. "We are honored that PennWell as the world's leading and most respected provider of information to multiple energy markets will advance the international reach and development of our products and services for hydropower."

In addition to the HCI publications and events, PennWell's offerings for renewable energy include RenewableEnergyWorld.com, the leading website for renewable energy, three magazines Renewable Energy World, Cogeneration and On-Site Power Production, and Waste Management World, and two conferences and exhibitions Renewable Energy World North America and Renewable Energy World Europe. Last month PennWell announced the launch of Photovoltaics World magazine to address the rapidly growing global photovoltaic solar cell manufacturing industry, with the first issues to be published in March 2009. PennWell also announced two new Photovoltaics World Exhibitions, to be held in the U.S. and Europe in 2010.

About PennWell
PennWell Corporation is a diversified business-to-business media and information company that provides quality content and integrated marketing solutions for the following industries: Oil and gas, electric power, water and wastewater, renewable, electronics, semiconductor, contamination control, optoelectronics, fiberoptics, enterprise storage, converting, nanotechnology, fire, emergency services and dental. Founded in 1910, PennWell publishes over 100 print and online magazines and newsletters, conducts 60 conferences and exhibitions on six continents, and has an extensive offering of books, maps, web sites, research and database services. In addition to PennWell's headquarters in Tulsa, Oklahoma the Company has major offices in Nashua, New Hampshire; Houston, Texas; London, England; Mountain View, California; Fairlawn, New Jersey, Moscow, Russia, and Hong Kong, China.