Natural Resources Minister Derrick Dalley says the five-member panel will review the socio-economic and environmental implications of fracking.
Dalley announced the review in August, saying the results of an internal government analysis on fracking came back inconclusive.
The panel will be chaired by Ray Gosine, associate vice-president of research at Memorial University of Newfoundland.
Dalley says the panel's members have expertise in the environment, engineering and geology, economics and public health.
The government says the final report is due within a year and will be made public.
Fracking blasts pressurized water and chemicals into underlying rocks to release natural gas and oil.
Last November, the province said it wouldn't accept any applications for fracking, effectively imposing a temporary ban on the industry.