Pantera Petroleum, Inc.
OTC Bulletin Board : PTPE
FRANKFURT : 4PP

Pantera Petroleum, Inc.

August 06, 2008 09:15 ET

Pantera Petroleum's Sibley 84 #1 Well Completing Final Operations for Production

AUSTIN, TEXAS--(Marketwire - Aug. 6, 2008) - Pantera Petroleum, Inc. (OTCBB:PTPE)(FRANKFURT:4PP) (the "Company") announces that the crew of the Sibley 84 #1 Well is completing the final operations over the next few days to bring the well into production. The crew is running the remaining production tubing into the well and intends to acidize the perforations, or holes made in the production formation through which formation gas enters the wellbore, to optimize the gas flow. After swabbing out the acid and pumping out any drilling fluids, the crew will install a collection of valves and fittings called the Christmas tree. The tubing hangs from the tree so that the well's production flows from the tubing and into the tree, allowing us to direct the flow of production through various surfaces lines. The well can then be tested for flow rate. Once the crew installs the Christmas tree, the well will be complete and begin production.

Since the last update, the crew logged the well, determined the proper depths to perforate for production, and perforated 20 holes in the Fusselman and 40 holes in the Devonian pay zones. In addition, the crew set the packer at 18,750 feet, slightly above the casing perforations. The packer is a sealing device that prevents production flow from entering the annular space, the space between the tubing and the well casing, to prevent corrosion of the casing. The packer was hydrostatically tested to 10,000 pounds of pressure.

"Our first well is at the final stage, and we appreciate everyone's hard work and patience over the past months. This well is a great beginning and the next few days should be very exciting ones for our company," comments Pantera Petroleum's CEO, Chris Metcalf.

About Pantera Petroleum

Pantera Petroleum, Inc. is a publicly traded oil and gas exploration company (OTCBB:PTPE)(FRANKFURT:4PP) headquartered in Austin, TX with operations in Midland and Pecos County, TX, and Asuncion, Paraguay. Our mission is to explore and discover new energy fields in North and South America. Our North American assets include a 10% working interest in the Block 83 84 Project in the West Gomez field in Texas. In South America, Pantera has rights to five concessions in northern Paraguay, covering nearly 4 million acres.

Further Information

Shareholders and investors are encouraged to visit Pantera Petroleum's website www.panterapetroleum.com and download the investor summary. Please feel free to call investor relations toll-free at 1-866-511-1147 to receive a full corporate investor's package.

On behalf of the Board of Directors

PANTERA PETROLEUM, INC.

Chris Metcalf, President and CEO

Legal Notice Regarding Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

Forward-looking statements in this news release include, among others, that the crew is completing the final operations over the next few days to bring the well into production; the crew is running the remaining production tubing into the well and intends to acidize the perforations to optimize the gas flow; that after swabbing out the acid and pumping out any drilling fluids, the crew will install a collection of valves and fittings called the Christmas tree; and that once the crew installs the Christmas tree, the well will be complete and begin production.

Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in Company's periodic filings on Edgar with the US Securities and Exchange Commission.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this news release, such as "prospective resources", "likely recovery factors", "prospective reserves", "prospective resource", "risk", "recoverable oil", "possible resource", "potential reserve" and that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10-KSB and quarterly reports on Form 10-QSB available from us or the SEC.

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