Pantera Petroleum, Inc.
OTC Bulletin Board : PTPE

Pantera Petroleum, Inc.

February 25, 2008 09:15 ET

Pantera Petroleum Acquires Texas Drilling Prospect in West Gomez Field

AUSTIN, TEXAS--(Marketwire - Feb. 25, 2008) - Pantera Petroleum, Inc. (OTCBB:PTPE)(FRANKFURT:4PP) has acquired a 10% joint venture interest in Trius Energy's Block 83 84 Project, JV ("83/84 Project"), which is a three well, multi-pay zone prospect in the West Gomez Field within Pecos County, Texas.

The West Gomez Field is one of the most prolific gas plays in the world, having produced in excess of 5 Trillion Cubic Feet of natural gas over the past 40 years. The 83/84 Project consists of two re-entry wells, the Gulf-Baker 83 #1 (originally owned by Gulf and operated by Getty Oil Co.) and the Sibley 84 #1, along with a new well, the Sibley 84 #2 on a 1280 acre lease in Pecos County, Texas. Based on published production data and geological and engineering calculations, recoverable reserves are estimated to be more than 27 billion cubic feet of gas and 50,000 barrels of oil, worth roughly $250 Million at today's market prices.

Surrounded on all sides by proven production at levels consistent with expert projections on both a daily and cumulative basis, the 83/84 Project is adjacent to properties operated by the world's leading oil and gas producers including Exxon Mobil Corp., Conoco Phillips Co., Chevron USA Inc., Hunt Oil Co., Chesapeake Operating Inc., Cimarex Energy Co. and Texaco Inc. The 83/84 Project could potentially produce 6,500 MCFGPD and 80 BOPD or greater, supported by a data review of the Composite Borehole Compensated Sonic Log from Schlumberger, Gamma Ray & Sidewall Neutron Porosity Logs, drilling and completion reports, and the production history in the area overall.

The 83/84 Project's target spud date is March 15th, 2008. Based on their recent successful re-entry programs into the West Gomez Gas Unit and the Spears Gas Unit, extensive reservoir analysis, and the most recent field data, Trius Energy, in association with Stratco Operating Company and Lakehills Production, will re-enter the Gulf-Baker 83 #1 (originally owned by Gulf and operated by Getty Oil Co.) and the Sibley 84 #1. The Gulf-Baker 83 #1 and Sibley 84 #1 will be re-worked and completed to the total depth of 22,820'+/-. In addition, a new well will be drilled, the Sibley 84 #2, to a total depth of 4,000'+/-. The main objectives are the blanket field pays that include the Fusselman, Devonian, Lower Wolfcamp, Upper Wolfcamp, Atoka and Yates 7 River sands. Most wells in this field have produced or booked remarkable reserves out of these horizon intervals.

Our operator for the prospect, Tom Stratton, principal of Stratco Operating Company and Lakehills Production, worked on the development of this field for Texaco from 1974-1977 and has operated over 800 wells in his career. Mark Holtz, the Geologist on the project, is one of the foremost authorities on this region and has authored many books and articles for the Bureau of Economic Geology of the University of Texas on the characteristics, structures, and production prevalent in the West Gomez Field.

"Our acquisition of the 83/84 Project in the West Gomez is the first in a series of transactions within North America that will mark our transition to the production stage of our operations, and the quality of future projects currently under evaluation has never been greater. This acquisition is an excellent example of our strategy of targeting lower risk, high return production assets in North America, and is a great complement to our ongoing, highly promising exploration activities on our South American assets in Paraguay's Chaco Basin," states 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 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, with combined potential reserves of 27 BCF of gas and 50,000 barrels of oil. In South America, Pantera has rights to five concessions in northern Paraguay, covering nearly 4 million acres, with combined potential reserves of 6.7 TCFE of gas or 1.1 billion barrels of oil.

Further Information

Shareholders and investors are encouraged to visit Pantera Petroleum's website 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


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.

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. Additional information on risks for the Company can be found in filings of the Company with the US Securities and Exchange Commission.

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