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

Pantera Petroleum, Inc.

February 28, 2008 09:15 ET

Pantera Petroleum Announces Board Addition and Share Block Cancellation

AUSTIN, TEXAS--(Marketwire - Feb. 28, 2008) - Pantera Petroleum, Inc. (OTCBB:PTPE)(FRANKFURT:4PP) is pleased to announce that J. Scott Tyson, CEO of Trius Energy, Inc., has joined the Board of Directors. Concurrent with the addition of Mr. Tyson, Peter Hughes has announced his retirement from the Board and agreed to return his shareholdings, consisting of 27 million shares representing approximately 23% of the issued and outstanding shares, to the Company's treasury for cancellation.

About J. Scott Tyson

Mr. Tyson is the President and CEO of Trius Energy LLC, a privately held independent oil and gas producer that has a major presence as a re-entry specialist in the West Gomez Field in Pecos County, Texas. The West Gomez 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.

Trius specializes in low risk developmental wells that offset proven production and reserves in Texas, concentrating on formations that hold enough reserves to yield a minimum 10-1 overall return. Trius' oil and gas leases represent estimated reserves of 161 BCF of gas and 3.6 million barrels of oil, worth roughly $1.8 billion at current market prices, and include several highly successful projects such as Spears Gas Unit 2, Well #1 and the Gomez #1 Multi-Pay Gas Well Project in the West Gomez Field.

Mr. Tyson oversees the daily operations of the company and leads its leasehold acquisition program. Mr. Tyson brings vast operational experience across the exploration and production cycle, including his work with other oilfield related businesses dealing with disposal wells, vacuum truck services, mobile frac tank rentals, and drilling fluid sales.

Mr. Tyson earned his BBA from the University of Texas at Austin at the McCombs School of Business. Raised in Atlanta, TX and now based in Austin, he and his wife of 15 years have two children.

"Scott brings a track record of success with large oil and gas producing properties in Texas, and he will make a significant difference to Pantera's growth in the U.S. We are currently evaluating multiple large production projects in Texas with Scott for Pantera, and the opportunity to enhance shareholder value has never been better," 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 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.

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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