Pantera Petroleum, Inc.
OTC Bulletin Board : PTPE

Pantera Petroleum, Inc.

December 12, 2007 09:15 ET

Pantera Petroleum Announces Formation of Advisory Board

AUSTIN, TEXAS--(Marketwire - Dec. 12, 2007) - Pantera Petroleum, Inc. (OTCBB:PTPE) is pleased to announce the creation of a Board of Advisors (hereinafter "Advisory Board") to assist and advise executive management on strategic, financial, and technical issues. The first advisor appointed to the Company's Advisory Board will be Nick Varel.

About Nick Varel:

Mr. Varel grew up in the oil and gas industry, and the Varel family has manufactured drill bits for the oil and gas, mining, and industrial sectors for over fifty years. Varel International Inc. is the world's fastest growing drill bit company with 1,100 employees working in 41 countries. Varel International was most recently sold to an affiliate of Arcapita Inc., a private equity firm, for approximately $369 million.

Mr. Varel is currently Managing Principal of Elephant Oil and Gas, an independent oil and gas firm focused on drilling and development prospects as well as producing properties in Texas, including the Barnett Shale. He has working relationships on every major basin in Texas. Mr. Varel brings substantial land management expertise, purchasing more than 150,000 acres of oil and gas leases in several different states over the last few years, and has been actively involved with oil and gas leasing in multiple states. Mr. Varel has been involved in numerous oil and gas transactions involving the sales of overriding royalty interests, mineral packages, and oil and gas leases for exploration and development.

Previously, Mr. Varel served as Vice President of Operator Procurement at Arkansas Energy Group, where in addition to managing and negotiating the sale of the company, he acquired over 110,000 acres on the Fayetteville Shale, managed all acreage sales to operators, and directed purchasing trends on step out acquisitions. Mr. Varel has substantial expertise in natural gas pricing, having served as the Natural Gas Pricing Analyst Manager at Gulf States Energy where he directed kilowatt hour pricing as it related to the natural gas market. Mr. Varel has a Bachelors degree in International Business from Lynn University.

"Our Advisory Board will be an integral and invaluable resource for our Company as we move forward in our plans for rapid expansion, and we are very pleased and honored to welcome Nick Varel as he joins our Advisory Board," says Chris Metcalf, Pantera's President and CEO. "Nick brings substantial oil and gas expertise to the Company, and we are enthusiastic to work with him moving forward."

Further Information

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

About Pantera Petroleum

Pantera Petroleum, Inc. is a publicly traded oil and gas exploration company (OTCBB:PTPE) headquartered in Austin, TX with operations in Asuncion, Paraguay. Our mission is to explore and discover energy supply in North and South America. Our strategy is to acquire and explore known, but under-explored, production areas with the most modern exploration and discovery techniques. Pantera Petroleum Inc. has rights to five concessions in northern Paraguay, covering nearly 16,000 square kilometers, with combined potential reserves of 6.7 TCFE of gas or 1100 million barrels of oil.

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. 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, successful closing of the rights to explore by the relative governing bodies, and our ability to participate in the exploration of, and successful completion of development programs on, the relevant concessions. 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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