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

Pantera Petroleum, Inc.

July 15, 2008 09:10 ET

Pantera Petroleum Completes Seismic Reprocessing, Identifies Prospective Reservoir Target With Potential Reserve Exposure of 129 Million Barrels of Oil Recoverable

AUSTIN, TEXAS--(Marketwire - July 15, 2008) - Pantera Petroleum, Inc. ("Pantera" or the "Company") (OTCBB:PTPE)(FRANKFURT:4PP) is pleased to announce that the Company has completed the reprocessing and interpretation of approximately 178 miles of 2-D seismic data located on its Pantera Concession, consisting of approximately 988,000 acres in northern Paraguay. The seismic data are of 1993 (Phillips Petroleum) and 1971 (Texaco) vintage. Tim Berge, a licensed independent consultant geophysicist and a former lead geophysicist with ExxonMobil, completed the seismic reprocessing and interpretation on behalf of Pantera. Mr. Berge has extensive exploration experience in South America. The detailed seismic processing report and a montage of the results will be posted soon on Pantera's website, www.panterapetroleum.com.

Results Synopsis

Based on this initial interpretation, a prospective reservoir area of approximately 7,500 acres has been identified along with a proposed drill location, called Pantera #2. The projected depth to the top of the prospective reservoir target is approximately 4,100 feet, and the potential reserves exposure is estimated at 129 million barrels of oil recoverable.

Within the concession, prospective traps are formed by a combination of structure and the orientation of the reservoir, both of which are clearly imaged by the reprocessed seismic data. The overall structure is a simple monocline, or straight slope, segregated into individual fault blocks. The prospective reservoirs are Paleozoic sandstones deposited as turbidite fans and sand-filled channels. Turbidite fans are deposits of sand, silt and shale deposited in deep water near the base of submarine canyons. They are delta- or fan-shaped, and their cross-section profile is mound to wedge-shaped.

Pantera #1 Well

The Pantera #1 well, drilled by Phillips Petroleum in 1995, is important because oil and gas shows in the pre-Tarija sands demonstrated the presence of quality source rock that is at a thermally mature stage. The well confirmed the presence of source rock and seal, but did not encounter the targeted fan reservoir facies. Instead, improved seismic imaging now suggests that the Pantera #1 was drilled, not into a true turbidite fan, but instead into an erosional surface. Live oil shows were also recorded below the seal facies, with samples exhibiting both fluorescence and cut, along with increased mud gas readings. In fact, the drilling was stopped to flow-check the well because of the high gas readings.

Pantera #1 well files were recovered from storage in Paraguay and fully digitized and incorporated into the report. The Pantera #1 well tops and intervals were tied to existing seismic lines and correlated around the rest of the reprocessed data grid.

Pantera #2 Prospect

Based upon our seismic results, we have selected the Pantera #2 drill site at a target drill depth of approximately 5,900 feet below the surface. At the Pantera #2 location, the reservoir facies are thicker and structurally deeper, when compared to the Pantera #1. The Pantera #2 targets a high structure created by differential compaction over a large turbidite fan deposit (prospective reservoir target). The prospective reservoir target exhibits the chaotic or "disorganized" seismic reflection patterns commonly associated with hydrocarbon productive fan sequences in many other productive areas, notably offshore Nigeria.

To mitigate potential risk, we intend to incorporate surface geological investigations, correlating their results with the seismic data to optimize the drilling program. We are also continuing to process a number of large seismic displays on paper that are from the older Texaco surveys through a process called seismic vectorization (or SEGY conversion) to recover and reprocess those data as if we had the tapes. The process should allow us to do post-stack processing (migration) and then load the data with our existing data. This should add useful information of a more regional nature that would help put the regional perspective together. We are currently accumulating additional well data to aid in this survey.

About the Curupayty Sub-Basin

The Curupayty Sub-Basin is located along the southern margin of the Chaco Basin. The source for most of the known hydrocarbons in the Chaco basin are the Devonian Los Monos and Silurian Kirusillas shales. Both are mixed oil and gas prone source rocks. In the interior of the Sub-Basins the Devonian is interpreted to be in the oil generation window, while the deeper Silurian is hotter, more thermally mature, and in the gas generation window. The primary reservoirs are expected to be amalgamated fans and channel sandstones of the Carboniferous Tarija and Tupambi formations. These strata are the main producing reservoirs in the Chaco Basin and have been penetrated in the Curupayty and Carandayty Sub-Basins with good reservoir thickness and porosity.

About T.B. Berge, P.G.

Tim Berge is an internationally recognized Geophysicist with over 30 years of experience. He is licensed by the State of Texas Board of Professional Geoscientists, #6318 Geophysics and is an Active Member of AAPG, SEG, RMAG, HGS, and DGS. He has numerous awards, honors, publications and holds a Patent, #7,177,765 B1 in Elastic Inversion.

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 a prospective reservoir area of approximately 7,500 acres has been identified along with a proposed drill location, called Pantera #2; that the projected depth to the top of the prospective reservoir target is approximately 4,100 feet; that the potential reserves exposure is estimated at 129 million barrels of oil recoverable; that the Pantera #2 targets a high structure created by differential compaction over a large turbidite fan deposit (prospective reservoir target); that we have selected the Pantera #2 drill site at a target drill depth of approximately 5,900 feet below the surface; that to mitigate potential risk, we intend to incorporate surface geological investigations, correlating their results with the seismic data to optimize the drilling program; that the process should allow us to do post-stack processing (migration) and then load the data with our existing data; and that this should add useful information of a more regional nature that would help put the regional perspective together.

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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