Pantera Petroleums Sibley 84 #1 Well Completing Final Operations for Production

Pantera Petroleums Sibley 84 #1 Well Completing Final Operations for Production

Wednesday, August 6th 2008

Pantera Petroleum, Inc. 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.

Pantera Petroleum, Inc. is a publicly traded oil and gas exploration company (OTC BB:PTPE.OB – News)(Frankfurt:4PP.F ) 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.

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