2009-08-18-2008-01-01

To acquire 85% of companies holding 100% ownership in 5 concessions on 16,000 sq. km. in Chaco Basin. Total potential 6.7 Tcfge (1.1 B BOE).

Pantera Petroleum Inc., Austin, Texas, (OTCBB: PTPE) plans to acquire up to 85% of Asuncion, Paraguay-based companies Aurora Petroleos SA and Boreal Petroleos SA for US$7 million. Pantera will pay in four installments through July 2009 with the option of canceling before a subsequent installment is due. The companies hold 100% ownership in five concessions on approximately 16,000 square kilometers in the Chaco Basin in northern Paraguay. Total potential reserves are 6.7 trillion cubic feet of gas equivalent (1.1 billion barrels of oil). Pantera has rights to four concessions in the eastern extensions of the prolific Chaco Basin in the Curupayty Sub-basin, covering approximately 27% of the prospective area in the sub-basin. The concessions are Pantera (3,000 square kilometers), Toro and Bahia Negra (7,200 combined square kilometers) and Cerro Cabrera (5,170 square kilometers). Total potential reserves are 6.5 trillion cubic feet equivalent. Pantera also has rights to the Tagua concession in the Carandayty Sub-basin along the Paraguay-Bolivia border. Potential reserves are 200 billion cubic feet equivalent. Panteray president and chief executive Christopher Metcalf says, "The Chaco Basin is one of the most prolific production areas in South America, and Paraguay is one of the most under-explored regions of the world. Should we make a discovery, Paraguay is a central point from which to supply oil and gas to Brazil, Argentina and Chile."