Pantera Petroleum, Inc. Begins Commercial Natural Gas Sales From Its Sibley 84 #1 Well in West Texas

Market Wire, August, 2008

Pantera Petroleum, Inc. (OTCBB: PTPE)(FRANKFURT: 4PP) (the "Company") announces that its Sibley 84 #1 well in the West Gomez Field has entered production and has begun selling natural gas to Western Gas Resources, Inc., a wholly owned subsidiary of Anadarko Petroleum Corporation (NYSE: APC). On August 16, the on-site engineers opened the well on a 12/64ths inch choke and began selling gas at a natural flow rate of 2.7 million cubic feet of gas per day. Later, the crew opened the choke to 16/64ths of an inch and volume increased to over 4 million cubic feet of gas per day before the crew choked the well back.

Given that the natural flow rate, pre-acidization, of over 4 million cubic feet per day on a 16/64th inch choke is above our projections, we now intend to assess over the next week whether any acidization of the perforations is still required. Over the past week before production, the shut-in pressure continued to increase from 1300 pounds per square inch ("PSI") to 4400 PSI. The crew set the production unit, laid the flow line from the wellhead to the production unit, set the gas meter in place at the pipeline tie-in, laid the flow line from the production unit to the meter, and placed the well into production.

Building upon the success of the Sibley 84 #1 well, we are now moving forward to drill out the additional wells in the Block 83 84, including the Sibley 84 #2, a shallow drill, and the Gulf-Baker 83 #1, an additional re-entry well targeting the Fusselman and Devonian pay zones.

"We are very pleased to have successfully brought the Sibley 84 #1 into production at the natural flow rates we are seeing without the added step of acidization. This is a great event and a great success for our company and our shareholders. Next, we keep moving forward with momentum to drill out our two additional wells in the Block 83 84 project to place them into production," comments 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 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 we now intend to assess over the next week whether any acidization of the perforations is still required; and that we are now moving forward to drill out the additional wells in the Block 83 84, including the Sibley 84 #2, a shallow drill, and the Gulf-Baker 83 #1, an additional re-entry well targeting the Fusselman and Devonian pay zones.

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.