Pantera Petroleum Inc. announced the commencement of re-entry drilling in the Sibley 84 #1 Well, the first in a program of drilling over the next two months in Block 83 84 Project JV (Block 83 84). Located on 1,280 acres in the prolific West Gomez Field in Texas, Block 83 84 consists of two re-entry wells (Sibley 84 #1 and Gulf-Baker 83 #1) and one infill, shallow depth, oil drill (Sibley 84 #2). Block 83 84 can potentially produce 6.5 million cubic feet of gas per day from its two re-entry wells, along with 80 or more barrels of oil per day from the Sibley 84 #2. Based on published production data and geological and engineering calculations, recoverable reserves in the Block 83 84 Project are estimated to be more than 27 BCF of gas and 50,000 barrels of oil, of which Pantera has a 10% working interest.

Pantera Petroleum Inc. announced the addition of Bill Jones to its Board of Advisors. Mr. Jones has been a licensed Petroleum Engineer for 38 years and has led petroleum field operations in major production basins all across the U.S. After earning a B.S. degree in Petroleum Engineering from Mississippi State University in 1968, Mr. Jones began his career with Shell Oil Company in Houston, Texas. After multiple assignments in Texas and Louisiana, Mr. Jones joined Tenneco Oil Company in Denver, Colorado, working the San Juan Basin and the Rocky Mountains. Mr. Jones currently serves as Director and Vice President, Operations for Bridge Energy where he is in charge of all production and engineering for the Company. His responsibilities include evaluation of all potential reserve acquisitions as well as supervision of all field operations.

Pantera Petroleum Inc. announced Peter Hughes resigned as secretary and as a director of the company. On February 26, 2008, Scott Tyson was appointed a director of the company.