Pantera Petroleum, Inc.June 2008

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Corporate Snapshot

Pantera Petroleum, Inc. (OTC BB: PTPE) is a publicly traded oil and gas exploration company, and our mission is to explore and discover energy supply in North and South America.

10% JV interest in the Block 83/84 Project, a three well, multi-pay zone prospect in the West Gomez Field within Pecos County, Texas. Recoverable reserves estimated to be more than 27 billion cubic feet (BCF) of gas and 50,000 barrels of oil1

85% stake in five concessions representing 3,872,000 acres, or 6,050 square miles (roughly the size of Kuwait), in Paraguay in a well established hydrocarbon area, named the Chaco Basin, where oil and gas has been produced in Bolivia since the 1920's.Reserves in Bolivia and Argentina estimated at 73 trillion cubic feet (TCF) of gas and 1.9 billion barrels of oil contained in 128 fields.2Current production in the Chaco Basin is over 2 BCF per day of gas and over 50,000 barrels per day of oil.3Pantera's five concessions represent potential estimated reserves of 6.7 TCFE of natural gas or 1.1 billion barrels of oil.4

Acquire and build a platform of exploration and production oil and gas assets:

Balance lower risk, cash flow production assets in the U.S. with one of the largest and highest potential onshore exploration plays left in the world today in South America’s Chaco Basin.

Symbol: PTPE (OTC BB)Headquarters: Austin, TX with operations in Asuncion, Paraguay.Shares: 92.2 MM issued and outstanding (55.4 MM restricted, 36.8 MM non-restricted)5

Strategy

PropertiesNorth America

South America

Corporate

(1) Lakehills Production, Inc. estimates: Trius Energy Block 83 84 PPM (December 2007)(2, 3, 4) Energy Consulting International Report estimates (October 16, 2007)(5) Approximate as of May 31, 2008

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Management Team

We have over 200 years of collective experience in oil & gas, geology, engineering, and finance & acquisitions on our team.

Chris Metcalf, President and CEO: Mr. Metcalf is an executive with extensive private equity and investment banking experience, with expertise in early to growth stage oil and gas companies, along with many technology and financial services companies. He has oil and gas acquisition experience in west Texas and the Gulf of Mexico and venture capital experience in advanced oil and gas discovery technologies. Prior experience includes Morgan Stanley and also Charles Schwab’s family office where he focused on privately held venture companies. MBA from the University of Chicago (with Honors) and JD and BS from the University of Virginia. Scott Tyson, Board Director. Scott Tyson is the President and CEO of Trius Energy LLC, a privately held independent oil and gas producer that has a major presence as a re-entry specialist in the West Gomez Field in Pecos County, Texas. Trius’ oil and gas leases represent estimated reserves of 161 BCF of gas and 3.6 million barrels of oil, worth roughly $1.8 billion at current market prices.Board of Advisors

Bill Jones: Mr. Jones has been a licensed Petroleum Engineer for 38 years. He has worked for a multitude oil companies, including Shell Oil and several independents over the years where he has been in charge of charge of production and engineering. He’s operated properties in New Mexico, Texas, and Louisiana. His responsibilities have included evaluation of all potential reserve acquisitions as well as supervision of all field operations. Jim David: Mr. David is a Certified Professional Geologist and brings more than 44 years of geological evaluation experience with major multi-national oil exploration companies to us. He has vast experience evaluating prospect and property acquisitions in a wide variety of producing areas, including the U.S. Gulf Coast, Alaska, Mid-continent, and the Appalachian Basin. Jim began his career in 1964 working for Mobil Oil, generating prospects and drilling locations in producing fields in the U.S. Gulf Coast and Alaska. Greg Pendura: Mr. Pendura has more than 35 years of experience in founding, financing, and advising emerging private and public companies. He brings significant international transactional and corporate governance experience.Nick Varel: Mr. Varel is Managing Principal of Elephant Oil and Gas, an independent oil and gas firm focused on drilling and development prospects as well as producing properties in Texas, including the Barnett Shale. He has working relationships on every major basin in Texas.

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Mission

We believe energy is the key issue in the world today, affecting economic growth and working families in the US and around the world.

Oil Prices are surging.

Global demand for liquid fuels is expected to increase from 86 million barrels per day today to 116 million barrels per day in 2030.1

These needs will be met principally from oil, and much of this is expected to come from OPEC.2

Despite the critical nature of secure energy supply to economic growth, much of U.S. supply still derives from regions of the world with hostile relationships to the U.S.

(1) U.S. Department of Energy, Energy Information Administration(2) Member countries of OPEC (Organization of the Petroleum Exporting Countries) are Algeria, Angola,

Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

Source: U.S. Department of Energy: Energy Information Administration

As a US company, we want to do something about that, and we are…

Source: Bloomberg

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North America

Multiple ways to win:

(1) Re-entry wells.

Acquire properties with massive reserves and proven production histories that were shut-in when gas prices were very low and re-enter them in est. 45-90 days.

(2) Under-exploited fields in regions like the Permian Basin with long histories of production with solid PDP reserves, but also very strong PUD reserves.

Increase production and cash flow from currently producing wells through better management and operational improvements.

Use new in-fill drilling to develop the undeveloped reserves either with partners or using drilling credit facilities to dramatically increase revenue.

Strategy in North America

We are building a platform of currently producing cash flow properties in the US with significant proven reserves and upside potential.

Acquire and develop a portfolio of high cash flow oil and gas production assets in the U.S., targeting currently under-producing properties where we can very quickly institute a plan to boost production and ramp cash flow.

Target focused geological basins (such as the West Gomez in Texas) that contain long-lived reserves.

Block 83 84

Focus: Add cash flow & reserves, operating properties on a cost-effective basis to generate capital appreciation.

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Block 83 84 Project J.V.

West Gomez Field (Pecos County, Texas)

One of the most prolific gas plays in the worldProduced in excess of 5 TCF of natural gas over the past 40 years1

3 wells (2 re-entry, 1 new shallow well)

Est. 27 BCF and 50,000 bbls potential reserves: Multi-pay Zone2

Great neighbors: Surrounded on all sides by proven production

Exxon Mobil Corp.Conoco Phillips Co.Chevron USA Inc.Hunt Oil Co.Chesapeake Operating Inc.Cimarex Energy CoTexaco Inc

Daily Production: Could produce 6,500 MCFGPD and 80 BOPD or greater (supported by Schlumberger, Gamma Ray & Sidewall Neutron Porosity Logs, drilling and completion reports, and the production history in the area overall).3

Seasoned Operator: Tom Stratton worked on the field for Texaco in the 70s; has operated 800+ wells in his career.Experienced Geologist: Mark Holtz is an authority on the region; has authored many books/ articles for the Bureau of Economic Geology (U. Texas) on the characteristics, structures, and production prevalent in the West Gomez Field.

Source: Trius Energy

(1), (2), (3) Lakehills Production, Inc. estimates: Trius Energy Block 83 84 PPM (Dec. 2007)

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Block 83 84 Project J.V.

3 wells: 27 BCF and 50,000 bblspotential reserves1

Re-enter the Gulf-Baker 83 #1 (originally owned by Gulf and operated by Getty Oil Co.) and the Sibley 84 #1.

Rework and complete them to the total depth of 22,820’+/-.

Drill new well, the Sibley 84 #2, to a total depth of 4,000’+/-.

Multi- Pay Zone: Main objectives are the blanket field pays:

FusselmanDevonianLower/Upper WolfcampAtokaYates 7 River sands.

Most wells in this field have produced or booked remarkable reserves out of these horizon intervals.2

Source: Trius Energy

Currently in re-entry drilling phase.

(1) Lakehills Production, Inc. estimates: Trius Energy Block 83 84 PPM (Dec 2007)(2) Trius Energy Block 83 84 PPM (Dec. 2007)

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South America

Strategy: New exploration in known, but under-explored, production areas with a focus on minimizing risk, using the mostadvanced exploration and discovery techniques.

Target areas of known reserves and production surrounded by powerful oil and gas neighbors.

Conserve capital by engaging in staged drilling programs to minimize capital outlay until initial success and/or by joint venturing with larger energy firms.

Focus: Paraguay and the Chaco Basin

Located in well established hydrocarbon area, (Chaco Basin) where oil and gas has been produced in Bolivia since the 1920’s.

Production is over 2 BCF and 50,000 bbls per day in Bolivia and Argentina.1

Chaco Basin reserves in Bolivia and Argentina estimated at 73 TCF of gas and 1.9 billion barrels of oil in 128 fields2

Concession Map Current Concessions: Rights to 85% stake in five concessions representing 3,872,000 acres, or 6,050 square miles (area roughly the size of Kuwait), in Paraguay

(1, 2) Energy Consulting International Report estimates (October 16, 2007)

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Great Neighbors - Geography

Big Oil and Gas just across the border in BoliviaTotal SA ($180 B market cap)Repsol YPF ($40 B market capPetrobras ($210 B market cap)

…..and Argentina where Chevron is est. 8% of its production.1

Massive Chaco Fields:2Sabalo field: 10.8 TCF; generates 13,500 barrels of oil and 407 million cubic feet of gas per day ($5.5 MM/day or $2 B/year). Margarita: 13.4 TCF reserves; 4500 BPD and 70 MMCF/dSan Alberto: 11.8 TCF reserves; 8,163 BPD and 342 MMCF/dIncahuasi: Discovered just 3 years ago in 2004 with potential reserves of 15 TCF of gas (worth potentially $150 B in the ground). Itau: 12 TCF reserves

Since 2005, exploration has been moving steadily towards the Paraguayan border and our concessions, and oil and gas reserves don’t recognize borders. Geology is similar….

Chaco Basin Operations (Bolivia) The Chaco Basin contains the second largest proven natural gas reserves in South America.

(1) Estimates based on Chevron website; BP Statistical Review 2007(2) Bolivian Ministry of Hydrocarbons(3) Energy Consulting International Report (Oct. 2007)

Source: Bolivian Ministry of Hydrocarbons

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Concessions & Exploration

Curupayty Sub-Basin 1

Four concessions, over 5900 sq. miles, covering 27% of the prospective areaTotal potential reserves of 6.5 TCFE or 1.08 billion barrels of oil. Tracts prospective for oil and gas in the same stratigraphic zones that produce in Bolivia and Argentina.

Primarily Devonian Los Monos and secondarily Silurian

Highlights: Pantera concession: Phillips Petroleum identified at least two prospect leads on what is now our license; sufficient additional area within the license to yield even more prospect leads.

Pantera concession - 1,158 sq. miles in area and located on the border with Bolivia.1800 miles of vintage seismic from 1971 and 1993 Currently reprocessing about 200 miles around these leads.

Carandayty Sub-Basin 2

Tagua concession ( 116 sq. miles) covering 1.2% of the prospective area Potential reserves of 200 BCFE. Located in on the border with Bolivia. 12 miles from a Paraguayan well (Mendoza 1-R) that tested gas from two zones 68 miles from the nearest producing field in Bolivia.

Chaco basin is composed of 2 sub basins in Paraguay:

Source: Energy Consulting International Report (Oct. 2007)

(1, 2) Energy Consulting International Report (Oct. 2007)

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Chaco Petroleum System

The eastern Chaco basin, including the Curupayty and Carandayty Sub-Basins, is a relatively unexplored frontier region. 1

Outcrops and wells drilled in eastern Bolivia and northern Paraguay show the existence of the same petroleum system active in the sub-Andean trend in the western part of the Chaco Basin. Numerous oil and gas shows have been recorded: Mendoza 1-R, tested gas from both the Devonian and Carboniferous strata.

CHACO BASIN STRATIGRAPHIC COLUMN SourceDevonian and Silurian shales, equivalent to Sub-Andean sourceThickness of source rock section up to 4000mGeochemical data shows a rich source - TOC’s up to 2 %Devonian currently in oil window, Silurian in gas window

ReservoirPrimary, Carboniferous Tarija and Tupambi formations, equivalent to sub-Andean primary reservoirsStratigraphic variability in amalgamated channels and fan lobes, but good porosity (>20%)Secondary targets in Devonian Huamampampa sheet sands with lateral continuity and moderate porosity (10-15%); interbedded with sourceFurther reservoir opportunities as ‘add-ons’ to above targets - Lower Devonian, Silurian, Upper Carboniferous

SealAlternating regional and local shales within the CarboniferousDevonian Los Monos shale

Trap/StructureStructural: Carboniferous drape over Devonian low-relief fault blocks, structural highs reactivated during Mesozoic uplift and extension, or Tertiary inversion of older extensional fabrics.Stratigraphic: channels and erosional channel/canyon fill, and truncation/onlap relationships near intrabasin highs and unconformities

Generation/MigrationDevonian in oil window and Silurian in gas window, in basin centers

GEOLOGIC STRATA NAME

AGE Ma

PROSPECTIVE RESERVOIR NAME

PARAGUAY COMMENTS

BOLIVIA/ARGENTINE ANALOG FIELDS

QUATERNARY - TERTIARY 0-65

NOT PROSPECTIVE TOO SHALLOW

CRETACEOUS 65-145 NOT PROSPECTIVE NOT PRESENT

JURASSIC 145-206 NOT PROSPECTIVE NOT PRESENT

TRIASSIC 205-251 NOT PROSPECTIVE NOT PRESENT

PERMIAN

251-290 SAN TELMO

ONLY FAR NORTHERN EDGE OF CONCESSION PROSPECTIVE VILLAMONTES FIELD

ESCARPMENT RIO GRANDE FIELD LA PENA FIELD

TARIJA

OIL SHOWS IN GOTO #1 LOW PERMEABILITY

LA PENA FIELD CARANADA FIELD CARBONIFEROUS 290-355

TUPAMBI TESTED GAS IN MENDOZA #1-R

RIO GRANDE FIELD SANTA CRUZ FIELD TITA FIELD MADREJONES FIELD

IQUIRI

CAMIRI FIELD TORO FIELD CAMBEITI FIELD

HUAMAMPAMPA TESTED GAS IN MENDOZA #1-R

CAIGUA FIELD LOS MONOS FIELD

DEVONIAN 355-410

SANTA ROSA SILURIAN 410-438 SARA VIBORA FIELD

Production reported from 8 different geologic strata with the most prolific producers as the Carboniferous and Devonian.

(1) Energy Consulting International Report (Oct. 2007)

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Exploration

Exploration Plan:

1) First reprocess existing seismic on priority sites

Reprocessing 166 miles of the 1993 data and 30 miles of the 1971 data around one of our most prospective leads in our northern Panteraconcession.

2) Design and execute a new 2-D seismic program based upon the reprocessed data

Will incorporate surface geological investigations and aeromagnetic surveys, correlating their results with the seismic data, to optimize drilling.

3) Then select sites and commence exploration drilling

In S. America, we have designed an exploration program to cost effectively evaluate the concessions through the proper mix of seismic and drilling.

We already have nearly 1,800 miles of 2D seismic (1993 Phillips Petroleum data and 1971 Texaco data) to accelerate exploration plans.

Source: TB Berge, Geologist; Paraguay Ministry of Hydrocarbons

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Paraguay Under-Explored

Paraguay has the landmass roughly the size of California, is one of the most under-explored regions of the world, with only 27 wells drilled in the Basin and 48 overall. Of the those that we have public information on, which most do not, 19 have oil and gas shows.1 Very promising. Why is it underexplored?

YESTERDAY

Quite simply, Paraguay was a dictatorship for decades. Democratic government was established in Paraguay in 1992 through a process of constitutional reform following the collapse of the Stroessner dictatorship. Paraguay is today a politically and economically stable country where democracy flourishes. In spite of being a democracy for 20 years, oil and gas prices were low through much of the 1990s and 2000s until very recently so exploration was not as attractive as today.

TODAY

Soaring demand (China, India, Brazil, US) with high oil and gas prices, likely to remain high. Discovery techniques are vastly improved with discovery rates recently 50% or better in the Chaco.2Paraguay is a outstanding place for exploration.

Stable democracyKnown producing basinClose to major discoveriesClose to pipelinesPro-U.S.Pro-business environmentWell established Hydrocarbon Law with fiscal terms very similar to U.S.

Up to 5 years explorationUp to 30 years exploitation12% flat royalty on natural gasLow tiered royalty on oilStrongly encourages energy exploration.

With its central location and open door policy, Paraguay is perfectly positioned to fill the gap being created by Bolivia and Venezuela for South America and also for the U.S. Paraguay clearly recognizes the potential it holds, and we are receiving significant attention regarding Paraguay’s untapped potential, and deservedly so.

(1) Paraguay Ministry of Hydrocarbons(2) Energy Consulting International, Inc. Report (Oct. 2007)

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Surging S. America Demand

Huge Demand Increase in South America…

Receive their energy from the Chaco Basin in Bolivia via an extensive network of pipelines.

Brazil’s needs increasing with analyst projections that demand will double in 5 years.

Brazil relies on Bolivian natural gas, as it supplies more than 50% of Brazil’s import needsand almost 80% of the natural gas used in the Sao Paulo industrial belt.1

Argentina needs to quadruple gas imports to ease a power shortage in the country by 2010.

At a time when they need more energy, supply is decreasing.Bolivia’s President Evo Morales nationalized its oil and gas industry in 2006, and foreign investment and exploration there have plummeted, virtually halting exploration efforts.Bolivian gas production has been stagnant since 2006. Bolivia falling short only shipping 950 MMCF/d (vs. 1.1 BCF/d under its priority contract).2Exports to Argentina have fallen to under 3 MMCF/d, less than half of its contract.3

In spite of a slowdown in the U.S., South American economies aresurging with Brazil growing at 5%/year and Argentina at 8% per year.

José Sergio Gabrielli, the chief executive of Petrobras, has said Brazil needs "every molecule" of gas it imports from Bolivia. Brazil’s Energy Research Agency plans to import about 700 MMCF of gas from other nations as soon as available.Bolivia exports an average $3.6 B worth of gas per year to Brazil at today’s prices4, and it isn’t enough!!!

All of these facts underscore the opportunity for Pantera in the region with our concessions.

Source: U.S. Department of Energy, EIA; BP Statistical Review, 2007

(1) U.S. Dept. of Energy, Energy Information Administration(2, 3) Compilation estimates various sources; Bolivian Ministry of Hydrocarbons(4) Estimates based on 1.1 BCF/day @ $9/mcf

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Surging U.S. Demand

Currently, the US is also the largest consumer of natural gas with 22% of demand. Four new LNG terminals are under construction in the Gulf of Mexico.

Sustained economic growth in the U.S. requires a low cost, reliable supply of oil and gas, a source that can come only from the exploration efforts of companies such as Pantera.

Despite the critical nature of secure energy supply to economic growth, much of the U.S. supply still derives from regions of the world with hostile relationships to the U.S.

As a US company, we are doing something about that..

The U.S. is hungry for oil and gas, importing 13.7 million barrels of oil per day, 40% of those barrels from OPEC (e.g. Venezuela, Iran)

Source: BP Statistical Review 2007

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Upside Potential

Pantera’s concessions represent combined potential reserves of: (2)

6.7 TCFE of gas ($33.5 billion @ $5/mmbtu), or

1.1 B barrels of oil ($71.5 billion @ $65/bbl).

The U.S and the world are hungry for energy.

Demand for oil is predicted to increase an astonishing 40%, and natural gas 62% by 2030, due in large part to newly emerging markets such as China and India. (1)

(1) U.S. Dept. of Energy: Energy Information Administration(2) Energy Consulting International Report (Oct. 2007) unproven potential estimates, assuming a 100% stake in the concessions. Dollar estimates offered for convenience only and

reflect only potential theoretical value of estimated commodity in the ground based on above ground pricing, assuming $65/bbl oil and $5/mmbtu gas, and before all costs and time needed for potential extraction if actually discovered, along with royalties and taxes. Not indicative of actual current market value of the concessions in any way. Please refer to Disclaimer for additional pertinent information.

Paraguay, with potentially massive reserves in a known oil and gas basin, is poised to become a secure source for the U.S. and growing South American economies.

Source: Bloomberg

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Summary

Energy is the key issue in the world today, affecting U.S. security and economic growth.

Pantera is a U.S company exploring to secure tomorrow’s energy. Pantera’s formidable strategy and assets -- building a platform of lower risk, cash flow properties in the U.S. with significant proven reserves and upside potential while actively exploring nearly 4 million acres in the Chaco Basin, one of the largest onshore exploration plays left in the world.

Active acquisition pipeline in the U.S., targeting undervalued producing assets where we can very quickly institute a plan to boost production and cash flowActive exploration program in one of the most untapped oil and gas assets in South America: Paraguay

High Quality, Diverse Assets: Dynamic oil and gas exploration business operating in North America (West Gomez Field in Texas) and South America (Chaco Basin in northern Paraguay)

Seasoned management team and Board: Over 200 years of accrued experience

Texas Property Near Production: 10% joint venture interest in the Block 83 84 Project on West Gomez Field; prolific gas play having churned out over 5 TCF of natural gas in past 40 years

Re-entering 2 wells with one new drillPotential estimated reserves of 27 BCF of gas along with 50,000 oil barrelsExxon Mobil, Chevron USA, and Conoco Phillips make up a few of Pantera’s neighbors

Huge Concessions in Paraguay: Nearly 4 million acres in Chaco Basin in Paraguay, concession land mass close to the size of Kuwait

Potential estimated reserves of 6.7 TCFE of gas, or 1.1 billion oil barrelsActive exploration steps underway Chaco holds 2nd largest reserves in South America; current production is over 2 BCF and more than 50,000 oil barrels per day in the Chaco BasinNeighbors include Petrobras, Total SA, Repsol, and Chevron Exploration moving towards the Paraguayan border

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Summary

Surging Demand and Prices:Record prices: $100 + per barrel of oil expected to remain high with surging demand and weak U.S. dollar.

Worldwide oil demand predicted to increase 40% and natural gas demand 62% by 2030. Record energy needs in growing China , India, and Brazil.

U.S. supply not secure: Importing 13.7 million barrels of oil per day, 40% of those barrels from OPEC.Face daily threats from Venezuela and Iran.Alternative energy solutions years away.Pantera targeting under-valued, under-producing fields in the U.S. to quickly boost production.

Paraguay, Brazil, and Argentina economic surge shows high demand for oil and gas.Brazil growing at 5% per year: Needs to double in 5 years. Argentina growing at 8% per year: Demand to quadruple gas imports by 2010. Bolivian supply faltering, falling short of its supply contracts to Brazil and Argentina. Brazil reliant on Bolivian natural gas, supplying more than 50% of Brazil’s import needs, and almost 80% of the natural gas used in the Sao Paulo industrial belt. Pantera actively exploring Paraguay.

Enormous Potential: Paraguay under-explored and ripe to become new U.S. and S. America supply source.

Close to major discoveries in a known producing basinHighly differentiates Paraguay from its S. American neighbors (and Pantera from other oil and gas exploration companies)

We have the Right Strategy and Assets at the Right Time, and we can make a difference to U.S. energy supply.

With near term production in Texas and an exploration program in the prolific Chaco Basin underway, PanteraPetroleum offers shareholders an exceptional opportunity to participate in an exciting combination of current production assets in Texas and one of the most untapped oil and gas assets in South America.

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Legal Disclaimers

Legal Notice: The information provided to you in this presentation is intended solely for informational purposes and solely for the general knowledge of the recipient. You should not rely on information contained in these materials for any purpose other than for gaining general knowledge of Pantera Petroleum, Inc. This information is not intended to be a comprehensive review of all matters and developments concerning Pantera Petroleum, Inc. and we assume no responsibility for its completeness, accuracy, and timeliness.

The information contained herein does not constitute an offer or a solicitation of an offer for the purchase or sale of any shares or other securities of Pantera Petroleum Inc. There are substantial risks associated with investing in development stage companies. Potential investors should seek advice from a qualified financial dealer prior to investing in Pantera Petroleum Inc. No securities commission or similar authority has in any way passed on any of the information contained in these presentation materials.

Copyright; Assumption of Risk: Copyright 2008: These materials have been copyrighted by Pantera Petroleum, Inc. All rights reserved. Copying of the material is forbidden without the prior written consent of Pantera Petroleum, Inc. Information in this material is provided “as is” without warranty of any kind, either express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose and the timeliness of the information. You assume all risk in using the information contained in these materials. In no event shall Pantera Petroleum, Inc. or its representatives be liable for any injuries, losses, expenses or damages (including direct or indirect, special or consequential, and loss of profits, opportunities or information) resulting from the use of or reliance on such information contained in these materials; from any inaccuracy or omission in information contained in these materials or the failure to keep such information current; the reliance on any third party reports or material referenced in these materials; and any other matter connected with these materials, even if Pantera Petroleum Inc. is made aware of the possibility of such claims, damages or losses.

Pantera Petroleum, Inc. has cited certain excerpts and conclusions from several third party documents, including a private placement memorandum prepared by Trius Energy for the Block 83 84 Project in Pecos County, TX, and a third party report and presentation by Energy Consulting International, Inc., which is based on a review of geological and drilling data in Paraguay and analogous fields in Bolivia and Argentina. These citations may include statements regarding budgets, oil and gas reserve estimates, projected levels of production, projected operating activities and the timing of such activities, projected costs, expectations regarding our ability to raise capital, plans and objectives of management for future operations, projections of market prices and costs, supply and demand for oil and gas, and treatment under governmental regulatory regimes and tax laws. These reports and materials were prepared solely by their respective authors without assistance from Pantera Petroleum, Inc, and Pantera Petroleum Inc. has not edited or approved any summary, forecast, projections, or any other information, including forward-looking statements, that may be contained in any report(s) or presentation material published by either Energy Consulting International, Inc. or Trius Energy. Any third party report is provided as a convenience and does not serve as an endorsement of any opinions, content, documents, or reports contained in the third party report or material. Pantera Petroleum, Inc. is not responsible for any errors, misrepresentations, or omissions contained in such reports and materials. In addition, Pantera Petroleum, inc. undertakes no obligation to update the results of such reports or materials.

Cautionary Notice Regarding Forward-Looking Statements: These materials include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (as amended) and Section 21E of the Securities Exchange Act of 1934 (as amended). All statements other than statements of 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. In particular, this website contains forward-looking statements, including among others, statements regarding Pantera Petroleum’s future financial position, business strategy, budgets, oil and gas reserve estimates, projected levels of production, projected operating activities and the timing of such activities, projected costs, expectations regarding our ability to raise capital, plans and objectives of management for future operations, projections of market prices and costs, supply and demand for oil and gas, and treatment under governmental regulatory regimes and tax laws. In particular, statements, express or implied, concerning future operating results, the ability to Find, replace or increase reserves or to increase production, or the ability to generate income or cash flows are forward-looking statements.

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Legal Disclaimers

Forward-looking statements in these materials include, among others, that our strategy includes acquiring and developing a platform of lower risk, cash flow production assets in the U.S. while exploring nearly 4 million acres in South America’s Chaco Basin, one of the largest and highest potential onshore exploration plays left in the world today; that the Block 83 84 Project has estimated potential recoverable reserves of 27 billion cubic feet (BCF) of gas and 50,000 barrels of oil; that we plan to drill the remaining wells after completing the Sibley 84#1; that we hold rights to nearly 4 million acres in the Chaco Basin in Paraguay, a land mass close to the size of Kuwait representing estimated potential reserves of 6.7 TCFE of natural gas or 1.1 billion barrels of oil; that we have rights to four concessions in the Curupayty Sub-Basin, covering approximately 27% of the prospective area in the Sub-Basin, with total potential reserves of 6.5 TCFE if gas or 1080 million barrels if oil; that the tracts are prospective for oil and gas in the same stratigraphic zones that produce in Bolivia and Argentina; that the Pantera concession is highly prospective and should yield excellent prospects and leads; that it is located the middle of the Sub-Basin where sand quality should be excellent; that there is sufficient additional area within the license to yield even more prospect leads; that Toro and Bahia Negra tracts are located in an area prospective for oil or gas production; that the Tagua Concession has estimated potential reserves of 0.2 TCFE; that in USD, the potential reserves in the ground estimated are at 6.7 TCFE if gas (and potential value stake could be $33.5 B in the ground if discovered, assuming a 100% stake and $5/mmbtu) or 1.1 billion barrels if oil (and potential value stake could be $71.5 B in the ground if discovered, assuming a 100% stake and $65/barrel).

Forward-looking statements are not guarantees of performance. Although Pantera Petroleum, Inc. believes the expectations reflected in its forward-looking statements are based on reasonable assumptions, no assurance can be given that these expectations will be achieved. Forward-looking statements involve known and unknown risk, uncertainties, and contingencies and are based on assumptions that may not materialize or occur in the manner assumed. Consequently, actual results may vary from the estimates or predictions stated in the materials and these variations may be material. Important risk factors and uncertainties that could cause actual results to differ materially from the expectations reflected in Pantera Petroleum Inc.’s forward-looking statements include, among others:

• the timing and extent of changes in commodity prices for crude oil, natural gas and related products, foreign currency exchange rates, interest rates and financial market conditions;• the accuracy of reserve estimates, which by their nature involve the exercise of professional judgment and may therefore be imprecise;• the extent of Pantera Petroleum's success in discovering, developing, marketing and producing reserves and in acquiring oil and gas properties;• the ability to achieve production levels from existing and future oil and gas development projects due to operating hazards, drilling risks and the inherent uncertainties in predicting oil and gas

reservoir performance;• risk and uncertainties associated with our ability to raise additional capital;• the availability and cost of drilling rigs, experienced drilling crews, tubular steel and other materials, equipment and services used in drilling and well completions;• the availability, terms and timing of mineral licenses and leases and governmental and other permits and rights of way;• access to surface locations for drilling and production facilities;• the availability and capacity of gathering, processing and pipeline transportation facilities;• the availability of compression uplift capacity;• the extent to which Pantera Petroleum can economically develop its acreage in Pecos County, Texas, and in Paraguay; • the extent and effect of any hedging activities engaged in by Pantera Petroleum;• political developments around the world and the enactment of new government policies, legislation and regulations, including environmental regulations;• acts of war and terrorism and responses to these acts; and• weather, including weather-related delays in the installation of gathering and production facilities.

In light of these risks, uncertainties and assumptions, the events anticipated by Pantera Petroleum Inc.'s forward-looking statements may not occur. Pantera Petroleum Inc.’s forward-looking statements speak only as of the date made and Pantera Petroleum Inc. undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible to predict all such factors and to assess in advance the material impact of such factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.

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Legal Disclaimers

Cautionary Notice to U.S. Investors: Oil and Gas Reserves; Non-GAAP Financial Measures: These materials contains information about adjacent properties on which we have no right to explore. we advise U.S. investors that the United States Securities and Exchange Commission’s oil and gas guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that oil and gas deposits on adjacent properties are not necessarily indicative of oil and gas deposits on our properties. The United States Securities and Exchange Commission 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 legallyproducible under existing economic and operating conditions. We use certain terms in these materials, such as “potential recoverable reserves”, “potential reserves”, “potential oil and gas reserves”, and “potentially produce”, 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 SEC filings available by accessing the SEC’s website at www.sec.gov.