Pangea Petroleum reports the successful completion of the well in which the Company recently purchased a working interest, in Lavaca County, Texas. This well is a 3500' Frio well that was drilled in January. The well had an extended production test at pipeline conditions and produced at the rate of 260 mcf per day. The well is operated by Everest Resource Co. of Corpus Christi, and Pangea has a 2.0% working interest and a 1.5% net interest in the operation.
"This well will be connected to the pipeline and go on production in the next few weeks," notes Mark Weller, president of Pangea. "We are pleased to be able to make our second successful completion announcement at this early date in 2005."