Pantheon Resources Increases Stake in Wilson Prospect

As a result of a farm in to the Wilson prospect in Texas by Cinco Resources Inc, Pantheon's original 25% working interest in Wilson prospect has been reduced by 4.875%. Separately, however, Pantheon has agreed in principle, subject to execution of contracts, to farm into an additional 7.5% of the Wilson prospect on a "heads up" basis. "Heads up" means that Pantheon will bear 7.5% of the costs for its 7.5% working interest. It will not, therefore be subject to any premium or "promote" on this component. Overall, subject to the latter transaction being completed, the net effect is that Pantheon's working interest in Wilson will increase from the original 25% to 27.625% on more favorable terms.

In summary the working interests in the Wilson Prospect are as follows: Golden Gate Petroleum with 47.375%; Pantheon Resources with 27.625%; Cinco Resources with 15% and Medina with 10% - subject to final documentation.

An exploration well is expected to spud in mid-February and be completed by the end of March. A Parker rig is currently being rigged up on location at the Wilson pad. The Wilson well will be targeting the upper Frio system at similar depths to existing production on Padre Island such as at La Playa Deep and La Playa Shallow to the north, and Dunn Peach #6 to the south. This is a different system to that which was tested at Plum Deep.

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