Pantheon Spuds Well on Nottoway Prospect

Pantheon Resources has spudded the first well on its South Louisiana venture. The Fay Weil Ross et al #1 well has commenced drilling in Iberville Parish, Louisiana which is located to the south of Baton Rouge near the small community of White Castle, Louisiana.

The well is scheduled to be a 15,498 feet test of the Nottoway Prospect (preciously referred to as White Castle Township), a geological feature unknown until a new 3D seismic survey was shot in late 2005. The operator is Petro-Hunt, L.L.C.

The Nottoway Prospect is located between two existing oil & gas fields, White Castle Dome and Laurel Ridge. Deeper exploration was undertaken on both fields in 2006.

New discoveries were made in both White Castle Dome and Laurel Ridge Field in the deeper Oligocene section in 2006. Similar zones are objectives in the Nottoway Prospect.

Pantheon is participating with a 7.5% working interest ("WI"), carrying the farm-out companies for a 25% back-in after project payout. All costs will be recovered by Pantheon prior to back-in by the farm-out partners and no revenues will be received by these companies until Pantheon attains payout.


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