Encouraging Results from Plum Deep Well Logs

Pantheon Resources says the electric log results from the Kindee ST 212 #1 well on the Plum Deep structure were encouraging. The well was spud on August 1, 2006 and reached a measured target depth of 16,392 feet on November 15, 2006.

Preliminary interpretation of the logs has identified four zones. Each is potentially natural gas bearing and warrants further investigation. Collectively these zones span a gross interval of over 1,000 feet.

The operator, Golden Gate, is planning a comprehensive testing program which it expects to recommend to the Joint Venture. The program will provide the additional information needed to determine the commerciality of each of the four zones.

The initial results from the electric logs are encouraging. However, the final outcome is dependent on the results of the testing program.

Pantheon is paying 33.33% of the well costs to earn a 25% working interest in Plum Deep which is located in Texas.