Pantheon Reports Padre Island Progress

Pantheon Resources PLC said that the Kindee ST 212 #1 well on the Wilson Structure on Padre Island, Texas, spudded on February 7, 2007.

The Board of Pantheon Resources PLC announces that it has been advised by the operator, Golden Gate Petroleum Ltd, that progress is ahead of schedule and the well is at 7,937 feet and drilling ahead. The planned total depth of the well is 12,400 feet (measured depth).

Wilson is the second well of a multi-well program and will be targeting the upper Frio system. Gross best estimate potential reserves (previously described as "P50 potential reserves") have been assessed as c.9 billion cubic feet.

The operator also advises that final farmin issues with Cinco were unable to be resolved and the adjusted working interests in the well are as listed below.

Partners in the ST Kindee #1 well are:

--Golden Gate Petroleum Ltd, 58.23% WI
--Modena Resources Limited, 10.0% WI
--Pantheon Resources Plc, 31.77% WI