Pantheon Begins Production at Dunn Deep #2

Pantheon Resources reports the start-up of natural gas production from the Dunn Deep #2 well on Padre Island. Production commenced on September 17, 2007. This occurred less than two weeks from confirmation of a natural gas find. The Company has a 7.5% working interest in Dunn Deep.

Initial gross production from the field is 3.8 million standard cubic feet of gas per day and 60 barrels a day of condensate, equating to approximately 560 barrels of oil equivalent per day. Output from Dunn Deep will augment production from the Wilson discovery, which came on-stream on September 10, 2007.

Although located on Padre Island, Dunn Deep is separate from the Padre Island Joint Venture. It should also be recognised that Dunn Deep #2 is a development of La Playa Mid-Frio Unit #1 (now referred to as Dunn Deep #1). However Pantheon does not have an interest in Dunn Deep #1. The operator is BNP, a private Texas-based company.

Sue Graham, Chairman of Pantheon Resources, said: "The start of natural gas production from Dunn Deep #2 well is a significant development and demonstrates our continued progress in the Gulf of Mexico."

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