Pantera Drilling Income Trust Declares Cash Distribution

Pantera Drilling Income Trust has declared a cash distribution relating to the period October 1, 2008 to October 31, 2008, in the amount of $0.03 per trust unit payable on November 17, 2008 to unitholders of record on October 31, 2008.

The Trust has a distribution reinvestment plan (the "Plan"). The Plan provides eligible unitholders with the opportunity to reinvest their cash distributions in additional Pantera trust units at 95% of the average market
price, as defined in the Plan.