Pantheon Begins First Phase of Testing at Jumonville # 2 in Louisiana

Pantheon has issued the following operational update.

Jumonville #2, Bullseye Prospect, Iberville Parish, Louisiana

The testing program is focusing on three separate intervals in the Jumonville #2 well:

• the Miogyp (this zone is currently producing in Jumonville #1);
• the Cib Haz 6; and
• the Cib Haz 7.

The first phase of testing has commenced in the deepest of these intervals, the Cib Haz 7. Recently run logs confirm that a full charge perforation has been discharged correctly over this zone, however communications with the perforated interval continue to appear to be limited. This is surprising as it is inconsistent with other technical data derived from the well which includes side wall cores and a full suite of electric logs. The current plan is to commence testing the upper Cib Haz interval ("Cib Haz 6") while undertaking further analysis and evaluation of the lower Cib Haz 7 interval for a possible revised testing or stimulation program. A workover rig will arrive on site early this week to commence testing on the Cib Haz 6.

The Cib Haz 6 zone is approximately 130 gross feet thick. Log analysis by Schlumberger and sidewall core data indicate this zone may be oil and gas-bearing

Dependent upon the outcome of the Cib Haz 6 test results, the Jumonville #2 well will be put on immediate production from that interval or else the known productive Miogyp sandstone. The Miogyp is about 20 feet thick in the Jumonville #2 well and is the currently producing formation at Jumonville #1. Surface facilities are being installed and connected to the already established sales line that currently handles the Jumonville #1 oil and gas production. At the same time, work is ongoing to better understand the inconsistent data received from the Cib Haz 7.