PanTerra Closes Gadsby Acquisition

PanTerra Resource Corp. reported Tuesday that it has closed the previously announced acquisition of three gas wells at Gadsby, Alberta. The acquisition was made on the basis of $1,090 per flowing Mcf or $6,540 per flowing BOE. The effective date of the acquisition was October 1, 2009. Up-hole evaluations are currently being undertaken and the Company will be in the field in the near future conducting work-over operations.

PanTerra Resource Corp. is an Alberta-based producing oil & gas company focused on the exploration and development of conventional and unconventional potential in Western Canada. The Corporation holds 'rights' in excess of 1,000,000 acres in various properties in Western Canada.