Pantheon Resources completes successful East Texas well

Data from electronic logs indicates the presence of hydrocarbons in a potentially significant reservoir in the primary target, the Eagle Ford sandstone. The Board stresses however that the significance of these results cannot be accurately assessed until flow testing operations have been completed.

Drilling operations with this rig have now been completed at this location and a production liner will be run and the well bore cased. A lower cost workover rig will be contracted to undertake completion and flow testing of operations. A further update will be made once testing operations have been completed.

Update on VOBM#4 well, Tyler County, onshore East Texas (Pantheon 50% working interest)

Pantheon confirms that completion operations are presently underway on the VOBM#4 well, following which the well will be tested. A further update will be issued at the end of testing operations.

Jay Cheatham, CEO of Pantheon, stated:

“I am extremely pleased to report that we have successfully concluded the sidetrack of the VOBM#2H well and have encountered promising log responses. The successful completion of this well confirms our belief that we can drill vertical wells into the Eagle Ford, quickly and economically. We remain extremely excited by the potential of our prospects and we look forward to flow testing the VOBM#2H sidetrack well.

“We also look forward to flow testing the VOBM#4 well, which will provide valuable data on the recently discovered Wilcox formation and will provide a greater understanding of the potential significance of the zone for our Company. Should flowtest results confirm the Wilcox to be a commercial producer on our acreage, then the company will expedite arrangements for first production in Tyler County, complimenting plans for first production in Polk County which are progressing well. Following analysis of the testing results for VOBM#2H and VOBM#4 wells, the company will decide upon the location of the next well in the campaign.”