Pantera Petroleum Enters Letter of Intent to Acquire Petrochemical Subsidiary

AUSTIN, TEXAS--(Marketwire - Dec. 15, 2008) - Pantera Petroleum, Inc. (OTCBB:PTPE) ("Pantera") announces that it has entered into a letter of intent to acquire ESP Resources, Inc. ("ESP"), a combination that will create an integrated exploration, production, and oil field service company.

Based in Scott, Louisiana, ESP is a custom formulator, manufacturer, distributor, and marketer of specialty chemicals and analytical services that solve oil field problems, enhance production, and provide cost savings for its oil exploration and production customers. Its product line offers chemical solutions for a wide variety of oil field applications, including production, drilling, waste remediation, cleaning, and waste water treatment. Using its sophisticated Chemical Analytics system that compares data gathered from thousands of wells worldwide with the ambient conditions at a customer's well, ESP can very quickly design chemicals to match the operating conditions at the well site, resulting in a uniquely sought-after offering within the oil industry.

The business strategy of ESP is to rapidly increase market share within the petrochemical field globally through mergers and acquisitions, joint venture relationships, and generic growth from the current ESP customer base. The senior management of ESP has over 100 years of combined operating experience in the petrochemical industry. ESP began operations in the second quarter of 2007 and has increased sales every quarter since inception with revenues for the calendar year 2008 approaching $2 million. ESP CEO David Dugas stated, "The merger of ESP and Pantera will create a synergy for both companies and accelerate the growth strategy for ESP through acquisitions of petrochemical companies operating in the oil and gas industry."

"This merger is a logical next step to create substantial value for stockholders when the industry is restructuring on a global scale," said Pantera CEO Chris Metcalf. "The combination of Pantera and ESP is driven by the exceptional strategic fit of the two entities. First, ESP operates in oil services - an attractive market that is ripe for consolidation. Second, ESP has an installed, growing customer base and brings substantial, differentiated solutions in providing specialty chemical products for a wide variety of oil field applications across multiple producing basins in the U.S. We aim to use the combination as a platform to accelerate ESP's sales and service activities while making selected accretive acquisitions to expand its market share and product offerings. ESP has great employees, an outstanding network of major independent oil and gas producing customers, a superior depth of understanding of oil field chemical needs, and a strong record in terms of customer service. These strengths will improve our ability to provide innovative services to more customers while improving our growth profile."

"Moreover, ESP's expertise in evaluating oil fields should further expand our proprietary deal flow pipeline and our ability to select only the best off-market oil production assets for investment. ESP brings a superior technical knowledge base of operating conditions in major basins that will give us an advantage in selecting, pricing, and operating oil production assets.

The combined company should lead to greater financial, technical, research and development, network and marketing resources to better serve oil field customers, and will accelerate the introduction of new and improved product and service sets for those customers."

About ESP Resources, Inc.

ESP Resources, Inc., through its wholly owned subsidiary, ESP Petrochemicals, Inc., is a manufacturer, blender, distributor, and marketer of specialty chemicals to the Oil and Gas industry. ESP supplies retail and wholesale specialty chemicals for a variety of oil field applications from an 11,000 square foot blending and distribution facility located in Scott, LA. The company maintains corporate headquarters at this facility. ESP distributes its product line throughout the Gulf Coast region of Louisiana, Texas, Mississippi, and Alabama, both onshore and offshore. The wholesale division of the company supplies specialty chemicals to several retailers operating in West Africa. The company's senior management has over 100 years of combined operating experience in the petrochemical industry.

About Pantera Petroleum

Pantera Petroleum, Inc. is a publicly traded oil and gas exploration company (OTCBB:PTPE) headquartered in Austin, TX with operations in Midland and Pecos County, TX, and Asuncion, Paraguay. Our mission is to acquire and produce energy fields in North and South America. Our North American assets include certain rights in the Baker Ranch Project and a 10% working interest in the Block 83 84 Project in the West Gomez field in Texas. In South America, Pantera has farm-in rights to five concessions in northern Paraguay, covering nearly 4 million acres.

Shareholders and investors are encouraged to visit Pantera Petroleum's website www.panterapetroleum.com for further information.

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