PanTerra Announces Carrot Creek Re-entry Results

TSX-V: PRC

CALGARY, May 24, 2011 /CNW/ - (TSXV:PRC) - PanTerra Resource Corp. ("PanTerra" or the "Company") is pleased to announce that it has completed a series of flow tests at a recent re-entry / work-over on a former shut-in well on the Company's 100% controlled Carrot Creek oil property in west central Alberta. Stabilized flow rates of 286 barrels of oil per day and 746 Mcf of gas per day were achieved after a period of 3 days. The Company is currently obtaining surface access to construct a pipeline to connect the well to the company's Carrot Creek Battery. This is expected to be completed and the well put on production in late Q3 of this year. The Company conservatively projects the well will go on production at a rate in excess of 50 Barrels of Oil per Day.

The forthcoming production will provide a significant increase to the Company's overall production profile and revenue. Two additional wells are planned for re-entry / re-completion in the same pool in the ensuing months of 2011.

PanTerra is a diversified junior public oil and gas company listed on the TSXV (PRC.V) with holdings in both conventional and unconventional projects in Western Canada. The Company has a current operated production base of 75 BOPD and 100 Mcf/d gas with excellent optimization and exploitation potential.  Additionally PanTerra holds 'rights' in approximately 119,000 acres in various properties in Western Canada. PanTerra trades on the TSX Venture Exchange under the symbol "PRC".

Company information can be found at: www.panterraresource.com.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares may be offered or sold in other eligible foreign jurisdictions and to U.S. buyers on a private placement basis pursuant to an applicable exemption from registration requirements in Rule 144-A or Regulation D of the United States Securities Act of 1933, as amended. This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Due to the nature of the oil and natural gas industry, budgets are regularly reviewed in light of the success of the expenditures and other opportunities which may become available to the Corporation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE PanTerra Resource Corp.

For further information:

Fred P. Rumak P.Geol.    
President and C.E.O.    
403-261-5900      
Email:  fred@panterraresource.com  
Jake Pronk P. Geol  
V.P. Exploration
403-261-5900    
Email:  jake@panterraresource.com  

Profil de l'entreprise

PanTerra Resource Corp.

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