Pantera Drilling Income Trust Announces Fourth Quarter and Year End Financial Results - December 31, 2006



    /NOT FOR DISSEMINATION INTO THE UNITED STATES/

    TSX: RIG.UN

    CALGARY, March 27 /CNW/ - Pantera Drilling Income Trust ("Pantera" or the
"Trust") generated revenue of $30.9 million for the year ended December 31,
2006, a 36% increase from the $22.7 million achieved in 2005. Net earnings for
the year increased by 54% to $6.0 million from $3.9 million in 2005.
    Funds from operations, representing cash flow from operating activities
before changes in non-cash operating working capital, increased $2.4 million
or 44% to $7.9 million in 2006 from $5.5 million in 2005. The increase was
attributed to a larger fleet contributing at improved dayrates.

    
    -------------------------------------------------------------------------
    HIGHLIGHTS
    Years ended December 31
    FINANCIAL                                 2006       2005       2004
    -------------------------------------------------------------------------
    ($000s, except for units and per unit
     amounts)
    -------------------------------------------------------------------------
    Revenue                                     30,911     22,661     12,771
    -------------------------------------------------------------------------
    Gross margin(1)                             11,661      8,809      3,793
    -------------------------------------------------------------------------
    Net earnings                                 5,963      3,891        850
    -------------------------------------------------------------------------
      Per unit (basic and diluted)                1.06       1.18        .27
    -------------------------------------------------------------------------
    Funds from operations(1)                     7,884      5,451      1,800
    -------------------------------------------------------------------------
      Per unit (basic and diluted)                1.40       1.66        .56
    -------------------------------------------------------------------------
      Cash distributions declared per unit         .78          -          -
    -------------------------------------------------------------------------
    EBITDA(2)                                    8,814      7,359      2,728
    -------------------------------------------------------------------------
    Total assets                                55,057     31,813     18,733
    -------------------------------------------------------------------------
    Total long-term financial liabilities       19,460        675      5,086
    -------------------------------------------------------------------------
    Units outstanding (weighted average)(3)  5,649,400  3,286,404  3,204,399
    -------------------------------------------------------------------------
    Units outstanding (end of period)(3)     6,066,365  3,500,000  3,204,399
    -------------------------------------------------------------------------
    OPERATING
    -------------------------------------------------------------------------
    Number of rigs (end of year)
      Conventional                                   7          3          2
      Coil                                           1          2          2
                                            ----------- ---------- ----------
      Total                                          8          5          4
    -------------------------------------------------------------------------
    Number of rigs (weighted average)(4)           5.6        4.3          4
    -------------------------------------------------------------------------
    Operating days                               1,099        890        630
    -------------------------------------------------------------------------
    Industry utilization average(5)                55%        59%        53%
    -------------------------------------------------------------------------
    Pantera utilization rates(4)
      Conventional                                 72%        64%        40%
      Coil                                         17%        49%        46%
                                            ----------- ---------- ----------
      Weighted average                             54%        57%        43%
    -------------------------------------------------------------------------

    (1) Funds from operations as used in this report represents cash flow
        from operating activities before changes in non-cash operating
        working capital. Gross margin represents revenue less operating
        expenses. Readers are cautioned that funds from operations and gross
        margin do not have a standardized meaning prescribed by Canadian
        generally accepted accounting principles ("GAAP") and therefore may
        not be comparable to similar measures presented by other issuers.
        However, Pantera does compute funds from operations and gross margin
        on a consistent basis for each reporting period. Management believes
        that in addition to net earnings, funds from operations is a useful
        supplemental measure as it provides an indication of the funds that
        are available for investing and financing activities, including
        distributions to unitholders. Management believes gross margin is a
        useful supplemental measure of operating performance and is
        particularly relevant to readers within the investment community.
        Funds from operations has replaced the term cash flow from operations
        as shown in Pantera's previous filings.
    (2) EBITDA means net earnings before interest, taxes, depreciation and
        amortization. Readers are cautioned that EBITDA does not have a
        standardized meaning prescribed by GAAP and therefore may not be
        comparable to similar measures presented by other issuers. However,
        Pantera does compute EBITDA on a consistent basis for each reporting
        period. Management believes that, in addition to net earnings, EBITDA
        is a significant indication of success for Pantera and is
        particularly relevant to readers within the investment community.
    (3) The units outstanding give effect to the restructuring of Pantera in
        2005 and the February 8, 2006 split of units of the Trust on the
        basis of 10.739754 units for each trust unit of the Trust held
        immediately prior to the effective time of the split.
    (4) For purposes of calculating utilization rates the number of rigs
        (weighted average) for 2006 has been adjusted to reflect the
        temporary removal of Rigs No. 3 and 4 on October 1, 2006 as they were
        unavailable for use by Pantera.
    (5) Source: Canadian Association of Oilwell Drilling Contractors (CAODC).
    

    The Trust completed construction of three new rigs in the year, deploying
Rig No. 7 on March 22nd, Rig No. 8 on October 7th and Rig No. 9 on
December 14th. This boosts the Trust's fleet of rigs by 60% for the year,
growing from five to eight drilling rigs. Each of these three new rigs are
operating for clients under term contracts, similar in nature to the term
contracts in place for Pantera's other stepdown telescopic double drilling
rigs.
    Pantera's rig utilization for 2006 was 54%, with a breakdown of 72% on
the conventional rigs (4-9) and 17% on the coil rigs (2-3). This compares to
55% achieved by the industry in the same year. Pantera's new fleet of doubles
achieved a 30% premium to the industry average of 55%. Three of the Trust's
five conventional rigs continue to work in the Peace River heavy oil area, and
were joined by Rig No. 4, when it was re-deployed in January 2007.
    Rig utilization statistics calculated by Pantera reflect the temporary
removal of Rig No. 3 and Rig No. 4 for the fourth quarter of 2006 as they were
unavailable for use. The coil unit from Rig No. 3 was sold in the third
quarter; however the conversion of the rig was delayed due to the high demand
on fabrication facilities at that time. Pantera removed Rig No. 3 from the
calculation of utilization statistics on October 1, 2006 once the coil centre
piece had been removed from the rig and sold, and it was determined that the
replacement components for the new single would not be completed until Q1
2007. Rig No. 4's substructure, mast and catwalk were removed from service in
September, 2006. The construction of Rig No. 4's replacement components was
not expected to be completed until the first quarter of 2007; therefore Rig
No. 4 was removed from the calculation of utilization statistics for the
fourth quarter of 2006 as well.
    Increased demand for additional rigs similar to the Trust's fleet of
doubles was a key factor in the decision to convert Rig No. 4 (previously a
lighter capacity range 3 single) to a 3,400 metre capacity stepdown telescopic
double identical to the other conventional rigs owned by the Trust. These
telescopic doubles have proven to be very reliable and versatile rigs. The
efficiencies of running a fleet of rigs that are consistent in rig up and
design are evident. The conversion of Rig No. 4 was completed in January 2007
and the rig was mobilized to the Peace River area immediately. It is
anticipated that increased rig utilization and lower rig operating expenses
will be realized now that the Rig 4 upgrade project is completed.
    The softening of the shallow gas market in mid-2006 caused the Trust's
two remaining coil rigs to remain inactive for the last three quarters of the
year. Coil rigs built during the last few years are capable of drilling with
coil or jointed drill pipe, and are drilling and setting surface casing when
required. Pantera's coil rigs were built prior to this technology change and
are not capable of accepting a top drive. Pre-set surface casing is therefore
required.
    In an effort to generate revenue with the Trust's current coil assets,
the decision was made to convert Rig No. 3 into a conventional telescopic
single drilling rig suited for all types of wells (gas & oil) that fall within
the depth rating of the rig. In the summer of 2006, the coil-specific
components of Rig No. 3 were sold to partially offset the conversion cost and
construction of a new substructure, drawworks, mast, power catwalk, water tank
and doghouse. These new components were combined with the existing triplex
pump, mud tank, boiler, and combination building and the final rig up was
completed in March, 2007. Senior personnel from Rig No. 3 were utilized in the
conversion process, and will remain with the rig in its new configuration.
This rig can now be utilized on any drilling program within its rated depth,
and is targeted to be working in the oil producing regions of Lloydminster and
Cold Lake in eastern Alberta.
    Rig No. 2 is the last remaining coil drilling rig in the fleet. The Trust
believes that the conversion of this rig similar to the Rig No. 3 conversion
explained above is appropriate and funding for the project has been allocated
in 2007.
    On February 22, 2006, the Trust completed its initial public offering and
commenced trading on the Toronto Stock Exchange under the symbol "RIG.UN". The
offering consisted of 2,500,000 trust units at a price of $10.00 per trust
unit for gross proceeds of $25 million. The net proceeds from the offering of
$23 million were used to reduce the outstanding principal of Pantera's debt.
    With the completion of its initial public offering, the Trust adopted a
policy of making monthly cash distributions to unitholders. Since March 2006,
the Trust has made monthly distributions to unitholders in the amount of
$0.067 per trust unit. The 2006 total cash distributions declared was
$4.4 million, a distribution of 56% of the funds from operations before
changes to non-cash working capital.
    The Trust implemented a distribution reinvestment plan (the "Plan") on
September 30, 2006. The Plan provides eligible unitholders with the
opportunity to reinvest their cash distributions payable toward the purchase
of additional trust units from treasury at a price equal to 95% of the average
market price on the applicable distribution payment date, as defined in the
Plan. Participation in the first three months of the Plan averaged
approximately 28% and resulted in the issuance of 66,365 units for net
proceeds of $337,273. Funds reinvested in the Trust through the Plan will be
available to fund capital expenditures and reduce debt.
    On January 30, 2006 the Trust established a new credit facility with its
existing lender for a $3.0 million revolving operating demand loan, a
$25 million 364 day extendible revolving loan facility (interest only, payable
monthly) and a $500,000 demand standby letter of credit.
    On December 29, 2006 Pantera extended its credit facility with its
existing lender and increased its borrowing capacity from $28.5 million to
$40.5 million. The credit facility now consists of a $5 million revolving
operating demand loan, a $35 million committed 364 day extendible revolving
loan facility, and a $500,000 demand standby letter of credit.

    OPERATING HIGHLIGHTS

    Revenue

    Revenue for the year ended December 31, 2006 was $30.9 million, an
increase of $8.2 million (36%) over the $22.7 million achieved in 2005. This
significant increase in revenue was primarily due to the addition of three
conventional rigs, higher rig operating rates and an increased utilization
rate of the six conventional rigs. This increase in revenue was partially
offset by the decrease in utilization of our two coil rigs, from 49% in 2005
to 17% in 2006.
    The number of operating days for the year ended December 31, 2006
increased by 23% to 1,099 from 890 in 2005, however on a weighted average
basis the number of operating days per rig decreased 6%, from 207 to 196. This
decrease in the weighted average number of operating days per rig is primarily
due to the inactivity of the two coil rigs. The pad drilling programs and
longer well cycles have increased Pantera's conventional rig utilization while
providing additional opportunity for higher margin drilling programs.

    Operating Expenses

    Operating expenses for the year increased $5.4 million (39%), from
$13.9 million in 2005 to $19.3 million in 2006. This increase was the result
of the growth in rig fleet, higher rig operating days and increased costs of
crew labour and third party charges, and is consistent with the year over year
increase in revenue of 36%.
    Gross margin, for the year ended December 31, 2006 was $11.7 million, an
increase of $2.9 million over the $8.8 million achieved in 2005.
    Pantera includes third party charges in its revenue. This revenue
inclusion is offset by the corresponding inclusion of the third party charges
in operating expenses. This accounting treatment has no impact on the gross
margin amount, however it reduces gross margin as a percentage of revenue.
Gross margins expressed without third party charges in revenue and operating
expenses for 2006 and 2005 are 45% and 47% respectively. Gross margin
expressed with third party charges in revenue and operating expenses for 2006
and 2005 are 38% and 39% respectively.

    General and Administrative Expenses

    General and administrative expenses ("G&A") for 2006 increased to
$2.9 million from $1.4 million in 2005. The increase in general and
administrative expenses is primarily due to Pantera's change in status to a
public entity in 2006, growth in the operations of the Trust, and higher bonus
payments for reaching internal targets for the year.
    As a percentage of revenue, G&A was 9.4% in 2006 compared to 6.4% in
2005.

    Depreciation

    Depreciation of property and equipment for the year ended December 31,
2006 was $2.0 million, an increase of $400,000 from $1.6 million for 2005.
Depreciation is calculated on the number of drilling days achieved, therefore
depreciation expense increases as utilization of each rig and construction
costs increase.

    Interest Expense

    Interest expense on debt decreased to $893,000 in 2006 from $944,000 in
2005. The decrease is a result of the reduction of debt in the first quarter
of 2006 by the net proceeds of the public offering offset by the growth in
debt during the year to finance capital expenditures. The average bank debt in
the year was $11.5 million, bearing interest at an average rate of 7.2% as
compared to $14 million bearing interest at an average rate of 5.7% in 2005.
Interest is payable monthly at the bank prime rate on Pantera's debenture of
$675,000, the debenture is due on January 2, 2008. The Canadian prime bank
rate averaged 5.81% in 2006 as compared to 4.42% in 2005. The total debt,
including Pantera's operating demand loan, debenture, extendible loan facility
and capital leases, at December 31, 2006 was $19.7 million.

    Income Taxes

    The Trust is a taxable entity under the Income Tax Act (Canada) and is
taxable only on the income that is not distributed or distributable to the
unitholders. For the year ended December 31, 2005 a provision for income taxes
in the amount of $963,900 was made for the income tax payable related to the
operations of Pantera prior to the conversion to a trust, in addition to
income taxes on the income of the Trust that was not distributed to the
unitholders for 2005.
    On October 31, 2006, the Minister of Finance announced unexpected changes
to the taxation of certain publicly traded income trusts and limited
partnerships. On December 21, 2006, the Department of Finance issued draft
legislative proposals consistent with the October 31, 2006 announcement. When
the changes are substantially enacted Pantera will evaluate the implications
of the proposed new tax measures to determine the optimal long-term strategy.
There can be no assurance that changes in income tax regulations will not
adversely affect unitholders.

    Net Earnings

    For the year ended December 31, 2006 net earnings totaled $6.0 million or
$1.06 per unit compared with $3.9 million or $1.18 per unit for the year ended
December 31, 2005. This increase in net earnings was principally attributable
to accumulating 23% more operating days, 1,099 in 2006 as compared with 890 in
2005; and in 2005, earnings were reduced by a provision for income taxes in
the amount of $963,900. On an operating day basis, earnings before taxes
decreased 2% to $5,400 per day in 2006 from $5,500 per day in 2005.

    
    -------------------------------------------------------------------------
    SUMMARY OF QUARTERLY
     RESULTS
                      2006                        2005
    FINANCIAL
     HIGHLIGHTS        Q4     Q3     Q2     Q1     Q4     Q3     Q2     Q1
    -------------------------------------------------------------------------
    ($000s except for
     units and per
     unit amounts)
    -------------------------------------------------------------------------
    Revenue           8,486  8,088  4,870  9,467  8,529  5,913  1,727  6,492
    -------------------------------------------------------------------------
    Gross margin(1)   3,187  3,101  1,366  4,007  3,600  2,443    275  2,491
    -------------------------------------------------------------------------
    Net earnings
     (loss)           1,799  1,587    147  2,430  1,768    957   (430) 1,597
    -------------------------------------------------------------------------
      Per unit (basic
       and diluted)(2)  .30    .26    .02    .53    .52    .29   (.13)   .50
    -------------------------------------------------------------------------
    Funds from
     operations(1)    2,220  2,142    479  3,043  2,303  1,433   (233) 1,948
    -------------------------------------------------------------------------
      Per unit (basic
       and diluted)(2)  .37    .36    .08    .67    .70    .43   (.07)   .61
    -------------------------------------------------------------------------
    EBITDA(3)         2,569  2,251    598  3,396  3,055  2,213    (89) 2,180
    -------------------------------------------------------------------------
      Per unit (basic
       and diluted)(2)  .43    .38    .10    .75    .93    .67   (.03)   .68
    -------------------------------------------------------------------------
    Capital
     expenditures    12,421  6,523  3,126  2,206  3,487  3,102  4,513    675
    -------------------------------------------------------------------------
    OPERATING HIGHLIGHTS
    -------------------------------------------------------------------------
    Number of rigs
     (weighted
     average)(4)        5.1      6      6    5.1      5    4.1      4      4
    -------------------------------------------------------------------------
    Operating days      267    313    170    349    306    266     74    244
    -------------------------------------------------------------------------
    Utilization rate    58%    57%    31%    75%    67%    70%    20%    68%
    -------------------------------------------------------------------------
    Industry
     average(5)         47%    63%    36%    81%    71%    71%    32%    71%
    -------------------------------------------------------------------------

    (1) Funds from operations as used in this report represents cash flow
        from operating activities before changes in non-cash operating
        working capital. Gross margin represents revenue less operating
        expenses. Readers are cautioned that funds from operations and gross
        margin do not have a standardized meaning prescribed by GAAP and
        therefore may not be comparable to similar measures presented by
        other issuers. However, Pantera does compute funds from operations
        and gross margin on a consistent basis for each reporting period.
        Management believes that in addition to net earnings, funds from
        operations is a useful supplemental measure as it provides an
        indication of the funds that are available for investing and
        financing activities, including distributions to unitholders.
        Management believes gross margin is a useful supplemental measure of
        operating performance and is particularly relevant to readers within
        the investment community. Funds from operations has replaced the term
        cash flow from operations as shown in Pantera's previous filings.

    (2) The units outstanding give effect to the restructuring of Pantera in
        2005 and the February 8, 2006 split of units of the Trust on the
        basis of 10.739754 units for each trust unit of the Trust held
        immediately prior to the effective time of the split.

    (3) EBITDA means net earnings before interest, taxes, depreciation and
        amortization. Readers are cautioned that EBITDA does not have a
        standardized meaning prescribed by GAAP and therefore may not be
        comparable to similar measures presented by other issuers. However,
        Pantera does compute EBITDA on a consistent basis for each reporting
        period. Management believes that, in addition to net earnings, EBITDA
        is a significant indication of success for Pantera and is
        particularly relevant to readers within the investment community.

    (4) For purposes of calculating utilization rates, the number of rigs
        (weighted average) for Q4, 2006 has been adjusted to reflect the
        temporary removal of Rigs No. 3 and 4 on October 1, 2006 as they were
        unavailable for use by Pantera.

    (5) Source: Canadian Association of Oilwell Drilling Contractors (CAODC).
    

    Fourth Quarter Analysis

    Drilling activity in the WCSB continued to decline throughout the fourth
quarter of 2006 due to the industry's response to weakening commodity prices
and the proposed changes to the taxation of income trusts. Industry
utilization rates declined 34% from 71% in the fourth quarter 2005 to 47% in
the fourth quarter 2006. This is a direct result of 88 new rigs competing in a
quarter that drilled about the same number of wells as the previous year,
6,758 wells in the fourth quarter 2006 as compared to 6,759 wells in the
fourth quarter 2005. Pantera experienced a decrease in utilization rates, but
not as significant as the industry. Pantera's decrease in utilization rates of
13%, from 67% to 58% for the quarter, offset by higher operating day rates,
resulted in flat revenue growth in the fourth quarter of 2006 as compared with
2005. Revenue of $8.5 million was earned in both the fourth quarters of 2006
and 2005.
    Operating expenses continue to escalate, particularly the cost of labour,
repairs and maintenance, and third party services. In the fourth quarter of
2006, operating expenses were $5.3 million, compared to $4.9 million in the
fourth quarter of 2005. This resulted in a gross margin of $3.2 million in the
fourth quarter of 2006, a decrease of $400,000 from $3.6 million in the fourth
quarter of 2005. Net earnings for the three months ended December 31, 2006 and
2005 were $1.8 million. In the three months ended December 31, 2005, earnings
were reduced by a provision for income taxes in the amount of $439,000.

    DISTRIBUTIONS

    Distributions declared in 2006 were entirely funded through funds from
operations as the following table indicates.

    
    -------------------------------------------------------------------------
    DISTRIBUTIONS
    Years ended December 31                                  2006       2005
    -------------------------------------------------------------------------
    ($000s except for per unit amounts)
    -------------------------------------------------------------------------
    Cash flow from operating activities                     7,566      4,299
    -------------------------------------------------------------------------
    Add: Changes in non-cash working capital                  318      1,152
    -------------------------------------------------------------------------
    Funds from operations(1)                                7,884      5,451
    -------------------------------------------------------------------------
    Less: Distributions declared                            4,429          -
    -------------------------------------------------------------------------
    Fund retained for future distributions,
     capital expenditures, and debt reduction               3,455      5,451
    -------------------------------------------------------------------------
    Funds from operations per unit(1)                        1.40       1.66
    -------------------------------------------------------------------------
    Distributions declared per unit(1)                        .78          -
    -------------------------------------------------------------------------
    Funds retained per unit(1)                                .62       1.66
    -------------------------------------------------------------------------
    

    (1) Readers are cautioned that funds from operations does not have a
    standardized meaning prescribed by GAAP and therefore may not be
    comparable to similar measures presented by other issuers. However,
    Pantera does compute funds from operations and the per unit
    information on a consistent basis for each reporting period. Funds
    from operations has replaced the term cash flow from operations as
    shown in Pantera's previous filings.

    OUTLOOK

    The effort placed on expanding drilling operations in northern Alberta's
developing heavy oil areas over the past few years has proven to be an
excellent decision. The Trust remains focused on maintaining a fleet of rigs
that is safe, reliable and efficient. At the commencement of 2007 the Trust
has four rigs working exclusively in the oil sands regions and will have five
of its eight rigs working under term contracts with dedicated customers at set
prices. It is management's opinion that this will have a positive effect on
both revenue and utilization levels in 2007.
    The combination of the recent decline in commodity prices and the
Canadian federal government's announcement of its intention to change the tax
laws for income trusts has caused many exploration companies to cut budgets
and re-evaluate their drilling plans for 2007. However, increasing global
demand for oil and slower than expected supply growth in non-OPEC countries
has tightened the gap between production capacity and demand. Record amounts
of natural gas in storage, due largely to the warm winter seasons experienced
over the past two years has held gas prices in check. Continued increase in
demand combined with the constant decline in deliverability should bode well
for longer term gas prices.
    The Canadian rig fleet reached a total of 862 rigs in 2006, an increase
of 88 rigs, or 11%, over 774 rigs as at December 31, 2005. The CAODC has
issued their 2007 industry forecast of 19,023 wells, 14% less than the 22,127
wells drilled in 2006. The Petroleum Services Association of Canada forecast
calls for 21,000 wells. Further rig additions will occur in 2007 as
construction projects are completed, however it is expected that new orders
will drop off and the average rig count should remain relatively flat for the
remainder of 2007. It is management's view that rig activity levels this
summer and fall will be lower than 2006, due primarily to the uncertainty
surrounding future pricing of commodities. Drilling activity targeting shallow
gas and coal-bed methane will be slower, and it is expected that the surplus
of available rigs will have a negative effect on pricing this summer.
    Future growth of the Trust will consist of new rig construction and the
possible acquisition of other businesses complimentary to the Trust's. The
decision to proceed with the construction of each new rig is based on a number
of factors which may include obtaining a long term drilling commitment. In
order to improve the gross margin on existing rigs with minimal risk and
reasonable capital cost the Trust is planning to acquire certain assets
utilized on its own rigs that are typically rented by the Trust's customers,
such as hevi-wate drill pipe. Pantera intends to finance its 2007 capital
expenditures through a combination of funds from operations and debt
financing.

    FORWARD-LOOKING STATEMENTS

    This press release contains certain statements that constitute
forward-looking statements that involve unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements of Pantera,
or industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such factors include general economic and business conditions, the
ability of Pantera to implement its business strategy, and changes in or
failure to comply with government regulations, especially health, safety and
environment laws, regulations and guidelines. Forward-looking statements in
this press release may include, but are not limited to, revenue, commodity
prices, rig utilization and availability, capital expenditures and legislative
changes. For this purpose, any statements that are contained in this press
release that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements often contain terms
such as "may", "will", "should", "anticipate", "expects", "intends" and
similar expressions. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements. Furthermore, the forward-looking
statements contained in this press release are made as of the date hereof, and
Pantera undertakes no obligation, except as required by applicable securities
legislation, to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise.


    The Trust is an open-ended, investment trust governed by the laws of the
Province of Alberta pursuant to the Deed of Trust. The Trust was established
for the purpose of investing in property including the securities of Pantera
Drilling Limited Partnership and Pantera Drilling Inc. The beneficiaries of
the Trust are the holders of the trust units. The business of Pantera involves
the provision of contract drilling services to oil and natural gas exploration
and production companies operating in western Canada.

    Additional information relating to the Trust, including the Trust's
financial statements and management's discussion & analysis for the year ended
December 31, 2006 will be available by March 28, 2007 under the Trust's
profile on SEDAR at www.sedar.com or the Trust's website at
www.panteradrilling.com.

    %SEDAR: 00023106E




For further information:

For further information: Terry Rosentreter, President and Chief
Executive Officer or Lorna Pollock, Chief Financial Officer at: Ph: (403)
515-8400, Fax: (403) 515-8405, E-mail: terryr@panteradrilling.com,
lpollock@panteradrilling.com

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PANTERA DRILLING INCOME TRUST

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