Pantera Drilling Income Trust Announces Fourth Quarter and Year End Financial Results - December 31, 2007



    /NOT FOR DISSEMINATION INTO THE UNITED STATES/

    (TSX: RIG.UN)

    CALGARY, March 25 /CNW/ - Pantera Drilling Income Trust ("Pantera" or the
"Trust") is pleased to release its fourth quarter and year end 2007 financial
and operating results. Additional information relating to the Trust, including
the Trust's financial statements and management's discussion and analysis for
the year ended December 31, 2007 will be available by March 26, 2008 under the
Trust's profile on SEDAR at www.sedar.com or the Trust's website at
www.panteradrilling.com.
    Pantera generated revenue of $28.5 million for the year ended December
31, 2007, which resulted in net earnings for the year of $3.4 million. Funds
from operations, representing cash flow from operating activities before
changes in non-cash operating working capital, decreased to $5.8 million in
2007 from $7.9 million in 2006.
    Pantera's rig utilization for 2007 was 36%. This compares to 37% achieved
by the industry in the same year. The significant drop in the industry
utilization average from 55% in 2006 to 37% in 2007 was attributable to the
following: 19,167 wells were drilled in 2007 as compared with 21,256 in 2006,
a decrease in activity of 10%; and the average number of rigs in 2007 was 881
as compared to 803 in 2006, a 10% increase in available rigs.

    
    -------------------------------------------------------------------------
    HIGHLIGHTS
    Years ended December 31
    FINANCIAL                                   2007       2006       2005
    -------------------------------------------------------------------------
    ($000s, except for units and per
     unit amounts)
    -------------------------------------------------------------------------
    Revenue                                     28,461     30,911     22,661
    -------------------------------------------------------------------------
    Gross margin(1)                             10,055     11,661      8,809
    -------------------------------------------------------------------------
    Net earnings                                 3,395      5,963      3,891
    -------------------------------------------------------------------------
      Per unit (basic and diluted)                 .54       1.06       1.18
    -------------------------------------------------------------------------
    Funds from operations(1)                     5,782      7,884      5,451
    -------------------------------------------------------------------------
      Per unit (basic and diluted)                 .92       1.40       1.66
    -------------------------------------------------------------------------
    Cash distributions declared per unit           .73        .78          -
    -------------------------------------------------------------------------
    EBITDA(2)                                    7,376      8,740      7,359
    -------------------------------------------------------------------------
    Total assets                                54,637     55,057     31,813
    -------------------------------------------------------------------------
    Total long-term financial liabilities       22,609     19,460        675
    -------------------------------------------------------------------------
    Units outstanding (weighted average)     6,266,569  5,649,400  3,286,404
    -------------------------------------------------------------------------
    Units outstanding (end of period)        6,487,573  6,066,365  3,500,000
    -------------------------------------------------------------------------
    OPERATING
    -------------------------------------------------------------------------
    Number of rigs (end of year)
      Conventional                                   7          7          3
      Coil                                           -          1          2
                                             ---------- ---------- ----------
      Total                                          7          8          5
    -------------------------------------------------------------------------
    Number of rigs (weighted average)(4)           7.4        5.6        4.3
    -------------------------------------------------------------------------
    Operating days                               1,003      1,099        890
    -------------------------------------------------------------------------
    Industry utilization average(3)                37%        55%        59%
    -------------------------------------------------------------------------
     Pantera utilization rates (4)
      Conventional                                 36%        72%        64%
      Coil                                          -%        17%        49%
                                             ---------- ---------- ----------
      Weighted average                             36%        54%        57%
    -------------------------------------------------------------------------

    (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.
    (2) EBITDA means net earnings before interest, taxes, depreciation,
        amortization and losses or gains on disposal of equipment. 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) Source: Canadian Association of Oilwell Drilling Contractors (CAODC).
    (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 and during Q3, 2007 the utilization
        rates were adjusted to reflect the de-listing of Rig No. 2.
    

    In October of 2006, Pantera made the decision to temporarily remove Rigs
No. 3 and 4 from service in order to complete upgrades. The upgrades were
completed in the first quarter of 2007. Rig No. 3 was converted from a coil
drilling rig into a 1,600 metre stepdown telescopic single rig and Rig No. 4
was converted from a 3,000 metre capacity range 3 single into a 3,400 metre
capacity stepdown telescopic double, identical to the other conventional rigs
owned by the Trust. 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. These telescopic doubles have proven to be the ideal rig for pad drilling
in the heavy oil areas of northern Alberta. The efficiencies of running a
fleet of rigs that is consistent, across each rig, in rig up and design are
evident.
    Late in the third quarter of 2007, a contract was executed that enabled
Pantera to mobilize Rig No. 3 to a drilling program near Sarnia, Ontario. The
rig will initially be drilling horizontal gas storage wells. Additional work
has been secured in Ontario and it is expected that the rig will now remain
active in this area throughout the majority of 2008.
    Rig No. 2 is no longer being marketed as a coil rig and was de-listed in
the third quarter due to the increased supply of coil rigs, the evolution of
coil drilling technology and the decrease in activity in this market segment.
The non coil-specific equipment from this rig (pump, tank, combination
building and boiler) could be utilized to build a purpose-built top drive rig
ideally suited for exploration drilling and coring in the oil sands areas.
Management will work to obtain a contract for this rig prior to committing any
funds to the conversion process. Pantera intends to finance this conversion,
if it occurs, through a combination of funds from operations and the use of
its current debt facility.
    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 Plan in 2007 averaged approximately 44% and
resulted in the issuance of 421,208 units for net proceeds of $2.1 million.
Funds reinvested in the Trust through the Plan will be available to fund
capital expenditures and reduce debt.
    On November 6, 2007, Pantera extended its credit facility with its
existing lender to a term-out date of December 27, 2008. The credit facility
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.
    Effective January 30, 2008, Pantera is pleased to announce the
appointment of Mr. Blair Wagner as Vice President, Operations. Blair has more
than 20 years of drilling experience and will report directly to Mr. Terry
Rosentreter, President and Chief Executive Officer.

    OPERATING HIGHLIGHTS

    Revenue

    Revenue for the year ended December 31, 2007 was $28.5 million, a
decrease of $2.4 million (8%) from the $30.9 million achieved in 2006.  This
decrease in revenue was primarily due to the decrease in rig utilization.
    The number of operating days for the year ended December 31, 2007
decreased by 9% to 1,003 from 1,099 in 2006, however on a weighted average
basis the number of operating days per rig decreased 31%, from 196 to 136. The
decrease experienced by Pantera was consistent with the slow down for the
industry.
    Pantera's revenue, cash flow and net earnings are substantially dependent
upon, and affected by, the level of activity associated with oil and gas
exploration and production. Both short-term and long-term trends in oil and
gas prices affect the level of such activity. Worldwide military, political
and economic events, including initiatives by the Organization of Petroleum
Exporting Countries, may affect both the demand for, and the supply of, oil
and gas. Weather conditions, governmental regulation, levels of consumer
demand, the availability of pipeline capacity, and other factors beyond
Pantera's control may also affect the supply of and demand for oil and gas and
thus lead to future price volatility.
    Management believes that any prolonged reduction in oil and gas prices
would depress the level of exploration and production activity, which would
likely result in a corresponding decline in the demand for Pantera's services
and could have a material adverse effect on revenues, cash flows and
profitability. Lower oil and gas prices could also: cause Pantera's customers
to seek to terminate, renegotiate or fail to honour contracts; affect the fair
market value of Pantera's assets which, in turn, could trigger a writedown for
accounting purposes; affect Pantera's ability to retain skilled personnel;
and, affect Pantera's ability to obtain access to capital to finance and
expand its contract drilling business. Pantera cannot assure that the future
level of demand for its services or future conditions in the oil and gas and
oilfield services industries will not decline.

    Operating Expenses

    Operating expenses for the year decreased $844,000 (4%), from $19.3
million in 2006 to $18.4 million in 2007. This decrease in operating expenses
is directly related to the decrease in operating days.
    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 2007 and 2006 are 43% and 45% respectively. Gross margin
expressed with third party charges in revenue and operating expenses for 2007
and 2006 are 35% and 38% respectively.

    General and Administrative Expenses

    General and administrative expenses ("G&A") for 2007 decreased 8% to $2.7
million from $2.9 million in 2006. The decrease in general and administrative
expenses is primarily due to lower incentive compensation and professional
fees.
    As a percentage of revenue, G&A in 2007 remained consistent with 2006 at
9.4%.

    Depreciation

    Depreciation of property and equipment for the year ended December 31,
2007 was $2.4 million, an increase of $400,000 from $2.0 million for 2006.
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 increased to $1.6 million in 2007 from $893,000
in 2006. The increase is a result of the growth in debt to finance capital
expenditures. The average bank debt in the year was $22.6 million, bearing
interest at an average rate of 6.9% as compared to $11.5 million bearing
interest at an average rate of 7.2% in 2006. Interest on the debenture is
payable monthly at a bank's prime rate. The Canadian prime bank rate averaged
6.10% in 2007 as compared to 5.81% in 2006. The total debt, including
Pantera's operating demand loan, debenture, extendible loan facility and
capital leases, at December 31, 2007 was $23.6 million.
    The Trust is exposed to interest rate risk on debt subject to floating
interest rates, being the operating demand loan, debenture and extendible loan
facility. Pantera pays interest at the Trust's option of the bank's prime rate
plus .75% or bankers acceptance rate plus 2.0%.

    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. The Canadian federal government in 2007 enacted legislation, such
that distributions to unitholders will be taxable for publicly traded income
trusts and, income retained in these trust's will be taxed similar to
corporations. The new tax will not apply to the Trust until January 1, 2011.
The Trust has measured future income tax assets and liabilities associated
with the change in the legislation. There is no impact, on the future tax
recognized in the financial statements, resulting from the implementation of
this tax legislation as it is expected that substantially all existing taxable
temporary differences will reverse prior to January 1, 2011. Accordingly, all
taxable temporary differences have been recognized at a zero taxation rate.
The scheduling of the reversal of temporary differences is based on
management's best estimates and current assumptions, which may change.
    At December 31, 2007 the tax basis for property and equipment exceeds the
accounting basis by an amount in excess of $1.4 million. Other tax balances
including financing and underwriting costs exceed their respective book values
by an amount of $1.2 million.

    Net Earnings

    For the year ended December 31, 2007 net earnings totaled $3.4 million or
$.54 per unit compared with $6.0 million or $1.06 per unit for the year ended
December 31, 2006. The decrease in net earnings was principally attributable
to a decrease in operating days. For the year ended December 31, 2007 compared
with 2006, the number of operating days decreased 9% from 1,099 to 1,003.

    
    -------------------------------------------------------------------------
    SUMMARY OF QUARTERLY
    RESULTS

    FINANCIAL                    2007                        2006
    HIGHLIGHTS          Q4     Q3     Q2     Q1     Q4     Q3     Q2     Q1
    -------------------------------------------------------------------------
    ($000s except
     for units and
     per unit
     amounts)
    -------------------------------------------------------------------------
    Revenue         6,480  8,419  1,195  12,368   8,486  8,088  4,870  9,467
    -------------------------------------------------------------------------
    Gross
     margin(1)      2,535  2,585   (170)  5,105   3,187  3,101  1,366  4,007
    -------------------------------------------------------------------------
    Net earnings
     (loss)           682    733 (1,086)  3,067   1,799  1,587    147  2,430
    -------------------------------------------------------------------------
      Per unit
       (basic
       and
       diluted)(2)    .11    .12   (.17)    .50     .30    .26    .02    .53
    -------------------------------------------------------------------------
    Funds from
     operations(1)  1,347  1,575 (1,027)  3,887   2,220  2,142    479  3,043
    -------------------------------------------------------------------------
      Per unit
       (basic
       and
       diluted)(2)    .21    .25   (.17)    .64     .37    .36    .08    .67
    -------------------------------------------------------------------------
    EBITDA(3)       1,779  1,984   (632)  4,246   2,495  2,251    598  3,396
    -------------------------------------------------------------------------
      Per unit
       (basic and
       diluted)(2)    .28    .31   (.10)    .69     .43    .38    .10    .75
    -------------------------------------------------------------------------
    Capital
     expenditures       -    900    868   3,061  12,421  6,523  3,126  2,206
    -------------------------------------------------------------------------
    OPERATING HIGHLIGHTS
    -------------------------------------------------------------------------
    Number of rigs
     (weighted
     average)(4)      7.0    7.6    8.0     7.0     5.1      6      6    5.1
    -------------------------------------------------------------------------
    Operating days    260    334     16     393     267    313    170    349
    -------------------------------------------------------------------------
    Utilization rate  40%    48%     2%     62%     58%    57%    31%    75%
    -------------------------------------------------------------------------
    Industry
     average(5)       37%    38%    16%     58%     47%    63%    36%    81%
    -------------------------------------------------------------------------

    (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,
        amortization and losses or gains on disposal of equipment. 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 and during Q3, 2007 the utilization
        rates were adjusted to reflect the de-listing of Rig No. 2.
    (5) Source: Canadian Association of Oilwell Drilling Contractors (CAODC).
    

    Fourth Quarter Analysis

    Drilling activity continued to decline throughout the fourth quarter of
2007. Industry utilization rates declined 21% from 47% in the fourth quarter
2006 to 37% in the fourth quarter 2007. This is a direct result of the average
of 65 more rigs competing in a quarter that drilled 5,212 wells in the fourth
quarter 2007 as compared to 6,758 wells in the fourth quarter 2006. On an
operating day basis, Pantera experienced only a slight decrease of 7 days (3%)
from 267 days in the fourth quarter 2006 to 260 days in the fourth quarter
2007. However the growth in Pantera's number of rigs on a weighted average
from 5.1 rigs in the fourth quarter 2006 to 7 rigs in the fourth quarter 2007
resulted in a decline in Pantera's utilization rate from 58% in the fourth
quarter 2006 to 40% in the fourth quarter 2007.
    The downward pressure in day rates combined with the increase in repairs,
labour and other operating costs resulted in a decrease in net earnings.
Pantera recorded net earnings for the three months ended December 31, 2007 of
$682,000 as compared with $1.8 million in 2006.

    
    -------------------------------------------------------------------------
    DISTRIBUTIONS                         Year          Year         Year
                                         Ended         Ended        Ended

                                      December 31,  December 31, December 31,
                                           2007         2006         2005
    -------------------------------------------------------------------------
    ($000s)
    -------------------------------------------------------------------------
    Cash flow from operating
     activities(1)                         6,461         7,566         4,299
    -------------------------------------------------------------------------
    Net earnings                           3,395         5,963         3,891
    -------------------------------------------------------------------------
    Distributions declared(2)              4,572         4,429             -
    -------------------------------------------------------------------------
    Excess of cash flow from
     operating activities over
     distributions declared                1,889         3,137         4,299
    -------------------------------------------------------------------------
    Excess (shortfall) of net
     earnings over distributions
     declared                             (1,177)        1,534         3,891
    -------------------------------------------------------------------------

    (1) Takes into account changes in non-cash working capital balances.
    (2) Cash distributions paid were lower due to distributions reinvestment
        plan. Please refer to statements of cash flow for paid amounts.
    

    For the year ended December 31, 2007 the Trust declared for distribution
$4.6 million, and of that amount, $2.1 million was reinvested in additional
trust units by unitholders participating in the distribution reinvestment
plan. This resulted in a net cash outflow to unitholders of $2.5 million. The
Trust declared for distributions 79% of the funds from operations. After
taking into consideration the amount of distributions reinvested under the
Plan, the cash paid to unitholders on a year-to-date basis equated to 43% of
funds from operations. In determining the amount to distribute consideration
is given, but not limited to, Pantera's interest and debt principal repayment
obligations, capital requirements to maintain its defined assets, capital
investment opportunities, external growth opportunities, the seasonality of
Pantera's business, and legislative change in tax laws by governments in
Canada.

    
    -------------------------------------------------------------------------
    DISTRIBUTIONS                                     Year ended December 31,
                                                          2007        2006
    -------------------------------------------------------------------------
    ($000s except for per unit amounts)
    -------------------------------------------------------------------------
    Cash flow from operating activities                    6,461       7,566
    -------------------------------------------------------------------------
    Add: Changes in non-cash working capital                (679)        318
    -------------------------------------------------------------------------
    Funds from operations(1)                               5,782       7,884
    -------------------------------------------------------------------------
    Distributions declared                                 4,573       4,429
    -------------------------------------------------------------------------
    Cash distributions paid(2)                             2,494       4,091
    -------------------------------------------------------------------------
    Funds retained for future distributions,
     capital expenditures, and debt reduction              1,209       3,455
    -------------------------------------------------------------------------
    Funds from operations per unit(1)                        .92        1.40
    -------------------------------------------------------------------------
    Distributions declared per unit(1)                       .73         .78
    -------------------------------------------------------------------------
    Funds retained per unit(1)                               .19         .62
    -------------------------------------------------------------------------

    (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.
    (2) Represents the distributions declared less the proceeds from the
        distribution reinvestment plan.
    


    OUTLOOK

    Pantera experienced a year of moderate growth in 2007, completing the
conversions of Rig No. 4 to a 3,400 metre double and Rig No. 3 to a 1,600
metre single. In 2007 drilling activity in western Canada declined by 10% to
19,167 wells, and the average rig count increased 10% to 881 rigs. These two
significant factors have reduced the Canadian rig fleet utilization levels by
approximately 33% over the past year. The 38% utilization rate recorded in
2007 is the first year under 50% since 2002.
    The CAODC 2008 Forecast (issued October 29, 2007) for wells to be drilled
is 13,735 wells, representing a 28% decrease from the 2007 total. The
available rig fleet is expected to drop by 40 rigs in 2008, which would be the
first year of decline since 1993. Equipment is being de-listed, and re-located
to stronger markets within North America and other countries in the world.
Canadian oilfield technology is sought after by many countries, and it is
anticipated that international contracts on exportation of new and existing
equipment will continue in 2008.
    With record oil prices and seemingly stable natural gas prices, it
appears that the economic conditions needed for a renewed interest in drilling
in western Canada may be on the horizon. Pantera will endeavor to maintain its
equipment in top notch condition and poised for growth when higher activity
returns. Future growth of the Trust will consist of new rig construction and
the possible acquisition of other businesses complimentary to the Trust's.

    FORWARD-LOOKING STATEMENTS

    Certain statements included in this release constitute forward-looking
statements including, without limitation, such things as revenue expectations,
capital expenditures, legislative changes, changes in industry conditions, the
impact of weather and other seasonal factors that affect business operations,
fluctuations in prevailing commodity prices, the competitive environment to
which Pantera is, or may be, exposed in all aspects of its business and
expected future availability and utilization of Pantera's rigs. Such
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, but are not limited to, 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.
Additional information on these and other factors that could affect Pantera's
operations and financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com) under Pantera's profile. Forward-looking statements in
this discussion 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 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 herein are made as at the date hereof and Pantera does not undertake
any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws.
    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 Canada.

    %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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