Pantera Drilling Income Trust Declares July Distribution



    /NOT FOR DISSEMINATION INTO THE UNITED STATES/

    CALGARY, July 15 /CNW/ - (TSX:RIG.UN) - Pantera Drilling Income Trust
("Pantera" or the "Trust") today declared a cash distribution relating to the
period July 1, 2008 to July 31, 2008, in the amount of $0.03 per trust unit
payable on August 15, 2008 to unitholders of record on July 31, 2008.
    The Trust has a distribution reinvestment plan (the "Plan"). The Plan
provides eligible unitholders with the opportunity to reinvest their cash
distributions in additional Pantera trust units at 95% of the average market
price, as defined in the Plan. Participation information can be found on our
website at www.panteradrilling.com.
    Cash distributions are not guaranteed and will fluctuate with the
performance of its operating entity, Pantera Drilling LP, which is dependent
upon oil and natural gas prices, the level of activity in the oil and gas
industry, seasonal weather patterns, competition, major customers, third party
suppliers, key personnel and workforce availability, among other risk factors.

    Pantera provides contract drilling services to oil and gas exploration
and production companies operating in Canada. Additional information relating
to the Trust, including its annual information form, can be accessed on the
Trust's website at www.panteradrilling.com and on SEDAR at www.sedar.com.

    The Toronto Stock Exchange has neither approved nor disapproved the
    information contained herein.

    %SEDAR: 00023106E




For further information:

For further information: Lorna Pollock, Pantera Drilling Income Trust,
Suite 600, 407 - 8th Avenue S.W., Calgary, Alberta, T2P 1E5, Telephone: (403)
515-8400, Facsimile: (403) 515-8405, E-mail: lpollock@panteradrilling.com,
Website: www.panteradrilling.com

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PANTERA DRILLING INCOME TRUST

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