Pantera Drilling Income Trust Successfully Completes $5.28 Million Rights Offering



    (TSX: RIG.UN)

    CALGARY, Oct. 27 /CNW/ - Pantera Drilling Income Trust ("Pantera" or the
"Trust") announces that it has successfully completed its previously announced
rights offering. A total of 1,686,277 units of the Trust were issued under the
rights offering to persons who exercised rights issued under the offering and
to members of the Board of Trustees of the Trust, or assignees thereof,
pursuant to stand-by commitments previously agreed to and described in the
Trust's rights offering circular dated September 17, 2008 for gross proceeds
to Pantera of approximately $5.28 million.
    The proceeds of the rights offering will be used to fund capital
expenditures, or repay indebtedness incurred to fund capital expenditures,
including the acquisition of certain assets to be utilized on the Trust's own
rigs that are typically rented by the Trust's customers, including top drives
and hevi-wate drill pipe and other ancillary equipment.

    About the Trust

    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.

    Forward-Looking Statements

    Certain statements included in this press release constitute
forward-looking statements. Such forward-looking statements involve unknown
risks, uncertainties and other factors that may cause actual results,
performance or achievements of Pantera to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Additional 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 press release may include, but are not limited to, statements regarding
the use of proceeds realized from the rights offering. 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 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.
    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in any jurisdiction. The
securities offered will not be and have not been registered under the United
States Securities Act of 1933 and may not be offered or sold in the United
States or to a U.S. person, absent registration or an applicable exemption
therefrom.
    %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

Organization Profile

PANTERA DRILLING INCOME TRUST

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