PanTerra Announces GORR Exchange



    PAN - TSXV

    CALGARY, July 3 /CNW/ - PanTerra Resource Corp. (The "Company") wishes to
announce that as it proceeds with its go forward plans and pursuant a
non-arm's length agreement dated June 23, 2008 between the Company and Fred P.
Rumak, an Officer and Director of the Company, Mr. Rumak has exchanged his
entire 2% Gross Overriding Royalty ("GORR") on PanTerra's Foam Lake, Moose Jaw
and Shell Lake properties for 2,200,000 fully-paid shares of the Company at a
deemed price of $0.60 per share (the "Transaction"). A Special Committee
consisting of three independent directors was formed to evaluate the GORR and
make the offer to Mr. Rumak. The valuation of the GORR was based on parameters
established by the previously-announced acquisition of a 50 percent working
interest in the same properties from Stealth Ventures Inc. in September 2007.
The special committee engaged Haywood Securities Inc. ("Haywood") to act as
independent financial advisors in connection with the Transaction. Haywood has
provided its opinion to the Special Committee and the Board of Directors that
the Transaction is fair, from a financial point of view, to the shareholders
of the Company. Closing of the Transaction is subject to the final approval of
the TSX Venture Exchange.
    The acceptance by Mr. Rumak of increased equity in the Company
demonstrates and confirms his confidence in the Company's prospects and his
ongoing commitment to commercialization of PanTerra's properties, of which the
Company controls a 100% working interest with 'all rights' from surface to
basement on approximately 1.1 million acres in the province of Saskatchewan.

    PanTerra Resource Corp. is an Alberta-based resource company focused on
the exploration and development of unconventional shallow and shale gas and
its deeper rights potential in the Province of Saskatchewan. The Company holds
all rights in three Exploration Permits for a total of approximately
1.1 million acres in the Province of Saskatchewan. PanTerra trades on the TSX
Venture Exchange under the symbol "PAN". Further information can be found at
www.panterraresource.com.

    The TSX Venture Exchange has not reviewed nor accepts responsibility for
    the adequacy or accuracy of the contents of this news release.





For further information:

For further information: Fred P. Rumak, P.Geol., President and C.E.O. at
(403) 261-5900, Email: fred@panterraresource.com; or Herve B. Collet, V.P.
Operations/C.O.O. at (403) 261-5900, Email: herve@panterraresource.com


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