PanTerra Announces Update

    
    /THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
    U.S. PERSONS./

    PAN - TSXV
    

CALGARY, Oct. 1 /CNW/ - PanTerra Resource Corp. (the "Company") is pleased to announce that it has commenced field operations on its recently acquired Tomahawk and Carrot Creek oil producing properties in Alberta.

At Tomahawk, the Company will further enhance net backs by installing gathering facilities to reduce transportation costs. The Company will also be re-activating a currently suspended well to further increase daily oil production.

At Carrot Creek new pumping equipment will be installed on suspended and producing wells to further increase production. The present battery will be upgraded to handle additional production from the newly equipped wells and a recently initiated Cardium water-flood. The Company is also investigating the possibility of drilling horizontal development wells in the Cardium on this property.

The Company is currently investigating other production acquisitions in Alberta and Saskatchewan.

Further the Company announces the resignation of W. G. Turnbull from its Board of Directors.

PanTerra Resource Corp. is an Alberta-based producing oil and gas company and is focused on the exploration and development of conventional and unconventional potential in Western Canada. The Corporation holds 'rights' in various properties in Western Canada. PanTerra trades on the TSX Venture Exchange under the symbol "PAN". Further information can be found at www.panterraresource.com

    
    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    

SOURCE Ikkuma Resources Corp.

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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