PanTerra Files Restated Second Quarter Financial Statements



    PAN-TSXV

    CALGARY, Nov. 16 /CNW/ - The Company wishes to announce that, subsequent
to releasing its interim financial statements as of and for the six months
ended June 30, 2007 the Company discovered discrepancies in certain reported
amounts. The Company has taken steps to correct these discrepancies and to
prevent future similar misstatements. The amended and restated interim
financial statements are available for viewing on SEDAR at www.sedar.com.

    PanTerra Resource Corp. is an Alberta-based resource company focused on
the exploration and development of unconventional shallow and shale gas. The
Company holds three exploration permits and four licenses for a total of
1.1 million acres (net) on four properties 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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