PanTerra To Acquire Central Alberta Gas

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

    TSX-V: PRC
    

CALGARY, Oct. 21 /CNW/ - PanTerra Resource Corp. (The "Company") wishes to announce that it has received acceptance of its offer to purchase a producing gas property located in central Alberta. Closing is set for mid next week. Upon closing, the purchase will increase PanTerra's current daily production by 33% (75% oil, 25% gas). Field work on the newly acquired property is planned immediately after closing which will further enhance its existing production.

The Company is also continuing with additional field work on its Carrot Creek and Tomahawk properties in Alberta to further enhance production and netbacks. Completion of these projects is anticipated by mid November.

PanTerra Resource Corp. is an Alberta-based oil and gas company currently producing approx 60 BOPD 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 "PRC". Further information can be found at: www.panterraresource.com.

READER ADVISORY

This news release contains certain forward-looking statements, which include assumptions with respect to (i) the completion of the Consolidation; (ii) the effect of the Consolidation on the volume and trading price of the Common Shares; (iii) future capital expenditures; and (iv) cash flow. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.

Certain information regarding PanTerra set forth in this document, including management's assessment of PanTerra's future plans and operations may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond PanTerra's control, including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, competition, the lack of availability of qualified personnel or management, inability to obtain drilling rigs or other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected, stock market volatility, delays resulting from our inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Readers are cautioned that the foregoing list of factors is not exhaustive. PanTerra's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Corporation will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

Additional information on these and other factors that could affect PanTerra'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) or PanTerra's website (www.panterraresource.com).

The forward-looking statements contained in this document are made as at the date of this news release and PanTerra 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.

    
    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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