PanTerra Update



    PAN - TSXV

    CALGARY, July 29 /CNW/ - PanTerra Resource Corp. (The "Company") wishes
to announce that after successfully raising funds in May 2008, it plans to
continue its ongoing exploration and development program in Saskatchewan. The
winter and spring field seasons were very successful and the Company is
currently evaluating the large amount of positive data collected. The Company
has retained a major International reservoir engineering firm to evaluate the
field results and to advise of future completion and stimulation activities.
Combined with the reservoir engineering evaluation, the Company has also
retained the services of a seasoned reservoir consultant who will advise and
direct activities on a go forward basis based on the reservoir engineering
recommendations. All at PanTerra are awaiting the results with great
anticipation and all indications point to an active and exciting field program
to commence in the very near future.
    PanTerra is also pleased to announce that a number of intermediate and
large Canadian and U.S. companies have expressed an interest in the Company's
Saskatchewan project and discussions are ongoing.

    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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