Pantera Drilling Income Trust Declares March Distribution


    CALGARY, March 15 /CNW/ - Pantera Drilling Income Trust ("Pantera" or the
"Trust") (TSX:RIG.UN) today declared a cash distribution relating to the
period March 1, 2007 to March 31, 2007, in the amount of $0.067 per trust unit
payable on April 16, 2007 to unitholders of record on March 30, 2007.
    The Trust has a Distribution Reinvestment Plan (the "Plan"). The Plan
provides eligible unitholders with the opportunity to reinvest their cash
distributions in additional Pantera trust units at 95% of the average market
price, as defined in the Plan. Participation information can be found on our
website at
    Cash distributions are not guaranteed and will fluctuate with the
performance of its operating entity, Pantera Drilling LP, which is dependent
upon oil and natural gas prices, the level of activity in the oil and gas
industry, seasonal weather patterns, competition, major customers, third party
suppliers, key personnel and workforce availability, among other risk factors.
    Pantera provides contract drilling services to oil and gas exploration
and production companies operating in the Western Canadian Sedimentary Basin.
Pantera is committed to providing a safe and reliable fleet of drilling rigs
to its clients. In addition to the deployment of Rig No.'s 8 and 9 in the
fourth quarter of 2006, Pantera recently converted Rig No. 4 from a range 3
telescopic single into a range 2 telescopic double and Rig No.3 from a coil
drilling rig into a 1,600 metre conventional telescopic single. Pantera also
plans to convert its last remaining coil drilling rig into a conventional
telescopic single in the spring of 2007. On completion of these projects
Pantera will have a fleet consisting of two singles and six telescopic doubles
all of which are constructed in 2003 or later. The six telescopic doubles are
all busy drilling for clients in northern Alberta and north-eastern British

    The Toronto Stock Exchange has neither approved nor disapproved the
    information contained herein.

    %SEDAR: 00023106E

For further information:

For further information: Lorna Pollock, Pantera Drilling Income Trust,
Suite 600, 407 - 8th Avenue S.W., Calgary, Alberta, T2P 1E5, Telephone: (403)
515-8400, Facsimile: (403) 515-8405, E-mail:,

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