PanTerra Announces Special Meeting to Approve Common Share Consolidation

    U.S. PERSONS./

    PAN - TSXV

    CALGARY, Sept. 10 /CNW/ - PanTerra Resource Corp. (the "Corporation")
announces that it has scheduled a special meeting ("Meeting") of shareholders
for October 13, 2009 whereby shareholders will be asked to provide the Board
of Directors with the authority to amend the articles of the Corporation (the
"Articles") to provide for the consolidation of the common shares of the
Corporation (the "Common Shares"), on the basis of one (1) new Common Share
for every ten (10) old Common Shares then issued and outstanding, or such
lesser number of old Common Shares as may be accepted by the Exchange (the
"Consolidation"). The number of issued and outstanding Common Shares will be
reduced from 128,710,620 Common Shares to 12,871,062 Common Shares.
Furthermore, each stock option, warrant or other security of the Corporation
convertible into pre-consolidation Common Shares (the "Convertible
Securities") that has not been exercised or cancelled prior to the effective
date of the implementation of the Consolidation will be adjusted pursuant to
the terms thereof on the same exchange ratio described above and each holder
of pre-consolidation Convertible Securities will become entitled to receive
post-consolidation Common Shares pursuant to such adjusted terms.
    Management of the Corporation is of the view that the Consolidation will
offer the Corporation the best opportunity to re-capitalize given the status
of the Corporation's operations and current market conditions. In addition,
the Consolidation is expected to enhance shareholder liquidity and to attract
equity financing in order for the Corporation to meet its working capital
requirements and to fund further acquisitions.
    A further press release will be issued in the event the Consolidation
receives the approval of the shareholders.
    Further details regarding the Consolidation are described in the
Corporation's proxy materials available on

    PanTerra Resource Corp. is an Alberta-based producing 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 "PAN". Further
information can be found at

    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.

For further information:

For further information: Fred P. Rumak, P.Geol., President and C.E.O. at
(403) 261-5900, Email:; or Herve B. Collet, V.P.
Operations, C.O.O. at (403) 261-5900, Email:

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