Press Releases

Final Results for the Year Ended 30 June 2011

Pantheon Resources plc ("Pantheon", the "Company" or the "Group"), the AIM-quoted oil and gas exploration company active in Louisiana and Texas, today announces its final results for the year ended 30 June 2011.

HIGHLIGHTS

• Pantheon experienced mixed fortunes in the financial year ending 30 June 2011.

• Plans to drill a second well, Kara Farms #1, (“KF#1H”) on the Tyler County Joint Venture, were thwarted by the impact of adverse macroeconomic factors. 

• Currently events are unfolding in a manner which may have a major positive impact on shaping Pantheon’s future, both in terms of drilling activity and reserve accretion.

• The operator, Vision Gas Resources LLC, has informed Pantheon that it is in active and advanced discussions with another company relating to a possible restructuring of the Tyler County project. Pantheon’s position is not impacted.

• Terms under discussion are understood to include a change of operatorship and an acceleration of the drilling programme for KF#1H.

• Pantheon has also been advised that it will be some time before the results of the current negotiations are available.

• During the financial year under review further analyses were conducted which reinforced the JV’s opinion that Tyler County was a highly attractive play.

• The KF#1H well has two independent targets, both considered low risk and economic at current prices.

• The Group’s share of the KF#1H well is fully funded.

• Projected economics for the Tyler County project remain positive at current natural gas price. Leverage from either a modest natural gas price increase or reduction in service costs is high. 

• Loss for the year of £1.9 million versus £2.5 million last year. Results dominated by impairment charges of £1.2 million relating to the carrying value of the Group’s Bullseye assets in Louisiana. These reflect impairments taken by operator, Golden Gate Petroleum Ltd.

• Notwithstanding this, the Directors are of the opinion that the Bullseye acreage offers the potential for several more high quality locations in the Miogyp formation, as well as the still untested Camerina location.

Annual Report and Accounts

 The Annual Report and Accounts for the financial year ending 30 June 2011 will be posted shortly to shareholders, copies of which are available on the Company's website at:

www.pantheonresources.com

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.