In May 2007, Pantheon added another oil and natural gas exploration venture to its portfolio. Pantheon farmed-into a project in Iberville Parish, Louisiana, south of Baton Rouge. Pantheon participated with a 7.5% working interest ("WI").

This venture is operated by Petro-Hunt LLC ("Petro-Hunt"), the oil and gas arm of the Hunt brothers, based in Dallas. PetroHunt also farmed into this project with a 60% working interest ("WI").

Map of Louisiana

Location of Iberville Parish

The farm-in covered two prospects with a combined gross best estimate potential reserves (previously described as "P50 potential reserves") of 45 to 50 million barrels of oil equivalent ("mmboe").

The first well Nottoway Dome was scheduled to be a 15,000 feet test of a feature, unknown until a new 3D seismic survey was shot in 2005. The well never reached total depth and was abandoned after the drill pipe was stuck for a second time. Petro-Hunt LLC, is evaluating options for further drilling.

The other prospect, Point Clair, was a Miocene development play. This was also identified as a result of a 3D seismic survey conducted in 2005. Point Clair was abandoned after finding non-commercial quantities of natural gas.