Pantera Petroleum Inc. (OTCBB: PTPE) has acquired a 43.21% working interest (32.41% net revenue interest) in 21 leases on 651 acres in Texas from Texas-based Lakehills Production Inc. for $350,000 in cash.

The Baker Ranch Well 80 assets are in West Gomez Field in Pecos County. Pantera has an option with Lakehills to acquire additional working interest in Baker Ranch Well 80 up to a 95% working interest (71.25% net revenue interest) and up to 95% working interests in another four wells known as Baker Ranch Sections 74, 77, 78, and 81 on 2,587 acres for approximately $2.2 million.

Originally operated by Chevron USA Inc., the Baker Ranch 80 Well produced approximately 16.8 billion cubic feet of gas from 1973 until it was plugged in 1992.

Pantera chief executive Chris Metcalf says, “Building upon our successful Sibley 84 #1 well and remaining wells in our Block 83 84 project, our acquisition of the Baker Ranch Well 80 is another great step forward for the company. We are extremely enthusiastic about continuing our growth strategy with the Baker Ranch properties, located in the prolific West Gomez Field, which is a major target for us for future acquisitions.” SJP