Austin, TX 12/5/2007 11:15:38 PM
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Pantera Pete Inc (Otcbb: PTPE)
CORRECTION: Pantera Petroleum Enters into an Agreement to Acquire Chaco Basin Concessions in Paraguay
AUSTIN, TEXAS, Dec 04, 2007 correction is issued with respect to the release issued December 4th at 9:10 AM EST. The stock ticker was incorrectly listed. The correct stock ticker is OTCBB:PTPE. The corrected release follows: Pantera Petroleum, Inc. (hereafter "Pantera Petroleum") is pleased to announce it has signed an exclusive share purchase agreement to acquire up to 85% of two companies that have 100% ownership rights in five concessions representing approximately 16,000 square kilometers in Paraguay in the Chaco Basin, a well established hydrocarbon area where oil and gas has been produced in Bolivia since the 1920's. These five concessions represent combined potential reserves of 6.7 trillion standard cubic feet equivalent ("TCFE") of gas or 1100 million barrels of oil.
About the Chaco Basin Northern Paraguay is underlain by extensions of the prolific Chaco Basin, where current production is over 2 billion standard cubic feet ("BCF") per day gas and over 50,000 barrels per day oil in Bolivia and Argentina. Exploration of the Chaco Basin started in the 1920's in Bolivia and through 2006, 475 new field wildcat wells had been drilled in Bolivia and Argentina. A total of 128 fields were discovered, resulting in a 27% success rate. The success rate improved to 51% during 1997-2006. Reserves in Bolivia and Argentina are estimated at 73 TCF gas and 1.9 billion barrels oil contained in 128 fields. Approximately 1.2 BCF gas per day is exported from Bolivia to Brazil in a pipeline built in 1999-2000. Gas is also exported from Bolivia to northern Argentina.
The Chaco Basin extension into Paraguay is divided into two sub-basins, the Curupayty Sub-Basin to the north and the Carandayty Sub-Basin to the northwest. The eastern Chaco basin, including the Curupayty and Carandayty Sub-Basins, is a relatively unexplored frontier region. Outcrops and wells drilled in eastern Bolivia and northern Paraguay show the existence of the same petroleum system active in the sub-Andean trend in the western part of the Chaco Basin.
America, natural gas is the fastest growing fuel source, with expected demand increasing on average by 2.6% per year, from 4.1 TCF in 2004 to 7.9 TCF in 2030. Brazil accounts for more than 20% of the projected increase in the region's consumption of natural gas in 2030 relative to total consumption in 2004.
As regional players stop investing in Bolivia due to its nationalization program, Paraguay stands to gain from its political stability and favorable economic climate for oil and gas exploration. Given its location to major oil and gas producers, Paraguay is one of the most under-explored regions of the world, with only 27 wells drilled in the Carandayty and Curupayty Sub-Basins in Paraguay. These attractive dynamics have led Pantera Petroleum to take the lead in a major opportunity.
About the Concessions
Curupayty Sub-Basin Pantera Petroleum has rights to four concessions in the Curupayty Sub-Basin, covering approximately 27% of the prospective area in the Sub-Basin, with total potential reserves of 6.5 TCFE if gas or 1080 million barrels if oil. The concessions are named Pantera (3000 square kilometers), Toro and Bahia Negra (combined 7200 square kilometers), and Cerro Cabrera (5170 square kilometers). They are also located in the eastern extensions of the prolific Chaco Basin, where, in Bolivia and Argentina, significant reserves of gas, oil and condensate have been discovered. The tracts are prospective for oil and gas in the same stratigraphic zones that produce in Bolivia and Argentina.
The Pantera Concession, 3,000 square kilometers in area and located on the border with Bolivia, is highly prospective and should yield excellent prospects and leads. It is located in the middle of the Sub-Basin where sand quality should be excellent. This is confirmed by the Phillips Pantera 1 well, drilled in 1995. It encountered excellent sand development in the middle and lower Carboniferous formation. Phillips had identified two prospect leads on what is now the Pantera license, and there is sufficient additional area within the license to yield even more prospect leads.
Carandayty Sub-Basin Pantera has the Tagua Concession of 300 square kilometers covering 1.2% of the prospective area in the Sub-Basin with potential reserves of 0.2 TCFE. The Tagua tract is located in the Sub-Basin on the border with Bolivia. It is approximately 20 kilometers from a Paraguayan well (Mendoza 1-R) that tested gas from two zones and approximately 110 kilometers from the nearest producing field in Bolivia.
The exploration plan will allow proper seismic evaluation of the concessions before drilling begins. An initial six well exploration program is contemplated. These wells are scheduled to follow reprocessing of existing seismic and acquisition of new seismic. The strategy is to schedule the drilling so that information from the first well may be incorporated in the execution of the remaining program. Two appraisal wells are forecast within the initial exploration program. If any of the exploration wells are successful, appraisal wells will be drilled. Average well depth is forecast at 2500 meters, but may vary depending on position in the Sub-Basin.
Further Information
Shareholders and prospective investors are encouraged to visit Pantera Petroleum's website: www.panterapetroleum.com and download Pantera Petroleum's Investor Summary. Please feel free to call investor relations toll-free at 1-866-511-1147 to receive a full corporate investor's package.
About Pantera Petroleum
Pantera Petroleum, Inc. is a publicly traded oil and gas exploration company headquartered in Austin, TX with operations in Asuncion, Paraguay. Our mission is to explore and discover energy supply in North and South America. Our strategy is to acquire and explore known, but under-explored, production areas with the most modern exploration and discovery techniques. Pantera Petroleum Inc. has rights to five concessions in northern Paraguay, covering nearly 16,000 square kilometers, with combined potential reserves of 6.7 TCFE of gas or 1100 million barrels of oil.
On behalf of the Board of Directors PANTERA PETROLEUM, INC.
Chris Metcalf, President and CEO OTCBB:PTPE
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China Organic Agriculture In (OTCBB: CNOA)
China Organic Agriculture Expands on Guidance for Revenues and Profits Going Forward Company to Pursue Senior Exchange Listing; Continued Corporate Initiatives Increasing Productivity at a Rapid Pace
JILIN, China, Dec 05, 2007 China Organic Agriculture, Inc., a growth-driven agricultural and products company leading China's organic foods revolution, today announced that its new business model would continue to produce strong growth through 2008 and beyond. Recently China Organic Agriculture announced a 500% increase in forecast revenues and an over 400% increase in forecasted net income. Several key sales agreements signed by the Company have led to the sharp increase in forecast income. This has allowed the Company to significantly increase production and get more of its flagship product, green and organic rice, to market quickly. The Company is firmly committed to expanding operations and increasing earnings and has already set in motion several initiatives to expand capacity and extend its reach into other fast-growing economies in Asia. Given the progress the Company has made, the Company has determined to seek a listing on a more senior exchange.
"We are very comfortable and confident that our forecasted revenue and profit growth are right on target. At this time we are looking at several more initiatives that will allow our Company to continue a pattern of strong growth for several years to come. And, we expect to announce more positive developments in the coming weeks," said Huizhi Xiao, Chairman of China Organic Agriculture. "We are sure that our shareholders will be pleased with our current and future developments. It is our firm intention to move to a senior exchange such as AMEX or the NASDAQ. Our Company and its loyal shareholders will benefit even more once this occurs," Mr. Xiao concluded.
About China Organic Agriculture China Organic Agriculture is among the largest producers of organic rice in China. CNOA controls all aspects of the process from seeds to planting and processing, R&D and sales. The Company also has an extensive sales network, located in the major cities in China.
CNOA has experienced significant growth since its inception in 2002, and is exempt from Chinese federal taxes as an agricultural company in China. CNOA has put solid plans in place to markedly expand revenues and increase shareholder value. The quality of CNOA's products results in the ability to command and receive prices 15% higher than comparables. CNOA has in excess of 6260 acres dedicated to green and organic rice. The irrigation system is fed from the Nen River, one of the last unpolluted rivers in China, and no chemicals or fertilizers are used in the process. The Company's flagship brand, ErMaPao, has won several quality awards, holds the highest organic certification and is the most popular rice brand in the country.
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Psm Holdings Inc (Pinksheets: PSMH)
PSMI Opening Office in Kansas Phillip Johnson Opens PSM Office
ROSWELL, N.M., Dec 03, 2007 PrimeSource Mortgage, Inc. (PSMI) continues to open branches Nationwide. PSMI proudly announces the opening of an independently owned and operated PrimeSource Mortgage (PSM) office in Overland Park, Kansas. Phillip Johnson, most recently operated within a large net-branch operation in the area, is the owner and operator of this new PSM branch. Johnson has plans in place for further expansion into Kansas City, Missouri. Johnson, with over 30 years of mortgage experience, is well qualified to head up this mortgage-lending office. Johnson began his career with Liberty Mutual Insurance Company where he "learned the value of personal property". Later, Johnson began to focus on Life, Health, and Investments with Mutual of New York. Phillip Johnson was awarded the prestigious Kansas City Chamber of Commerce customer service award. Johnson has had tremendous success in growing his business, gaining knowledge and has made Overland Park his home base for his opening of a PrimeSource Mortgage office.
Johnson believes there are many advantages to being a part of the PrimeSource family. Johnson states, "I am able to realize my life dream of helping people achieve and realize their dreams of financial independence and home ownership. With backing of a larger company with programs to put me above the competition, such as the NWBO platforms and PushMX Software, I am able to offer outstanding service and great products. I appreciate that PSMI is also licensed in 24 states which expands my own outreach." Incorporated in 1991 in Texas, PrimeSource Mortgage, Inc. quickly became a leading mortgage company in the Southwest and is currently licensed in 24 states. One reason for the growth and success of this company is its commitment to personalized customer service embodied in the motto: We Walk You Home. Because the mortgage process is so complex and often confusing, the company has chosen to walk hand-in-hand with each client through the entire process.
PSM Holdings, Inc. (Pink Sheets: PSMH) (PSMH), the parent company, is now a publicly traded company; over-the-counter (OTC) shares became available in October 2005. Ron Hanna, Chairman of the Board, said, "We are excited about this because it offers our customers and staff the opportunity to own a part of our company."
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