Caddo Onstream/Wharton update

Pantheon Resources PLC
13 February 2007

February 13, 2007

PANTHEON RESOURCES PLC

Third Field Onstream At Project Wharton

The Board of Pantheon ('Pantheon') is pleased to report the start-up of
production at its third natural gas field in its Project Wharton venture. The
Caddo field came onstream on February 8, 2007 at an initial rate of 400 thousand
cubic feet of natural gas per day (mcfd). Pantheon has an 18.75% working
interest ('WI') in Caddo.

Output from Caddo will augment existing production from Pantheon's two other
natural gas fields, Zebu (9.375% WI) and Mohawk (18.75% WI).  Pantheon's
production on a WI basis has more than tripled since Zebu was brought onstream
in late September 2006. From a monthly average of 33.5mcfd to Pantheon in
October 2006, current combined output is estimated at around the 110 to 120 mcfd
level.

These fields make up an attractive and growing income stream for Pantheon. This
increasing natural gas production occurs at a time of improved US natural gas
prices. It represents an important income stream for a small company such as
Pantheon and also offers attractive near term financial returns. These fields
and prospects are all small and at shallow depths. In addition, easy access to
infrastructure has enabled Pantheon to generate cash flow quickly from its
discoveries.

Pantheon plans to drill another exploration well, Baptist, in first quarter
2007. A further three wells in and around the company's discoveries are
currently scheduled for 2007. As these are not subject to the farm-in terms,
they would have a higher value to Pantheon, if successful.

Since its initial farm-into three projects in June 2006, Pantheon has farmed
into three more prospects and drilled five wells on Project Wharton. The current
interests and status of all prospects in which Pantheon has an interest are
shown in table 1

Table 1: Project Wharton and Pantheon's Interests

Prospect                          Pantheon Working Interest       Status

Zebu #1                                       9.375%              Producing
Caddo #1                                      18.75%              Producing
Dakota #1                                     18.75%              P&A non-commercial shows
Mohawk #1                                     18.75%              Producing
Baptist #1                                    11.50%              Drilling scheduled for 1Q 2007
Kant #1                                       18.75%              P&A non-commercial shows
Source: Everest Resource Company

Project Wharton provides Pantheon with low risk plays to balance the higher risk
/reward plays at the PI Project Area. Overall exploration risk for the Project
Wharton prospects is regarded as low, ranging from 50% to 80%. This compares
with 15% to 36% for the deep JV of the PI Project Area.

Zebu (Pantheon 9.375%)

Zebu #1 was discovered in August 2006 and commenced production on September 29,
2006. The well is currently producing around 215 to 220 mcfd. Zebu discovered
natural gas in two Frio sands. It is producing from the deeper zone at around
4,280 feet ('ft'). The primary objective, which encountered natural gas at
around 3,750 ft, remains to be completed for production. The Joint Venture
intends to produce from the secondary zone until depleted and then complete the
primary zone higher up the well bore. The success has led the Joint Venture to
plan on drilling another Zebu well in 2007.

Mohawk (Pantheon 18.75%)

Mohawk #1 was discovered in October 2006 and brought onstream on December 1,
2006. It has been producing within a consistent 110 to 120 mcfd range since
start-up. Mohawk #1 encountered natural gas in both its primary and secondary
Frio objectives.

The success at Mohawk has led the Joint Venture to plan to drill another Mohawk
well. The Mohawk #2 will test a slightly smaller amplitude anomaly (30 acres) at
4,075 ft that is very similar to, but fault separated from the Mohawk #1
anomaly. As this is not subject to the farm-in terms, it would have a higher
value to Pantheon, if successful.

Caddo (Pantheon 18.75%)

Caddo #1 encountered natural gas in a shallow Frio formation at around 4,470 ft
and was completed for production testing in November, 2006. The Caddo #1
discovery is particularly important. It is located in an area of mutual interest
that covers a large area where six other prospects exist. These target
comparable Yegua and Frio anomalies, but Miocene objectives are also present in
all of them

In accordance with the AIM Rules, the information in this report has been
reviewed and signed off by Mr Robert Rosenthal, (BSc Geology, MSc Geology),
Technical Director at Pantheon Resources Plc, who has over 30 years relevant
experience within the sector.
Contacts:

Pantheon Resources Plc

Sue Graham, Chairman                                     [phone]

Oriel Securities Limited

Scott Richardson Brown                                   [phone]


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