AUSTIN, TEXAS--(MARKET WIRE)--Jan 7, 2009 -- Pantera Petroleum, Inc. (OTC BB:PTPE.OB - News) ("Pantera") announces that it has closed its acquisition of ESP Resources, Inc. ("ESP"). Based in Scott, Louisiana, ESP is a custom formulator, manufacturer, distributor, and marketer of specialty chemicals to the oil and gas industry. The senior management of ESP has over 100 years of combined operating experience in the petrochemical industry. ESP began operations in the second quarter of 2007 and has increased sales every quarter since inception with revenues for the calendar year 2008 approaching $2 million. The acquisition of ESP creates an integrated exploration, production, and oil field service company.

In conjunction with the acquisition, Pantera also announces that it has changed its name to ESP Resources, Inc. and appointed three additions to its board of directors. The Company has appointed Dave Dugas, current CEO of ESP, as President and director of the Company. Joining Mr. Dugas to the Board will be Tony Primeaux, current President of ESP Petrochemicals, Inc., and William M. Cox.

About Mr. Dugas: Mr. Dugas, 52, has 30 years of professional engineering and management experience. Mr. Dugas has held positions of increasing responsibility in the areas of production, drilling and reservoir exploitation along with property and acquisition evaluations, operations management and completion design with Chevron and Texas Pacific Oil and Gas. Mr. Dugas was a founding member and co-owner of the company that became Ocean Energy, a NYSE listed company with a multi-billion dollar market capitalization. Mr. Dugas was the Executive Vice-President of the company with responsibility for the property acquisition, management, production and reservoir engineering functions of the company. In November, 2006, Mr. Dugas founded ESP Resources, Inc. to provide petrochemicals and related services to the oil and gas industry in the Gulf of Mexico, Louisiana, Texas, Mississippi, and Oklahoma regions through a wholly-owned subsidiary, ESP Petrochemicals, Inc.

Mr. Dugas received his B.S. degree in Petroleum Engineering from the University of Louisiana at Lafayette, graduating with highest honors. He is a member of the Society of Petroleum Engineers, a lifetime member of Phi Beta Kappa, a member of Tau Beta Pi National Engineering Society and is a licensed professional petroleum engineer in the state of Louisiana.

About Mr. Primeaux: Mr. Primeaux, 53, has 32 years of professional experience in the value-added specialty chemical market. Mr. Primeaux is formerly an owner/operator of Chemical Control, Inc., a specialty chemical company, in the 1980's that was sold to Coastal Chemicals, a larger competitor, after 11 years of successful operations. Mr. Primeaux has expertise in advanced interpretation and application petrochemical technologies, having designed chemical programs to achieve maximum effectiveness in some of the most hostile environments in the operating world of production operations for the oil and gas industry.

Mr. Primeaux founded ESP Petrochemicals, Inc. in March, 2007, and currently serves as President of the organization. Mr. Primeaux received a degree in Business Management from the University of Louisiana at Lafayette.

About Mr. Cox: Mr. Cox, 49, is an executive with extensive experience in the oil and gas industry having served in various capacities as a geologist and asset manager for 26 years. Mr. Cox currently serves as the Exploration Manager for Stone Energy Corporation, an NYSE listed oil and gas Company. His experience as an interpretation and exploration geologist has contributed significantly to the discovery of substantial oil and gas reserves in the offshore and deepwater Gulf of Mexico, including development of opportunities in the East Breaks, Green Canyon, and Garden Banks regions.

Mr. Cox received his Bachelor of Science degree in Geology from the University of Louisiana at Lafayette and is a Certified Petroleum Geologist and a Texas Board Certified Licensed Professional Geologist.

About ESP

ESP Resources, Inc., through its wholly owned subsidiary, ESP Petrochemicals, Inc., is a manufacturer, blender, distributor, and marketer of specialty chemicals to the oil and gas industry. ESP supplies retail and wholesale specialty chemicals for a variety of oil field applications from an 11,000 square foot blending and distribution facility located in Scott, LA. The company maintains corporate headquarters at this facility. ESP distributes its product line throughout the Gulf Coast region of Louisiana, Texas, Mississippi, and Alabama, both onshore and offshore. The wholesale division of the company supplies specialty chemicals to several retailers operating in West Africa. The company's senior management has over 100 years of combined operating experience in the petrochemical industry.

About Pantera Petroleum

Pantera Petroleum, Inc. is a publicly traded oil and gas exploration company (OTC BB:PTPE.OB - News) headquartered in Austin, TX with operations in Midland and Pecos County, TX, and Asuncion, Paraguay. Our mission is to acquire and produce energy fields in North and South America. Our North American assets include certain rights in the Baker Ranch Project and a 10% working interest in the Block 83 84 Project in the West Gomez field in Texas. In South America, Pantera has farm-in rights to five concessions in northern Paraguay, covering nearly 4 million acres.

Shareholders and investors are encouraged to visit Pantera Petroleum's website www.panterapetroleum.com for further information.

On behalf of the Board of Directors

ESP RESOURCES, INC.

Chris Metcalf, CEO

Legal Notice Regarding Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this news release, such as "prospective resources", "likely recovery factors", "prospective reserves", "prospective resource", "risk", "recoverable oil", "possible resource", "potential reserve" and that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 10-KSB and quarterly reports on Form 10-QSB available from us or the SEC.

     Contacts:
     ESP Resources, Inc.
     Chris Metcalf
     CEO
     (512) 391-3868
     Website: http://www.panterapetroleum.com