Jay Cheatham, CEO of Pantheon Resources, said:

"We continue to remain cautiously optimistic for the testing operations in the Kuparuk at Talitha, which is the deepest of five separate horizons and is therefore the first to test. Pre-test analysis has been extremely encouraging, however as always, we caution that we cannot make any definitive assessments until the conclusion of testing operations. All of the horizons encountered oil and offer multi hundred million barrel potential, if successful. As we have previously indicated, these zones combined have been estimated by management to potentially contain over a billion barrels of recoverable oil in a successful case in the Talitha structure, which is particularly exciting. We look forward to informing shareholders of the results of testing once available."