CALGARY, March 31 /CNW/ - Pantera Drilling Income Trust (TSX: RIG.UN - News) is pleased to announce its financial and operating results for the year ended December 31, 2005 and the launch of its new website.

Financial Highlights

Revenue increased to $22.7 million for the year ended December 31, 2005 from $12.8 million for the year ended December 31, 2004, due to higher rig utilization, higher rig day rates and access to an additional rig for the fourth quarter of 2005. Cash flow from operations increased to $5.4 million for the year ended December 31, 2005 from $1.8 million for the year ended December 31, 2004. Net income increased to $3.9 million for the year ended December 31, 2005 from $850,000 for the year ended December 31, 2004.

	    (000s) except per unit and unit amounts   2005 Q4      2005      2004
	                                            ---------- ---------- -----------

	    Revenue................................ $    8,529 $   22,661 $   12,771
	    Operating expenses.....................      4,929     13,852      8,978
	    Gross margin...........................      3,600      8,809      3,793
	    Depreciation...........................        536      1,560      1,010
	    General & administrative...............        545      1,450      1,066
	    Interest...............................        312        944        860
	    Income taxes...........................        439        964          8
	    Net income.............................      1,768      3,891        850
	    Capital expenditures...................      3,486     11,777        811
	    EBITDA(1)..............................      3,055      7,359      2,728
	    Cash flow before changes in
	     non-cash working capital(2)...........      2,289      5,391      1,800
	    Net income
	      Per unit.............................       0.52       1.18       0.27
	    Units outstanding
	     (weighted average)(3).................  3,435,361  3,286,404  3,204,399

	    Notes:
	    (1)  EBITDA means earnings before interest, taxes, depreciation and
	         amortization. Readers are cautioned that EBITDA does not have a
	         standardized meaning prescribed by GAAP; however, the Trust does
	         compute EBITDA on a consistent basis for each reporting period.
	    (2)  Cash Flow from operations is Operating Cash Flow before net changes
	         in non-cash operating working capital. Readers are cautioned that
	         Cash Flow from Operations does not have a standardized meaning
	         prescribed by GAAP; however, the Trust does compute Cash Flow from
	         Operations on a consistent basis for each reporting period.
	    (3)  The weighted average number of shares and units outstanding includes
	         the October 31, 2005 exchange of Pantera shares for 307,692 trust
	         units and the February 8, 2006 split of the units on a 10.739754 for
	         one basis.

	    Operating Highlights

	    Pantera currently operates six drilling rigs, Rigs No. 2 through 7,
consisting of three stepdown telescopic double drilling rigs, one stepdown
telescopic range III single rig and two coiled tubing drilling rigs. As part
of Pantera's previously disclosed expansion program, Pantera expects to
increase its rig fleet to an aggregate of ten rigs by the end of 2006,
Rig No. 6 commenced operations on September 4, 2005 and Rig No. 7 commenced
operations on March 22, 2006. Each of Rigs No. 6 and 7 was contracted to a
major oil and gas company at the time and conformed to provide contract
drilling services to such companies. Pantera has also committed to build two
additional stepdown telescopic double drilling rigs (Rigs No. 8 and 9) with
the same design as Rigs No. 6 and 7, which are scheduled for delivery in the
summer of 2006. These rigs are being constructed under turnkey contracts that
fix a majority of the costs.
	    On February 22, 2006 the Trust completed its initial public offering of
2,5000,000 trust units at a price of $10.00 per trust unit for gross proceeds
of $25,000,000, at which time the trust units commenced trading on the Toronto
Stock Exchange under the symbol "RIG.UN."
	    For a more detailed analysis of the financial and operating results of
the Trust for the year ended December 31, 2005, please refer to the financial
statements and MD&A of the Trust for the year ended December 31, 2005 filed on
the Canadian System Administrators' System for Electronic Document Analysis
and Retrieval ("SEDAR") at www.sedar.com.

	    Distribution Policy

	    The Trust intends to make monthly distributions of its available cash to
holders of trust units. The Trustees of the Trust have approved a policy to
distribute to Unitholders between 55% to 65% of the funds from operations of
the businesses conducted directly and indirectly by the Trust. Based upon this
policy, the Trust intends to distribute $0.067 per trust unit monthly to
unitholders. The initial distribution of $0.067 was paid to unitholders of
record on February 28, 2006. Cash distributions are not guaranteed and will
fluctuate with the performance of the Trust's operating entity, Pantera
Drilling LP, which is dependent upon oil and natural gas prices, the level of
activity in the oil and gas industry, seasonal weather patterns, competition,
major customers, third party suppliers, key personnel and workforce
availability, among other risk factors.

	    Launch of Pantera Website

	    The Trust is also pleased to announce the launch of its website,
www.panteradrilling.com, which contains information relating to the Management
Team, Pantera's History, the Board of Trustees, Health, Safety and
Environment, and Investor Relations, which contains financial statements,
press releases, management presentations, corporate governance matters and the
Trust's disclosure policy.

	    SEDAR

	    Additional information relating to the Trust, including its Annual
Information Form, can be accessed on the Trust's website at
www.panteradrilling.com and on www.sedar.com.

	    Pantera

	    The Trust is an unincorporated, open-ended, limited purpose mutual fund
trust that owns Pantera Drilling LP. Pantera provides contract drilling
services to oil and gas exploration and production companies operating in the
Western Canada Sedimentary Basin. Pantera currently operates six drilling
rigs, Rigs No. 2 through 7, consisting of three stepdown telescopic double
drilling rigs, one stepdown telescopic range III single rig and two coiled
tubing drilling rigs.

	    Forward Looking Statements

	    This press release contains certain forward looking statements relating
to, but not limited to, operations, anticipated financial performance,
business prospects and strategies, including expectations relating to
construction of new drilling rigs and distributions to unitholders. These
statements are based on current expectations that involve numerous assumptions
regarding factors and risks that could cause actual results to vary
materially, including, without limitation to, the following factors: oil and
natural gas prices, seasonal weather patterns, competition, dependence on
major customers, dependence on third party suppliers, reliance on key
personnel, workforce availability, Pantera had a history of losses, cash flow
from operations, credit history, conflicts of interest, business growth,
government regulation, adequacy of insurance, environmental regulation, Kyoto
protocol, technology and risks in relation to the structure of the Trust.
There is no representation by the Trust that actual results achieved will be
the same in whole or in part as those set out in the forward looking
information. Furthermore, the forward looking statements contained in this
press release are made as of the date hereof, and the Trust undertakes no
obligation, except as required by applicable securities legislation, to update
publicly or to revise any of the included forward looking statements, whether
as a result of new information, future events or otherwise.
	    

For further information

Terry Rosentreter, President and Chief Executive Officer, Pantera Drilling Inc., Suite 600, 407 - 8th Avenue S.W., Calgary, Alberta, T2P 1E5, Telephone: (403) 515-8400, Facsimile: (403) 515-8405