Pan American Energy Signs a New Operation Agreement in Chile

    

Pan American Energy LLC, Argentine Branch

Pan American Energy LLC, Argentine Branch informs that today its affiliate
company, Pan American Energy Chile Limitada entered into an Operation Agreement
("Contrato Especial de Operaci�n") with the Republic of Chile to explore and
produce hydrocarbons in the Coir�n Block, with has a surface area of 3,864
square kilometers, in the region of Magallanes, south of Chile.

The execution of this Agreement is the result of the international tender
process launched by the Ministry of Mining of the Government of Chile on June
10, 2007 by which Pan American Energy Chile Limitada was awarded with such
Operation Agreement.

The committed work program to explore and produce hydrocarbons in the Coir�n
Block amounts to USD 34 million for the three exploration periods, with a
minimum investment of USD 10 million during the first three years.

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