The Pantry to Acquire 19 Stores from Lee-Moore Oil Company

Peter J. Sodini, President and Chief Executive Officer of ThePantry, said, "We are pleased to announce this acquisition, whichfurther strengthens our position in North Carolina. All of theacquired stores and dealer fuel supply locations currently sell Exxonor Mobil gasoline brands and will immediately be transferred to ourrecently executed branding and fuel supply agreement with ExxonMobilOil Corporation. We expect this transaction to be immediatelyaccretive to our earnings per share."

The acquisition, which is subject to regulatory approvals andother customary closing conditions, is expected to close in theCompany's second fiscal quarter. The Company plans to finance thetransaction with cash on hand and seller lease financing. Terms werenot disclosed.

About The Pantry

Headquartered in Sanford, North Carolina, The Pantry, Inc. is theleading independently operated convenience store chain in thesoutheastern United States and one of the largest independentlyoperated convenience store chains in the country, with net sales forfiscal 2005 of approximately $4.4 billion. As of September 29, 2005,the Company operated 1,400 stores in eleven states under a number ofbanners including Kangaroo Express(SM), Golden Gallon(R), andCowboys(SM). The Pantry's stores offer a broad selection ofmerchandise, as well as gasoline and other ancillary services designedto appeal to the convenience needs of its customers.

Safe Harbor Statement

Statements made by the Company in this press release relating tofuture plans, events, or financial performance are "forward-lookingstatements" within the meaning of the Private Securities LitigationReform Act of 1995. These forward-looking statements are based on theCompany's current plans and expectations and involve a number of risksand uncertainties that could cause actual results and events to varymaterially from the results and events anticipated or implied by suchforward-looking statements. Any number of factors could affect actualresults and events, including, without limitation: the ability of theCompany to take advantage of expected synergies in connection withacquisitions; the actual operating results of stores acquired; theability of the Company to integrate the acquisition into Company'soperations, fluctuations in domestic and global petroleum and gasolinemarkets; changes in the competitive landscape of the convenience storeindustry, including gasoline stations and other non-traditionalretailers located in the Company's markets; the effect of national andregional economic conditions on the convenience store industry and themarkets we serve; the effect of regional weather conditions oncustomer traffic; financial difficulties of suppliers, including ourprincipal suppliers of gas and merchandise and their ability tocontinue to supply our stores; environmental risks associated withselling petroleum products; governmental regulations, including thoseregulating the environment; and acts of war or terrorist activity.These and other risk factors are discussed in the Company's AnnualReport on Form 10-K, as amended, and in its other filings with theSecurities and Exchange Commission. In addition, the forward-lookingstatements included in this press release are based on the Company'sestimates and plans as of December 8, 2005. While the Company mayelect to update these forward-looking statements at some point in thefuture, it specifically disclaims any obligation to do so.