The Pantry Completes Acquisition of 38 Convenience Stores

SANFORD, N.C., June 30, 2009 (GLOBE NEWSWIRE) -- The Pantry, Inc. (Nasdaq:PTRY),
the leading independently operated convenience store chain in the southeastern
U.S., today announced that it has completed the previously disclosed acquisition
of 38 convenience stores from Herndon Oil Corp. The stores operate under a
variety of banners, including Flamingo, and are primarily located in the Mobile,
Alabama market, with the remainder in Florida, Mississippi and Louisiana.

Of the 40 stores included when the acquisition was first announced, one has
since been closed and another was subsequently removed from the transaction. The
38 acquired stores generated revenues of approximately $152 million for the 12
months ended May 2009.

The acquisition, which is expected to be accretive to the Company's earnings per
share in fiscal 2010, was funded with cash on hand. Terms were not disclosed.

About The Pantry

Headquartered in Sanford, North Carolina, The Pantry, Inc. is the leading
independently operated convenience store chain in the southeastern United States
and one of the largest independently operated convenience store chains in the
country. As of June 25, 2009, the Company operated 1,679 stores in eleven states
under select banners, including Kangaroo Express(r), its primary operating
banner. The Pantry's stores offer a broad selection of merchandise, as well as
gasoline and other ancillary services designed to appeal to the convenience
needs of its customers.

Safe Harbor Statement

Statements made by the Company in this press release relating to future plans,
events, or financial performance are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on the Company's current plans and
expectations and involve a number of risks and uncertainties that could cause
actual results and events to vary materially from the results and events
anticipated or implied by such forward-looking statements. Any number of factors
could affect actual results and events, including, without limitation: the
ability of the Company to take advantage of expected synergies in connection
with the acquisition described herein; the actual operating results of stores
acquired; the ability of the Company to integrate the acquisition described
herein into its existing operations; fluctuations in domestic and global
petroleum and gasoline markets; realizing expected benefits from the Company's
fuel supply agreements; changes in the competitive landscape of the convenience
store industry, including gasoline stations and other non-traditional retailers
located in the Company's markets; the effect of national and regional economic
conditions on the convenience store industry and the Company's markets; the
effect of regional weather conditions on customer traffic; financial
difficulties of suppliers, including the Company's principal suppliers of
gasoline and merchandise, and their ability to continue to supply its stores;
environmental risks associated with selling petroleum products; and governmental
regulations, including those relating to the environment. These and other risk
factors are discussed in the Company's Annual Report on Form 10-K and in its
other filings with the Securities and Exchange Commission. In addition, the
forward-looking statements included in this press release are based on the
Company's estimates and plans as of June 30, 2009. While the Company may elect
to update these forward-looking statements at some point in the future, it
specifically disclaims any obligation to do so.

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CONTACT: The Pantry, Inc.
Frank Paci
(919) 774-6700