The Pantry Completes Acquisition of 11 Convenience Stores in South Carolina.

SANFORD, N.C. -- The Pantry, Inc. (NASDAQ: PTRY), the leading independently operated convenience store chain in the southeastern U.S., today announced that it has completed the acquisition of 11 convenience stores in the Spartanburg, South Carolina market from Willard Oil Company, Inc. The stores,

The Company also recently completed the acquisition of a single convenience store in Apex, North Carolina. Separately, the Company has entered into definitive agreements to acquire four additional stores through three transactions. These stores include one in Florida (Naples - the Company's fifth store in that market); two in North Carolina; and one in Alabama. All of these acquisitions, which are subject to regulatory approvals and other customary closing conditions, are expected to close in the Company's third fiscal quarter. They will be financed with a combination of cash on hand and lease financing. Terms were not disclosed.

These transactions bring the total number of stores the Company has acquired or agreed to acquire so far in fiscal 2007 to 152.

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, with revenues for fiscal 2006 of approximately $6.0 billion. As of April 19, 2007, the Company operated 1,638 stores in eleven states under select banners, including Kangaroo Express(SM), 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 acquisitions; the actual operating results of stores acquired; the ability of the Company to integrate acquisitions into its operations; fluctuations in domestic and global petroleum and gasoline markets; realizing expected benefits from our 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 markets we serve; the effect of regional weather conditions on customer traffic; financial difficulties of suppliers, including our principal suppliers of gas and merchandise, and their ability to continue to supply our stores; environmental risks associated with selling petroleum products; governmental regulations, including those regulating the environment; and acts of war or terrorist activity. 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 April 20, 2007. 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.