From the backend of the parking area the old Bills Pond Road heads northeast.  The trail is unmarked however the old road is somewhat obvious and shows at least some use.  The old road climbs gently as it weaves away from the parking area.

As the old road nears the top of a climb, the trail turns left and follows an old road at 0.6 miles. The old road can easily be missed.  The pond comes into view at 0.8 miles as the old road turns right and follows the edge of the pond. There are no trails, but you should head toward the pond at the point where the pond comes into view.  There is a map below.

Directions:  From Lowville, NY 26 to Number Four Road.  Drive 16.2 miles on Number Four Road then turn right onto seasonal dirt Smith Road.  There is a DEC trailhead sign at the intersection.  Take Smith Road 3.8 miles to its end at the parking area for Panther Pond.  At 2.1 miles you'll pass a gate for Trout Lake (private property).

DEC sign for the Panther Pond Parking Area