Sand the wood grain of the panel with a 220-grit sandpaper to remove the finish around the hole.
Place a wet cloth over the damaged area. Turn on an iron and once hot, hold the iron on the wet cloth.
Let the panel dry then sand along the wood grain of the hole.
Fill the hole with the wood putty using a putty knife.
Cut a piece of wood paneling to the same size of the hole if the hole is too large for putty.
Glue around the patch piece edges and set it into the hole. Hold the piece in place until the glue is dry.
Sand the glue around the patch until it is flush with the paneling.
Apply a stain to the paneling that matches the rest of the panel.