For me, out of God signifies His spoken Word... but I can see how pantheism could be inferred.Creation ex nihilo is a doctrine which developed over against the idea that before God created the world, there was primeval disordered matter, and that creation was the act of shaping and bringing order to that pre-existent matter. (Hence, out of nothing, rather than out of something that already existed).
Ex deo would suggest that the substance, the stuff, of matter was itself made of God's substance, rather than created by God to be separate and distinct from God; it would lead to a kind of panentheism, which is problematic for Christians.
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