Versions newer than 0.1 are using sqlalchemy-migrate to manage the database.
Run the following commands to initialize the sqlalchemy-migrate repository:
$ ownpaste db_version_control 1 --config-file=/path/to/config-file.cfg
$ ownpaste db_upgrade --config-file=/path/to/config-file.cfg
You’ll also need to re-generate the password hash, using the following command:
$ ownpaste generatepw --config-file=/path/to/config-file.cfg
Please follow the instructions, and update the password in your configuration file.