Pan Orient Energy Corp.

Pan Orient Energy Corp.

January 02, 2008 06:00 ET

Pan Orient Energy Corp.: Thailand: Drilling Update

CALGARY, ALBERTA--(Marketwire - Jan. 2, 2008) -


Pan Orient Energy Corp. (TSX VENTURE:POE):

Wichian Buri-1 "Deep" (60% WI & Operator)

WB-1(Deep) has been drilled to a total vertical depth of 1,598 meters, penetrating the top of the target volcanic at 1,501 meters and drilling through the top 97 meters of the approximately 220 meter thick zone. Lost circulation was encountered at 1,552 and 1,585 meters at rates of 20 and 227 bbls/hr, respectively, with approximately 4,900 bbls of drilling fluid lost into the target formation while drilling and logging. Live oil was observed at the surface while drilling at 1,503, 1,556, 1,565 and 1,585 meters. Testing is anticipated to be completed within the next 12 days, initiating in 5 days after the Aztec 14 rig has been moved off location.

Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.

This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-ups. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.

(Listed on the TSX Venture Exchange - Symbol "POE" - 45,218,842 common shares issued)

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pan Orient Energy Corp.
    Jeff Chisholm
    President and CEO
    (403) 294-1770
    Pan Orient Energy Corp.
    Jason Bednar
    Vice President Finance and CFO
    (403) 294-1770