Pan Orient Energy Corp.

Pan Orient Energy Corp.

August 12, 2008 13:15 ET

Pan Orient Energy Corp.: Thailand Operations Update

CALGARY, ALBERTA--(Marketwire - Aug. 12, 2008) - Pan Orient Energy Corp. (TSX VENTURE:POE)


NSE-A4 appraisal well (60% working interest and operator)

The NSE-A4 appraisal well was drilled to a total measured depth of 923 meters (732.6 m true vertical depth), penetrating the top of the upper volcanic target at a depth of 720.5 meters TVD at a location approximately 350 meters northeast of the NSE-A1 surface location. A 35 meter thick (measured thickness) upper volcanic section was penetrated and, as indicated by the loss of over 23,000 barrels of drilling fluid, was highly fractured. Testing is anticipated to be completed within the 10 days.

L44-C appraisal well (60% working interest and operator)

The L44-C vertical appraisal well was drilled to a depth of 1210 meters through multizone objectives within the F and G sandstones, and a deeper 210 meter thick WB-1 volcanic at a location 1.15 kilometers north of the POE-6 oil discovery and within the POE-6 fault compartment. Oil shows and elevated mud gas readings were observed at a number of stratigraphic levels while drilling and lost circulation was observed over two intervals within the WB-1 deep volcanic. Testing is currently underway over the first of four potential zones and is anticipated to be completed within the next 10 to 14 days.

NSE-B1 horizontal appraisal well (60% working interest and operator)

The NSE-B1 horizontal appraisal well is currently drilling ahead at a depth of approximately 740 metres toward the top of the main volcanic reservoir objective at a subsurface location approximately 100 metres south of the new NSE-B drilling pad, within the NSE central fault compartment. Drilling is anticipated to be completed within approximately 10 days.

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

45,769,766 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