Pan Orient Energy Corp.
TSX VENTURE : POE

Pan Orient Energy Corp.

March 16, 2009 06:00 ET

Pan Orient Announces 2008 Year End Thailand Reserves Update

CALGARY, ALBERTA--(Marketwire - March 16, 2009) -

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Pan Orient Energy Corp. (TSX VENTURE:POE) today released its 2008 year-end Thailand reserves estimates, as evaluated by Gaffney Cline & Associates Ltd., Singapore.

Highlights:

- Net present value (discounted 10 AFTER Tax - forecast prices) of $357 million ($7.83 per Pan Orient share) attributed to its Thailand Proven + Probable reserves, an increase of 42% from $252 million in prior year.

- Proven + Probable Thailand recoverable reserves of 25.0 million barrels of oil, an increase of 47% from 17.0 million barrels in prior year.

- Proven Thailand recoverable reserves of 5.58 million barrels of oil, an increase of 45% from 3.85 million barrels in prior year, excluding production of 1.75 million barrels net to Pan Orient during 2008.

- Proven + Probable + Possible Thailand recoverable reserves assessed at 55.3 million barrels.

- Reserves do not include 3.85 million barrels of mid-case estimated contingent resources assigned to the L44-R structure.



Summary:

SUMMARY OF THAILAND CRUDE RESERVES AS OF JANUARY 1, 2009, AS PROVIDED BY
GAFFNEY CLINE & ASSOCIATES LTD.
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Pan Orient
Marketable Reserves (mbbl)
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Proved
Thailand 5,580
Probable
Thailand 19,383

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Total Proved plus Probable 24,963

Possible
Thailand 30,308

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Total Proved plus Probable plus Possible 55,271
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SUMMARY OF THAILAND NET PRESENT VALUES AS OF JANUARY 1, 2009, AS PROVIDED BY
GAFFNEY CLINE & ASSOCIATES LTD. (BEFORE TAX)
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Present values - $millions - BT Undiscounted 5% 10% 15%
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Proved
Thailand 266 237 214 195

Probable
Thailand 835 631 489 389

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Total Proved plus Probable 1,101 867 703 584


SUMMARY OF THAILAND NET PRESENT VALUES AS OF JANUARY 1, 2009, AS PROVIDED BY
GAFFNEY CLINE & ASSOCIATES LTD. (AFTER TAX)
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Present values - $millions - AT Undiscounted 5% 10% 15%
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Proved
Thailand 143 128 115 105

Probable
Thailand 414 312 241 191

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Total Proved plus Probable 557 439 357 296


1) Thailand reserves and values shown represent Pan Orient's net 60% working
interest.
2) Tables shown assessed reserves at forecast prices.
3) The engineered values disclosed may not represent fair market value.
4) Per share values were calculated based on 45,568,366 Pan Orient shares
currently outstanding. Fully diluted Pan Orient shares are 50,084,866.


On February 23, 2009, Pan Orient released its Andora Energy Corporation heavy oil reserves in Canada, as evaluated by DeGoyler and MacNaughton Canada Limited. Pan Orient's 2008 complete Canadian and Thailand NI-51-101 compliant reserves report filings can be found online at www.sedar.com.

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.

45,568,366 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
    or
    Pan Orient Energy Corp.
    Jason Bednar
    Vice President Finance and CFO
    (403) 294-1770
    Email: jason@panorient.ca