Pan Orient Energy Corp.

Pan Orient Energy Corp.

October 12, 2005 14:24 ET

Pan Orient Energy Corp. Announces 69 Percent Tender to Date to its Offer to Acquire Tiger Petroleum Inc.

CALGARY, ALBERTA--(CCNMatthews - Oct. 12, 2005) -


Pan Orient Energy Corp. (TSX VENTURE:POE) ("Pan Orient") is pleased to announce that 69 percent of Tiger Petroleum Inc. ("Tiger") common shares have been tendered to date to Pan Orient's Offer to Purchase (the "Offer") relating to its proposed acquisition of Tiger. Pan Orient currently owns 1,400,000 Tiger shares and 8,881,840 shares have been tendered to Olympia Trust Company, the depository under the Offer. The Offer is subject to certain terms and conditions and is open for the acceptance and tender of the remaining Tiger security holders until 5 p.m. (Calgary time) on October 20, 2005, at which time Pan Orient anticipates taking up all shares tendered to the Offer. The Offer can be viewed in its entirety on SEDAR.

"We are pleased to have achieved the critical 67 percent of Tiger shares tendered into the Offer" said Jeff Chisholm, President and CEO of Pan Orient. "Pan Orient and Tiger management have been working closely over the past two months focused on the execution of an aggressive fourth quarter 2005 and 2006 work program. Significant progress in procuring long lead time items and necessary permits for drilling and 3D seismic has been made. Announcements regarding the award of 3D seismic and drilling contracts are anticipated to occur shortly, subject to government approval and formal notification to Tiger's 40% working interest partner."

After closing of the Tiger acquisition, Pan Orient will have approximately 28.1 million shares outstanding.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

(Listed on the TSX Venture Exchange - Symbol "POE" - 23,548,787 common shares issued)

The TSX Venture Exchange 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