Pan Orient Energy Corp.

Pan Orient Energy Corp.

September 06, 2012 08:30 ET

Pan Orient Energy Corp.: Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - Sept. 6, 2012) - Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (TSX VENTURE:POE) announced today that it granted options to purchase 1,790,000 common shares under Pan Orient's stock option plan, of which 1,625,000 were granted to directors and officers. Each option has an exercise price of $2.71 (being the September 5, 2012 closing price of the shares on the TSX Venture Exchange), vests as to 1/3 on the grant date and 1/3 on each of the first and second anniversaries of the grant date and expires on September 5, 2017.

Pan Orient also reduced the exercise price of its 3,881,500 previously outstanding stock options by $0.75, corresponding to the reduction in fair market value of its common shares resulting from the $0.75 distribution per common share announced on June 25 and August 21, 2012 and paid today. The reduction was made pursuant to an adjustment provision in the Corporation's stock option plan and is subject to regulatory approval.

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 press release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "plan", "intend", "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this press release includes, but is not limited to the vesting and expiry dates of stock options. By its very nature, the forward-looking information contained in this press release requires Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. In addition, the forward-looking information contained in this press release is subject to known and unknown risks and uncertainties and other factors, some of which are beyond the control of Pan Orient, which could cause actual results, expectations, achievements or performance to differ materially. Although Pan Orient believes that the expectations reflected in its forward-looking information are reasonable, it can give no assurances that those expectations will prove to be correct. Pan Orient undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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.
    Bill Ostlund
    Vice President Finance and CFO
    (403) 294-1770