Pan Orient Energy Corp.
TSX VENTURE : POE

Pan Orient Energy Corp.

May 19, 2006 20:00 ET

Pan Orient Energy Corp.: News Release

CALGARY, ALBERTA--(CCNMatthews - May 19, 2006) -

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

Pan Orient Energy Corp. (TSX VENTURE:POE) has completed settlement agreements, on behalf of its subsidiary Tiger Petroleum Inc. ("Tiger"), with five former directors, officers and consultants of Tiger. The settlement agreements relate to termination of employment contracts, and in some instances statements of claim against Tiger that existed prior to Pan Orient's acquisition of Tiger in October, 2005. The aggregate of the settlements is $145,667 and the current issuance of 117,647 common shares of Pan Orient at a deemed price equal to the current market price of Pan Orient's common shares in exchange for the release of all claims against Tiger. All amounts, with the exception of $45,000, was paid or accrued for in Pan Orient's 2005 financial statements. Pan Orient was aware of all such claims at the time of the acquisition and views them as a cost of the transaction, and is not aware of any further claims.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

35,681,973 common shares issued


The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

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