January 31, 2013 08:30 ET
CALGARY, ALBERTA--(Marketwire - Jan. 31, 2013) -
Concession L53-DC1 Appraisal Well (Pan Orient Operator and 100% Working Interest)
Pan Orient Energy Corp. (TSX VENTURE:POE) ("Pan Orient" or the "Corporation") announced on January 23, 2013 that the L53-DC1 appraisal well located in the L53 D East oil field area of Concession L53, had encountered approximately 55 meters of net oil pay (true vertical thickness) in six separate sandstone reservoir intervals based on the interpretation of a full suite of open hole wire line logs, mud log data recorded while drilling and offsetting well data. Production testing has now been completed on the deepest sandstone zone utilizing the drilling rig.
Approximately 2.7 meters of net oil pay in the A4 sandstone zone at 775 meters true vertical depth has been tested. Initial results were the recovery of between approximately 250 to 500 barrels of oil per day with water cuts of between 10 to 40 percent. At the end of the approximately 72 hour test period, the water cut had increased to approximately 100 percent suggesting that the A4 sandstone zone penetrated at L53-DC1 was in close proximity to an oil water contact. The oil recovered from the test of the A4 sand was 13.8 degrees API, yet flow rates observed during testing were surprisingly high for this low API gravity oil due to a high reservoir temperature at this location that significantly reduces the viscosity of this heavier crude oil.
The A4 sandstone zone tested at L53-DC1 represents approximately 7.3 meters of net oil pay of the total estimated 55 meters of net oil pay in the entire well. The drilling rig was used to test the A4 sandstone zone in the L53-DC1 well. Testing of the other five separate sandstone reservoir intervals with a service rig will commence in approximately two weeks.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations located onshore Thailand, Indonesia and in Western Canada.
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.
Pan Orient Energy Corp.Jeff ChisholmPresident and CEO(403) 294-1770Pan Orient Energy Corp.Bill OstlundVice President Finance and CFO(403) 294-1770
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