Pan Orient Energy Corp.

Pan Orient Energy Corp.

November 19, 2007 06:00 ET

Pan Orient Energy Corp.-Thailand: NS5-D1 Tests at 240-440 bopd

CALGARY, ALBERTA--(Marketwire - Nov. 19, 2007) - Pan Orient Energy Corp. (TSX VENTURE:POE) -


NS5-D1 Well (60% WI & Operator)

Pan Orient Energy Corp.'s recently drilled Na Sanun East ("NSE") oil field well NS5-D1 has been flowing at rates of between 240 and 440 barrels per day ("bopd") of 35 degree API crude in addition to a BS&W currently averaging 4-6%. The well is on free flow through only the casing on a choke setting of 17/64 inch, and is currently shut-in on the tubing. Flowing casing head pressure is 60-120 psi and shut in tubing head pressure is 40 psi. The well will be put on beam pump over the next few days at which time it will be flowed through both the tubing and casing.

NS5-D1 was drilled within the central fault compartment of the NSE oil field, approximately 400 meters south of L44-H. The well penetrated the main volcanic reservoir in the structurally lowest position of any well drilled to date and reached total depth approximately 8 meters deeper than any previous well, below initially interpreted structural closure.

Current total field production capacity is now greater than 6,000 bopd with average deliveries to the refinery of over 5,000 bopd, the difference being the capacity of the current number of available trucks to deliver oil to the refinery. Trucking capacity is anticipated to increase to 5,800 bopd by month end. Negotiations are currently underway to bring on a third loading bay with 3,000 bopd capacity at the existing refinery and for a new sales contract at a second refinery, for an additional 6,000 bopd capacity, which would be subject to government approval of the Na Sanun East production license.

All other NSE wells continue to perform with restricted oil rates and very low water cuts.

L44H-D1 (60% WI & Operator)

The Aztec #14 rig is currently setting casing just above target on deviated well L44H-D1, located within the central fault compartment of the NSE structural closure with a subsurface target location approximately 700 meters south of L44-H. Total depth is anticipated to be reached within 5 days. This is the third well drilled into NSE's central fault compartment.

NS6-D1A Sidetrack (60% WI & Operator)

The Aztec #7 rig is currently setting casing just above target on deviated well NS6-D1A, located within the south fault compartment of the NSE structural closure approximately 400 meters north of the original POE-9 discovery well. Total depth is anticipated to be reached within 5 days. This is the fifth well drilled into NSE's southern fault compartment.

Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand 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.

45,134,842 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
    Pan Orient Energy Corp.
    Jason Bednar
    Vice President Finance and CFO
    (403) 294-1770