Pan Orient Energy Corp.

Pan Orient Energy Corp.

November 22, 2006 10:42 ET

Pan Orient Energy Corp.: Thailand POE-7 Well Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 22, 2006) -


Pan Orient Energy's (TSX VENTURE:POE) POE-7 appraisal well was drilled to a total depth of 1,125 meters on November 21, 2006. An initial review of open hole logs was inconclusive; however, RFT pressure data surveys indicated all prospective reservoir zones were likely water bearing. As a result, the decision has been made to plug and abandon the well.

After abandonment operations on POE-7 the Aztec #7 rig will be utilised for well testing and remediation operations while the POE-9 drill pad construction is completed. POE-9 is anticipated to spud in early December 2006 and will be the last well of the first phase 8 well drilling program. Testing operations continue on the six wells drilled previously.

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.

40,040,770 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