Pan Orient Energy Corp.

Pan Orient Energy Corp.

February 05, 2015 10:40 ET

Pan Orient Energy Corp.: Thailand Transaction Funds Received

CALGARY, ALBERTA--(Marketwired - Feb. 5, 2015) - Further to the Pan Orient Energy Corp. ("Pan Orient" or the "Company") (TSX VENTURE:POE) press release on February 2, 2015 that a wholly owned subsidiary of Sea Oil Public Company Limited, of Thailand, and Pan Orient had satisfied the conditions to closing and accordingly USD $42.5 million in wire transfers had been initiated to the account of Pan Orient, the Company is pleased to announce that all wire transfers totaling USD $42.5 million, including a USD $4 million deposit that had been held in escrow, have been received in the Company's account.

As stated in an earlier press release, it is anticipated that net proceeds to Pan Orient, after closing adjustments and costs will be approximately USD$40.9 million (CDN $50.5 million). This net proceeds amount is after deduction of a 3% finder's fee paid to Epitome Consulting Limited of Singapore under an agreement dated April 5, 2014.

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 "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this press release includes references to anticipated net proceeds and payment of the finder's fee.

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 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
    (located in Bangkok, Thailand)

    Pan Orient Energy Corp.
    Bill Ostlund
    Vice President Finance and CFO
    (403) 294-1770