Pan Orient Energy Corp.

Pan Orient Energy Corp.

September 19, 2007 20:12 ET

Pan Orient's Andora Energy Corporation and Signet Energy Inc. Complete Combination

CALGARY, ALBERTA--(Marketwire - Sept. 19, 2007) -


Pan Orient Energy Corp. (TSX VENTURE:POE) ("Pan Orient") is pleased to announce that its majority-owned subsidiary, Andora Energy Corporation ("Andora"), has completed the previously announced business combination ("Combination") with Signet Energy Inc. ("Signet"). Pursuant to the Combination, Andora issued an aggregate 10,741,128 common shares to securityholders of Signet. Pan Orient now owns approximately 53.5% of the issued and outstanding common shares of Andora, and has warrants which, if exercised, would increase Pan Orient's ownership to approximately 55.4%. Andora has cash of approximately $3.2 million.

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.

41,634,842 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