POE Pan Orient Energy Corp

Concession L53 Onshore Thailand (Pan Orient Operator and 100% Working Interest)

Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (TSX VENTURE:POE) is
pleased to announce that the L53-G2 exploration well is currently on a 90 day
production test producing 24 degree API oil at a rate of approximately 350
barrels of oil per day ("BOPD") with a 0.5% water cut from seven meters of
perforations in eight meters (true vertical thickness) of oil pay in the K40-D
sand. It is planned to continue producing the well at this restricted rate
throughout the duration of the test. The well encountered a combined total of 20
meters of net oil pay averaging 28% to 32% porosity in the K40-D, C, B and A
sands. The L53-G2 well was drilled to a total measured depth 1,650 meters (1,352
meters true vertical depth) from the L53-G well pad approximately 3 kilometers
south of the L53-A field well pad. Further drilling will be required to define
the full extent of the accumulation and two additional wells are being added to
the 2013 Thailand budget to appraise the L53-G2 oil discovery prior to the
release of the drilling rig in June 2013.


The L53-A4ST1 well is currently on a 90 day production test at approximately 50
BOPD of 24 degree API oil with a water cut of approximately 90%. Pan Orient
plans to apply for a single contiguous production license over the L53-A4ST1 and
L53-G2 structures in May and convert the L53-A4ST1 well to a water disposal well
once oil production from the L53-A4ST1 well has depleted and the production
license has been approved in the approximately September to October 2013 time
frame.


The L53-F exploration well located eight kilometers west of the L53-G well pad
was unsuccessful. The drilling rig will now move to drill the L53-DC3 well to
appraise the structurally highest fault compartment in the L53-D East field
which has yet to be penetrated over the majority of the main target sands.


Oil production is currently 1,350 BOPD, with approximately 400 BOPD being
produced at L53-G2 and L53-A4ST1 under 90 day production tests. Oil production
averaged 819 BOPD in the first quarter of 2013 and continued to be impacted by
downtime associated with workovers. Future additions are anticipated from any
success with the two L53-G2 appraisal wells and the L53-DC3 appraisal well. Any
success from the L53-DC3 well may also result in additional wells prior to
releasing the drilling rig.


An updated April 2013 corporate presentation is available today on the company's
website at www.panorient.ca.


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


Readers are cautioned that well test results are not necessarily indicative of
long-term performance or of ultimate recovery.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO (located in Bangkok, Thailand)
jeff@panorient.ca


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

Pan Orient Energy (TSXV:POE)
Historical Stock Chart
From Jun 2024 to Jul 2024

Pan Orient Energy (TSXV:POE)
Historical Stock Chart
From Jul 2023 to Jul 2024