POE Pan Orient Energy Corp

Pan Orient Energy Corp. ("Pan Orient" or the "Corporation") (TSX VENTURE:POE) is
pleased to provide an update on operations in Thailand.


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

Thailand Oil Production

Oil sales averaged 534 BOPD in January and 522 BOPD over the past 30 days.
Current production is 558 BOPD with an additional approximately 530 BOPD shut-in
(total current production capacity of 1,088 BOPD) until the approval of the
L53-G production Environmental Impact Assessment ("EIA") now anticipated in
late-February 2014, an approximate one month delay from the previous estimate.
The current daily production rate is 132 BOPD less than the 690 BOPD reported on
December 18, 2013 is mainly due to the end of flush production from the work
over at the L53-A1 well. 


Oil sales averaged 963 BOPD in the fourth quarter of 2013 and reflects the
shut-in of wells in the L53-G field at the end of their respective testing
periods (L53-G3ST1 which was producing approximately 80 BOPD when shut-in on
September 12th, L53-G4 which was producing approximately 40 BOPD when shut-in on
November 15th and L53-G2 which was producing approximately 410 BOPD when shut-in
on December 6th).


An additional approximately 3,600 barrel of oil is currently in inventory due to
the increased cycle time required to get this heavier oil to water cut
specifications of the refinery. Upon approval of the L53-G production EIA, a
large volume of light oil will be available to blend with the heavier oil and
allow the inventory to be sold during the first month at an estimated 100 BOPD. 


One well work over was conducted in December 2013 that was unsuccessful in a
zone with no reserves attributed to it, and a second originally planned work
over was deferred. 


L53 Operations

On September 9, 2013 the L53-G production EIA was submitted with approval now
anticipated in late-February 2014. On August 13, 2013 the production license
application for the L53-G discovery was submitted and was approved on January
13, 2014. Both production EIA and production license approvals are required to
commence long term production that is not subject to 90 day test periods.


Location construction has been completed at the L53 "A" Central site and a rig
contract has been signed with drilling of this potentially high impact prospect
anticipated to commence in late February and take approximately fourteen days to
reach total depth. 


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.


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. 


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

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