NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Pan Orient Energy Corp. (TSX VENTURE:POE) has released its 2007 year-end combined reserves estimates, including its previously announced Andora heavy oil reserves in Canada (as evaluated by DeGoyler and MacNaughton Canada Limited), and its reserves update in Thailand (as evaluated by Gaffney Cline & Associates Ltd., Singapore). Additionally, Pan Orient's 2007 complete Canadian and Thailand NI-51-101 compliant reserves report filings can be found online at www.sedar.com.
Pan Orient's President and Chief Executive Officer, Jeff Chisholm, stated "We are very pleased with these significant reserve increases, considering that our Na Sanun East appraisal program was only approximately 5 months old at the year end evaluation date. We look forward to expanding the aerial extend of our drilling, as well as testing of the multiple potential oil bearing volcanic zones at NSE."
Highlights:
- Proven Thailand recoverable reserves of 3.85 million barrels of oil, an increase of 614% from 0.54 million barrels in prior year.
- Proven + Probable Thailand recoverable reserves of 17.0 million barrels of oil, an increase of approximately 280% from 4.47 million barrels in prior year.
- Proven + Probable + Possible Thailand recoverable reserves assessed at 68.6 million barrels.
Summary:
SUMMARY OF CRUDE RESERVES AS OF JANUARY 1, 2008, AS PROVIDED BY GAFFNEY CLINE & ASSOCIATES LTD & DEGOLYER AND MACNAUGHTON CANADA LIMITED ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Pan Orient Net Marketable Reserves (mbbl) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Proved Thailand 3,849 Probable Thailand 13,157 Sawn Lake heavy oil 73,451
---------------------------------------------------------------------------- Total Proved plus Probable 90,457
Possible Thailand 51,550 Sawn Lake heavy oil 78,529
---------------------------------------------------------------------------- Total Proved plus Probable plus Possible 220,536 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
SUMMARY OF NET PRESENT VALUES AS OF JANUARY 1, 2008, AS PROVIDED BY GAFFNEY CLINE & ASSOCIATES LTD & DEGOLYER AND MACNAUGHTON CANADA LIMITED (BEFORE TAX) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Proved Thailand 193 177 163 152 Probable Thailand 477 391 326 277 Sawn Lake heavy oil 1,049 658 408 247
---------------------------------------------------------------------------- Total Proved plus Probable 1,719 1,226 897 676
Possible Thailand 1,535 1,149 888 705 Sawn Lake heavy oil 1,859 837 406 212
---------------------------------------------------------------------------- Total Proved Plus Probable plus Possible 5,113 3,212 2,191 1,593
SUMMARY OF NET PRESENT VALUES AS OF JANUARY 1, 2008, AS PROVIDED BY GAFFNEY CLINE & ASSOCIATES LTD & DEGOLYER AND MACNAUGHTON CANADA LIMITED. (AFTER TAX) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Proved Thailand 108 100 92 86 Probable Thailand 234 191 160 136 Sawn Lake heavy oil 780 475 281 158
---------------------------------------------------------------------------- Total Proved plus Probable 1,122 766 533 380
Possible Thailand 765 573 443 351 Sawn Lake heavy oil 1,399 627 303 158
---------------------------------------------------------------------------- Total Proved Plus Probable plus Possible 3,286 1,966 1,279 889
SUMMARY OF NET PRESENT VALUES AS OF JANUARY 1, 2008, AS PROVIDED BY GAFFNEY CLINE & ASSOCIATES LTD & DEGOLYER AND MACNAUGHTON CANADA LIMITED (PER SHARE) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Total Proved plus Probable $ 38.00 $ 27.10 $ 19.83 $ 14.94
Total Proved Plus Probable plus Possible $113.01 $ 70.99 $ 48.43 $ 35.21 ----------------------------------------------------------------------------
After Tax
Total Proved plus Probable $ 24.80 $ 16.93 $ 11.78 $ 8.40
Total Proved plus Probable plus Possible $ 72.63 $ 43.45 $ 28.27 $ 19.65 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
1) Thailand reserves and values shown represent Pan Orient's net 60% working interest. 2) Sawn Lake Heavy oil reserves and values shown represent Pan Orient's net 55.4% ownership interest in Andora Energy Corporation. 3) Tables shown assessed reserves at forecast prices. 4) The engineered values disclosed do not represent fair market value. 5) Per share values were calculated based on 45,247,442 Pan Orient shares currently outstanding. Fully diluted Pan Orient shares are 49,808,992. 6) As at December 31, 2007 Pan Orient had approximately $35 million in working capital, mainly comprised of cash.
CVN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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