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NEWS RELEASE TRANSMITTED BY Marketwire

FOR: PAN ORIENT ENERGY CORP.

TSX VENTURE SYMBOL: POE - | View Quote |  View Chart |  View Financials | 

Pan Orient Energy Corp. Announces Filing of Offer to Acquire Tiger Petroleum Inc.

Aug 29, 2005 - 14:34 ET

CALGARY, ALBERTA--(CCNMatthews - Aug. 29, 2005) - PAN ORIENT ENERGY CORP. (formerly Welwyn Resources Ltd.) (TSX VENTURE:POE):

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Pan Orient Energy Corp. ("Pan Orient") is pleased to announce that it has filed its Offer to Purchase and the accompanying Take-Over Bid Circular (the "Offer") relating to its proposed acquisition of Tiger Petroleum Inc. ("Tiger"). The Offer is open for the acceptance and tender of Tiger security holders until September 30, 2005.

The acquisition consideration consists of one (1) common share of Pan Orient for each four and one quarter (4.25) common shares of Tiger and is subject to certain conditions, including the deposit of not less than 66 2/3% of the outstanding Tiger shares, receipt of all required regulatory approvals and other customary conditions. On August 26, 2005 the closing price of the Pan Orient shares on the TSXV was $1.71, representing a premium of 68% over the $0.24 closing price of Tiger shares on May 10, 2005, being the last day on which the Tiger shares traded on the TSXV prior to being suspended from trading.

The Offer also provides for the acquisition of all of the outstanding convertible debentures of Tiger for, at the election of each holder thereof, (A) cash consideration equal to the principal amount thereof and accrued and unpaid interest thereon, or (B) consideration equal to 870 common shares of Pan Orient for each $1,000 of principal amount thereof and accrued and unpaid interest thereon or (C) any combination of (A) and (B).

Pan Orient currently owns 1,400,000 common shares of Tiger, or approximately 9.4 percent of Tiger's issued and outstanding common shares. After closing of the Tiger acquisition, Pan Orient will have approximately 28.1 million shares outstanding (assuming all Tiger debenture holders convert to Pan Orient shares), approximately $10 million in available uncommitted cash and zero debt.

The Offer can be viewed in its entirety on SEDAR and is currently being mailed to Tiger security holders.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information. Actual future results may differ materially from those contemplated.

(Listed on the TSX Venture Exchange - Symbol "POE" - 23,548,787 common shares issued)
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.

Pan Orient Energy Corp.
Jeff Chisholm
President and CEO
(403) 294-1770

or

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