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

Welwyn Resources Ltd. Announces Name Change and Corporate Update

Jul 26, 2005 - 18:02 ET

CALGARY, ALBERTA--(CCNMatthews - July 26, 2005) -


Welwyn Resources Ltd. is pleased to announce that it has changed its name to Pan Orient Energy Corp. (TSX VENTURE:POE) ("Pan Orient"). Pursuant to a TSX Venture Exchange bulletin, Pan Orient will retain the trading symbol "POE" and the name change will be effective at the market opening Wednesday July 27, 2005. The name change was passed by a special resolution of shareholders on June 30, 2005 and reflects the Company's focus on lower cost, high impact projects in Asia, specifically Thailand, China, India and Indonesia.


On April 28, 2005, Pan Orient announced an acquisition agreement had been executed with the Board of Directors of Tiger Petroleum Inc. ("Tiger"). 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. The agreement also includes a corresponding offer to Tiger convertible debenture holders. The mailing of the offer and the accompanying take-over bid circular to Tiger security holders has been delayed pending completion of required securities commission compliance matters by Tiger, which are currently expected to be completed within the next two weeks.

Tiger is the operator and majority interest holder in approximately 2 million acres of exploration and production licenses in an under-explored basin onshore Thailand. Pan Orient management is preparing for an aggressive 2005 and 2006 exploration and development drilling program that will include the acquisition of approximately 300 square kilometres of 3D seismic.


Pan Orient has executed a 50/50 joint venture agreement with a Hong Kong based corporation that holds Memorandum of Understandings ("MOU's") on eight onshore China oil production and development opportunities located in the Ordos and Songlioa Basins. A detailed in-country review by Pan Orient management in June resulted in the high grading of three of the eight opportunities, all located within the prolific Songlioa Basin. The joint venture is currently negotiating with various parties working towards final agreements and the establishment of a representative office to be located in the Chinese city of Daqing.


Pan Orient, in partnership with the Adani Group (a large Gujurat based Indian conglomerate), submitted bids on two concessions in the May 31, 2005 NELP-V bid round, however both bids were unsuccessful. Over the remainder of 2005, Pan Orient will continue to pursue exploration opportunities in the broader Indian subcontinent region.


Pan Orient was active in the July 2005 Indonesian licensing round submitting a bid, on a 100% working interest basis, for a large, highly prospective oil and gas concession onshore West Java, Indonesia. Pan Orient is evaluating additional Indonesian acreage opportunities in preparation for the second 2005 licensing round with bids due in November 2005.

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

The TSX Venture Exchange has not reviewed and 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.

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.
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


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