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

Pan Orient Begins Six Well Program- Onshore Thailand

Jul 11, 2006 - 13:02 ET

CALGARY, ALBERTA--(CCNMatthews - July 11, 2006) -


Pan Orient Energy Corp. (TSX VENTURE:POE) is pleased to announce that the Aztec International rig #7 is currently drilling ahead at 35 meters depth, to a planned total depth of 1,310 meters, on the Pan Orient Energy (Thailand) operated POE-2 well located onshore Thailand, concession L44/43. POE-2 is anticipated to take a total of 12 days to drill and case to total depth and will be targeting the proven and currently producing "F" sand in addition to the deeper, untested "G" sand reservoirs. Based on the December 31, 2005 NI51-101 compliant reserve report issued by Gaffney Cline and Associates, the POE-2 well has the potential to convert 2.35 million barrels of possible recoverable reserves into proven and probable reserves in the "G" sand reservoir alone.

POE-2 is the first of a planned 6 well program to be completed by late August to early September 2006. Five wells will be drilled within the current Wichian Buri and Wichian Buri North producing areas targeting initial production of 100 to 150 bbl/d per well. A sixth well (POE-6), will be targeting a large, separate fault block that if successful, would vastly increase proven and probable reserves.

In addition to the current drilling activities detailed above, work is proceeding on a 15 to 20 exploration and appraisal well program anticipated to commence in early November 2006, post the monsoon period.

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

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.

35,799,620 common shares issued

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

The TSX Venture Exchange 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