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

Pan Orient Energy Corp.: Thailand Drilling Update

May 09, 2007 - 08:00 ET

CALGARY, ALBERTA--(CCNMatthews - May 9, 2007) -


Pan Orient Energy Corp. (TSX VENTURE:POE):

Na Sanun-3 Appraisal Well

Na Sanun-3, located on the southern most limb of the 3.1 square kilometer Na Sanun structure, was drilled and cased to a total depth of 1,060 meters on April 24, 2007. One volcanic reservoir interval approximately 77 meters thick was encountered at a depth of 961 meters with oil shows encountered over the upper 20 meters. Subsequent testing over a gross interval of approximately 62 meters (961 meters to 1023 meters) resulted in water production at rates of approximately 75 barrels per day with traces of oil and gas. Testing operations will continue and likely include the setting of a bridge plug in an attempt to isolate water which may be originating from the deepest set of perforations.

Na Sanun-4 Appraisal Well

Na Sanun-4, located approximately midway between Na Sanun-1 and Na Sanun-3 has set intermediate casing is currently drilling ahead at a depth of approximately 800 meters towards the first of 5 potential volcanic reservoir intervals, all of which are interpreted to be penetrated at the structurally highest point of the Na Sanun structure. A total depth of 1,400 meters is expected to be reached in approximately 8 days and include the cutting of one core.

Pan Orient president and CEO Jeff Chisholm states: "Pan Orient is in the early stages of exploring for and developing these complex volcanic reservoirs. As we gather information from additional wells, including core, test data and FMI well bore image logs, we will be better able to plan, direct and predict the results of future wells. The results announced today from Na Sanun-3 have no bearing on the recently announced year end 2006 Gaffney Cline & Associates reserve report, nor the overall hydrocarbon potential of the distinctly separate POE-9 and Bo Rang-1 discoveries which will be appraised shortly as part of the current drilling campaign.

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.

40,056,842 common shares issued

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this 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