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

Pan Orient Energy Corp.-Thailand: Operations Update

Nov 05, 2007 - 05:00 ET

CALGARY, ALBERTA--(Marketwire - Nov. 5, 2007) - Pan Orient Energy Corp. (TSX VENTURE:POE) -


NS5-D1 (60% WI & Operator)

The NS5-D1 well is a deviated development well that has been drilled to a depth of 906 meters (true vertical depth ("TVD")), approximately 400 meters south of the L44-H well within the central fault compartment of the Na Sanun East ("NSE") oil field. The target volcanic reservoir was encountered at an approximate depth of 878 meters TVD. Severe lost circulation was encountered while drilling through the approximately 46 meters (measured thickness) of target volcanic reservoir with mud losses totaling approximately 6,222 bbls at loss rates of 165 to 206 bbls/hr. Conventional logs indicate the best potential volcanic reservoir section encountered to date.

Of particular note, a new reservoir zone approximately 60 meters in measured thickness (33 meters true vertical thickness) of what is interpreted as highly porous and fractured volcanic tuffs, was encountered above the main volcanic reservoir section detailed above. Severe lost circulation with high mud gas readings and live oil at surface was encountered over this interval at 1,100, 1122.5, 1130 and 1,149 meters (MD) with corresponding mud losses of 14, 105, 77 and 85 bbls/hr. From a volumetric standpoint this is significant and marks the second time severely fractured, very porous volcanic tuffs have been encountered. The first occurrence was at POE-9 where a highly fractured 25 meter thick tuff exhibiting severe lost circulation was encountered above the main volcanic target, but never tested.

Testing is anticipated to be completed within the next 7 to 10 days.

NS6-D1 (60% WI & Operator)

The Aztec #7 rig is currently sidetracking to a subsurface location approximately 70 meters south west of the original target after prematurely crossing the main bounding fault of the southern fault compartment, prior to encountering the main volcanic reservoir. Sidetracking operations are anticipated to take approximately 7 to 10 days.

L44H-D1 (60% WI & Operator)

The Aztec #14 rig is currently rigging up on deviated appraisal location L44H-D1, located within the central fault compartment of the NSE oilfield with a subsurface target located approximately 700 meters north of the vertically drilled L44-H well. Drilling is anticipated to commence within the next 3 days and take approximately 14-20 additional days to completion.

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.

41,634,842 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