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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 Announces 2007 Year End Reserves Update

Apr 14, 2008 - 03:32 ET

CALGARY, ALBERTA--(Marketwire - April 14, 2008) - 

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

Pan Orient Energy Corp. (TSX VENTURE:POE) has released its 2007 year-end combined reserves estimates, including its previously announced Andora heavy oil reserves in Canada (as evaluated by DeGoyler and MacNaughton Canada Limited), and its reserves update in Thailand (as evaluated by Gaffney Cline & Associates Ltd., Singapore). Additionally, Pan Orient's 2007 complete Canadian and Thailand NI-51-101 compliant reserves report filings can be found online at www.sedar.com.

Pan Orient's President and Chief Executive Officer, Jeff Chisholm, stated "We are very pleased with these significant reserve increases, considering that our Na Sanun East appraisal program was only approximately 5 months old at the year end evaluation date. We look forward to expanding the aerial extend of our drilling, as well as testing of the multiple potential oil bearing volcanic zones at NSE."

Highlights:

- Proven Thailand recoverable reserves of 3.85 million barrels of oil, an increase of 614% from 0.54 million barrels in prior year.

- Proven + Probable Thailand recoverable reserves of 17.0 million barrels of oil, an increase of approximately 280% from 4.47 million barrels in prior year.

- Proven + Probable + Possible Thailand recoverable reserves assessed at 68.6 million barrels.

Summary:

/T/

SUMMARY OF CRUDE RESERVES AS OF JANUARY 1, 2008, AS PROVIDED BY GAFFNEY
 CLINE & ASSOCIATES LTD & DEGOLYER AND MACNAUGHTON CANADA LIMITED
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                         Pan Orient Net
Marketable Reserves                               (mbbl)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Proved
 Thailand                                         3,849
Probable
 Thailand                                        13,157
 Sawn Lake heavy oil                             73,451

----------------------------------------------------------------------------
Total Proved plus Probable                       90,457

Possible
 Thailand                                        51,550
 Sawn Lake heavy oil                             78,529

----------------------------------------------------------------------------
Total Proved plus Probable plus Possible        220,536
----------------------------------------------------------------------------
----------------------------------------------------------------------------



SUMMARY OF NET PRESENT VALUES AS OF JANUARY 1, 2008, AS PROVIDED BY GAFFNEY
 CLINE & ASSOCIATES LTD & DEGOLYER AND MACNAUGHTON CANADA LIMITED
 (BEFORE TAX)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Present values - $thousands - BT         Undiscounted     5%    10%    15%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Proved
 Thailand                                         193   177    163    152
Probable
 Thailand                                         477   391    326    277
 Sawn Lake heavy oil                            1,049   658    408    247

----------------------------------------------------------------------------
Total Proved plus Probable                      1,719 1,226    897    676


Possible
 Thailand                                       1,535 1,149    888    705
 Sawn Lake heavy oil                            1,859   837    406    212

----------------------------------------------------------------------------
Total Proved Plus Probable plus Possible        5,113 3,212  2,191  1,593



SUMMARY OF NET PRESENT VALUES AS OF JANUARY 1, 2008, AS PROVIDED BY GAFFNEY
 CLINE & ASSOCIATES LTD & DEGOLYER AND MACNAUGHTON CANADA LIMITED.
 (AFTER TAX)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Present values - $thousands - AT         Undiscounted     5%    10%  15%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Proved
 Thailand                                         108   100     92   86
Probable
 Thailand                                         234   191    160  136
 Sawn Lake heavy oil                              780   475    281  158

----------------------------------------------------------------------------
Total Proved plus Probable                      1,122   766    533  380


Possible
 Thailand                                         765   573    443  351
 Sawn Lake heavy oil                            1,399   627    303  158

----------------------------------------------------------------------------
Total Proved Plus Probable plus Possible        3,286 1,966  1,279  889



SUMMARY OF NET PRESENT VALUES AS OF JANUARY 1, 2008, AS PROVIDED BY GAFFNEY
 CLINE & ASSOCIATES LTD & DEGOLYER AND MACNAUGHTON CANADA LIMITED
 (PER SHARE)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Present values - $per share        Undiscounted        5%      10%      15%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Before Tax

 Total Proved plus Probable             $ 38.00  $ 27.10  $ 19.83  $ 14.94

 Total Proved Plus Probable
  plus Possible                         $113.01  $ 70.99  $ 48.43  $ 35.21
----------------------------------------------------------------------------

After Tax

 Total Proved plus Probable             $ 24.80  $ 16.93  $ 11.78  $  8.40

 Total Proved plus Probable
  plus Possible                         $ 72.63  $ 43.45  $ 28.27  $ 19.65
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1) Thailand reserves and values shown represent Pan Orient's net 60% working
   interest.
2) Sawn Lake Heavy oil reserves and values shown represent Pan Orient's net
   55.4% ownership interest in Andora Energy Corporation.
3) Tables shown assessed reserves at forecast prices.
4) The engineered values disclosed do not represent fair market value.
5) Per share values were calculated based on 45,247,442 Pan Orient shares
   currently outstanding. Fully diluted Pan Orient shares are 49,808,992.
6) As at December 31, 2007 Pan Orient had approximately $35 million in
   working capital, mainly comprised of cash.

/T/

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.

45,247,442 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 Email: jason@panorient.ca