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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 Energy Corp.: Thailand Concession L44 Resource Estimates

Sep 17, 2009 - 09:38 ET

CALGARY, ALBERTA--(Marketwire - Sept. 17, 2009) - Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE:POE) is pleased to provide the results of an NI51-101 compliant resource estimate covering the Bo Rang North structure, L44W structure and NSE-F1 expansion area in the Thailand L44 Concession conducted by Gaffney Cline & Associates-Singapore ("GCA") as of August 31, 2009 that included well test information through to September 14, 2009.

/T/

Net Crude Oil Contingent Resource Volumes
Thailand L44/43 Concession Area
As of August 31, 2009 provided by Gaffney, Cline & Associates
Pan Orient Net 60% (MMSTB)

----------------------------------------------------------------------------
 
                                                 1C          2C          3C
L44/43 
 Bo Rang 
  A Volcanic reservoir                          2.0         6.2        14.3 
  B Volcanic reservoir                          0.7         8.2        26.3
                                               -----------------------------
  Total                                         2.7        14.4        40.6 
 L44W                                           1.3         2.5         4.5 
                                               -----------------------------
Grand Total                                     4.0        16.9        45.1 
                                               -----------------------------
                                               -----------------------------
Notes:
1 Volumes are stated on a net working interest basis. Pan Orient Energy
  Corporations' working interest in the L44/43 concession in 60%.
2 These volumes include royalties due to other parties.
3 Totals may not add exactly due to rounding errors.
4 Contingent Resources are a sub-classified under the "Development Pending"
  category of project maturity.
5 The figures presented in this table must be considered only in the light 
  of comments contained in the letter dated September, 2009 of which this 
  table forms an integral part.
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Net Crude Oil Prospective Resource Volumes
Thailand L44/43 Concession Area
As of August 31, 2009 provided by Gaffney, Cline & Associates
Pan Orient Net 60% (MMSTB)
 
----------------------------------------------------------------------------

                             Low Estimate    Best Estimate    High Estimate
L44/43 
 NSE F1 (Extension)                   1.9              6.1             16.0
                            ------------------------------------------------
                            ------------------------------------------------
Notes:
1 Volumes are stated on a net working interest basis. Pan Orient Energy
  Corporations' working interest in the L44/43 concession in 60%.
2 These volumes include royalties due to other parties.
3 The Chance of discovery (GCoS) for the NSE F1 (Extension) is assigned 
  as 90%.
4 The Chance of development for the NSE F1 (Extension) is assigned at 78%.
5 The figures presented in this table must be considered only in the light 
  of comments contained in the letter dated September, 2009 of which this 
  table forms an integral part.
----------------------------------------------------------------------------

/T/

This resource certification relates to new pools discovered in 2009 on the Bo Rang structure which previously tested only gas (in 1989); the L44-W structure, and also incorporates the NSE-F1 (Extension) area which is located due east of the NSE field and existing NSE PL. The new discoveries are in fractured volcanic reservoirs, located within the L44 petroleum concession. Those portions of the L44-W discovery structure extending into concession L33 were not assessed in this resource report. In preparation for the development of the resources estimated in the GCA report, Pan Orient is in the process of preparing a Production License ("PL") Application covering the Bo Rang, L44-W and NSE-F1 (Extension) areas that is anticipated to be submitted to the Thailand Department of Mineral Fuels ("DMF") in short order, this being the purpose for the mid year resource assessment/engagement of GCA by POE.

In consideration of the preliminary status of the development and the pending submission of a PL application, the contingent volumes for Bo Rang and L44W estimated in the GCA report are classified under the "development pending" subcategory of contingent resources. Pan Orient has no reason to believe this development application will not be approved by the DMF and anticipates the PL application to be approved within approximately 90 days of submission to the DMF. The company is currently producing oil within the region of the PL application and selling it on the basis of DMF approved 90 day production tests and will continue to make the 90 day production test applications to the DMF for up to 10 additional wells that are anticipated to be drilled prior to year end 2009, the majority or possibly all of these wells drilled prior to the anticipated approval of the PL application.

Pan Orient Energy President and CEO Jeff Chisholm stated: "The results of the GCA mid year resources assessment demonstrates the success of the company's Q2/Q3 2009 exploration program with 2C contingent resources equating to approximately 67% of the year end 2008 NI51-101 compliant 2P reserve estimates of approximately 25 million barrels of oil. Between now and year end 2009 the company intends to aggressively appraise the three fields with defined contingent resources and drill additional high impact exploration wells at Si Thep Deep prospect in concession L44 and two prospects in the 100% working interest L53 concession located due west of Bangkok. Year end production exit rate estimates will be assessed as the appraisal and exploration programs proceed towards year end."

Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia 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.
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. Bill Ostlund Vice President Finance and CFO (403) 294-1770