Press Release Navigation

<<< Previous

Headlines

Next >>>


NEWS RELEASE TRANSMITTED BY Marketwire

FOR: PAN ORIENT ENERGY CORP.

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

Pan Orient, Thailand: NSE-B1 Tests at 2,650 BOPD

Oct 07, 2008 - 06:00 ET

CALGARY, ALBERTA--(Marketwire - Oct. 7, 2008) - Pan Orient Energy Corp. (TSX VENTURE:POE) - 

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

NSE-B1 appraisal well (60-per-cent working interest and operator)

The NSE-B1 well has been drilled to a total measured depth of approximately 822 meters (approximately 713 meters TVD) at a subsurface location approximately 100 meters south of the NSE-B drilling pad and across a large fault and at the ultimate crest of the NSE central fault compartment. Approximately 87 meters of total volcanic section was drilled. 

The well tested at a stabilized rate of 2,650 bopd with a 0.1% water cut. Flowing casing head and tubing head pressures were 190 and 130 psig, respectively, on 48/64" choke settings. Upon completion of the drilling of B1, the rig was moved to the NSE-D1 drilling location. 

NSE-A4 appraisal well (60-per-cent working interest and operator)

The NSE-A4 appraisal well has reached a total depth of 787 meters TVD after penetrating the top of the target volcanic reservoir at 730 meters TVD. Severe mud losses were encountered while drilling, indicating extensive fracturing. Testing is anticipated to be completed within the next 10 days at which time test results will be announced. Upon completion of the current operation, the rig will be moved to the NSE-C1 well location which is 1,000 meters east of the NSE-B drill pad and targeting an area of possible reserves as defined in the year end 2007 NI 51-101 compliant reserves report. 

NSE-D1 appraisal well (60-per-cent working interest and operator)

The NSE-D1 appraisal well, located approximately 455 meters north of the NSE-B drill pad is currently drilling ahead at a depth of 645 meters true vertical depth. Drilling is anticipated to be completed within 10 days.

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.

45,649,866 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