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

Pan Orient, Thailand: NSE-D1 Tests at 710 BOPD

Oct 28, 2008 - 07:00 ET

CALGARY, ALBERTA--(Marketwire - Oct. 28, 2008) - Pan Orient Energy Corp. (TSX VENTURE:POE) - 


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 on a production at a rate of approximately 710 bopd with a 0.1 to 0.3% water cut. The well is producing within the limits of the current pump configuration with a fluid level at approximately 205 meters below ground level suggesting the well can be produced at a higher rate. A larger capacity tubing pump will be installed once it has cleared Thai customs later this week.

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

The NSE-A4 appraisal well had originally 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 experienced while drilling, indicating the most extensively fractured reservoir section encountered in any well to date. While setting the 4.5" liner, an obstruction was encountered in the hole, just out of the casing window, making it impossible to complete the well. As a result, the 7" casing was milled out and set deeper prior to kicking off into the main volcanic target zone. This operation has now been completed. While drilling the main volcanic target severe mud losses were encountered once again, in addition to live oil to surface while reaming below the 7" casing shoe. At the present time the hole is being conditioned to set a 4.5" liner and equip the well for production.

Testing is anticipated to be completed within 10 days of setting the 4.5" liner, 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-D2 appraisal well (60-per-cent working interest and operator)

The NSE-D2 appraisal well is currently drilling ahead at depth of 810 meters measured depth (726 meters true vertical depth) near casing point, just above the estimated depth of the main volcanic objective that is expected to be encountered structurally much higher than at NSE-D1. The subsurface target is located approximately 330 meters north of the NSE-D1 location. Drilling is anticipated to be completed in the next 6 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.

45,568,366 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: