Welcome!

Java Authors: Elizabeth White, Trevor Parsons, Robert Reeves, Jnan Dash, Pat Romanski

News Feed Item

Pan Orient Energy Corp.: 2012 Third Quarter Financial & Operating Results

CALGARY, ALBERTA -- (Marketwire) -- 11/27/12 -- Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE:POE) is pleased to provide highlights of its 2012 third quarter consolidated financial and operating results. Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day net to Pan Orient.

The Corporation is today filing its unaudited consolidated financial statements as at and for the nine months ended September 30, 2012 and related management's discussion and analysis with Canadian securities regulatory authorities. Copies of these documents may be obtained online at www.sedar.com or the Corporation's website, www.panorient.ca.

HIGHLIGHTS


--  On September 6, 2012 Pan Orient paid shareholders a special distribution
    of $42.5 million ($0.75 per share). The distribution was funded by the
    June 2012 sale of subsidiaries which held Pan Orient's 60% interests in
    Thailand Concessions L44, L33 and SW1 for proceeds, net of estimated
    costs and income tax, of $158.5 million. The Company recorded an after
    tax gain of $77.9 million for this Thailand disposition transaction.  
--  Following the June 2012 sale of the majority of Pan Orient's Thailand
    interests, Thailand operations in the third quarter consist only of
    Concession L53. Third quarter 2012 corporate funds flow from operations
    were $3.3 million ($0.06 per share) and reflects the sale of the
    majority of Thailand interests in June 2012. A net loss attributable to
    common shareholders of $1.6 million (loss of $0.03 per share) was
    primarily attributable to the foreign exchange loss on the conversion of
    the proceeds of the Thailand asset sale from US dollars to Canadian
    dollars and stock-based compensation. For the nine months ended
    September 30, 2012 corporate funds flow from operations of $29.0 million
    ($0.51 per share), net proceeds from the Thailand disposition of $158.5
    million ($2.80 per share) and net income attributable to common
    shareholders of $85.8 million ($1.51 per share). 
--  Thailand oil sales in the third quarter of 2012 of 842 BOPD and funds
    flow from Thailand operations of $5.7 million ($72.96 per barrel).
    October oil production from Concession L53 was 975 BOPD and current
    production is approximately 1,195 BOPD, which excludes production from
    the L53-DST3 well which is currently shut-in pending the completion of a
    workover that is expected to initially add 400 to 500 BOPD of
    production. Oil production from the middle of June to the middle of
    October was curtailed by fluctuating water disposal capacity. The
    Company's historic water disposal facilities were part of the Thailand
    assets sold in June 2012 and produced water was disposed of only through
    contracts with cement plants until October 2012. This water disposal
    issue has now been resolved with water disposal capacity on the
    concession of approximately 3,500 barrels of water per day. 
--  Pan Orient has retained its operated 100% interest in Concession L53 in
    onshore Thailand. Conventional sandstone oil production from the L53-A
    and L53-D fields in Concession 53 has averaged 906 BOPD and contributed
    funds flow from operations of $21.3 million (or $85.95 per barrel) for
    the first nine months of 2012. A drilling program of five wells is
    scheduled to start in early December with three development / step out
    appraisal wells planned in the L53-D field and two exploration wells
    planned at the L53-F and L53-H prospects. As a result of the 100 square
    kilometer 3D seismic survey over the unexplored northeast portion of
    Concession L53 completed earlier in 2012, environmental impact
    assessments are currently underway for exploration drilling locations
    that are expected to be ready for potential drilling in the third
    quarter of 2013. An additional 260 square kilometers of 3D seismic
    acquisition is anticipated to start in Concession L53 and the adjacent
    Concession L45 in the first quarter of 2013. 
--  Pan Orient has conducted active exploration programs in Indonesia during
    the first three quarters of 2012 with capital expenditures of $26.5
    million. Capital expenditures have been focused on exploration drilling
    in the Citarum Production Sharing Contract ("PSC"). Difficult drilling
    was experienced to the end of the third quarter in the complex fold belt
    environment of the Citarum PSC, and a number of initiatives were
    successfully implemented with regard to personnel and well design for
    the drilling at Geulis-1 and are anticipated to achieve similar results
    at Cataka-1A. 
--  In August 2012 Pan Orient increased its ownership of Andora Energy
    Corporation ("Andora") to 71.8% through a $24.7 million investment in
    Andora pursuant to a rights offering by Andora. Proceeds will be used
    for the procurement and construction of a thermal facility, drilling of
    one horizontal well pair, and operations in respect of its Sawn Lake
    Steam Assisted Gravity Drainage ("SAGD") development project at an
    estimated cost of $23.5 million. In addition, Andora acquired a private
    company in July which provides Andora with proprietary thermal facility
    design / process capabilities and expands the Andora team with thermal
    facility design and operating specialists. The operations of Andora are
    reported as part of Pan Orient. 
--  Working Capital and non-current deposits and receivables at September
    30, 2012 of $134.1 million, with no long-term debt and $5.8 million of
    equipment inventory to be utilized for future Thailand and Indonesia
    operations. Pan Orient will maintain financial strength while at the
    same time conducting active seismic and drilling programs in Thailand
    and Indonesia, and investing $23.5 million through Andora Energy for
    advancement of the SAGD pilot program.  

SUBSEQUENT EVENTS


--  In October 2012, the Company purchased an additional 20% participating
    interest in the Citarum PSC in consideration for assuming the partner's
    work program obligations and the payment of future payment contingent
    upon the delivery of petroleum from a commercial development of
    hydrocarbon from discoveries made within the Citarum PSC. 
--  In October 2012, the Company completed the access agreement with the
    surface rights holder of lands covering a large portion of the Batu
    Gajah and South CPP PSCs. In consideration for unlimited access to an
    extensive road network and surface lands covering the Batu Gajah and
    South CPP PSCs through the entire exploration, development and
    production period, the Company will hold in trust a 20% carried interest
    in both the Batu Gajah and South CPP PSC's for the surface rights holder
    and will continue to pay certain access fees as mandated by the various
    Government of Indonesia bodies. All costs incurred by the Company in
    relation to the 20% carried interest will be preferentially recovered
    from the future cost recovery on any potential future discovery that is
    brought on stream. Pan Orient will proceed with first of three back to
    back appraisal / exploration wells by the end of December 2012 and a 400
    square kilometer 3D seismic survey is anticipated to commence in March
    2013. 
--  In November 2012, the Company entered into an agreement for a farm-in at
    Thailand on-shore Concession L45/50 whereby the Company will become
    operator and will earn up to a 60% interest by the acquisition of
    approximately 80 square kilometers of 3D seismic data late in first
    quarter of 2013 following by the drilling of up to two exploration
    wells. The farm-in is subject to approval by the Government of Thailand.

2012 THIRD QUARTER OPERATING RESULTS


--  Capital expenditures were $12.0 million in the third quarter of 2012
    with $4.0 million in Thailand for development of the L53-D field,
    inventory and land purchases, and $8.0 million in Indonesia primarily
    for the Citarum PSC exploration program with drilling costs of the
    Jatayu-1 well and site preparation for the Geulis-1 and Cataka-1A wells.
    Capital expenditures in Thailand were funded by Thailand funds flow from
    operations and the capital programs in Indonesia and Canada were
    principally funded from working capital.  
--  Thailand 
    --  In the third quarter of 2012 Concession L53 averaged oil sales of
        842 BOPD and generated $5.7 million in after tax funds flow from
        operations, or $72.96 per barrel. On a per barrel basis, this
        represents oil sales of $100.78, transportation expenses of $1.33,
        operating expenses of $17.51, general and administrative expenses of
        $3.96 and amounts to the Thailand government of $5.04. Oil sales
        during this period were allocated 23% to expenses for
        transportation, operating, and general & administrative, 5% to the
        government of Thailand in the form of royalties and minor amount of
        income tax, and 72% to Pan Orient. The higher operating expenses
        during the quarter resulted from the disposal of produced water at
        cement plants at a cost representing $13.50 per barrel of oil. 
--  Indonesia 
    --  The $26.5 million of capital expenditures in Indonesia during the
        first three quarters of 2012 were $24.9 million at the Citarum PSC,
        $0.6 million at the Batu Gajah PSC, $0.3 million at the South CPP
        PSC and $0.7 million at the East Jabung PSC.  
    --  At the Citarum PSC on-shore Java, Pan Orient commenced the
        exploration drilling program at the end of December 2011 with the
        Cataka-1 well. Capital expenditures of $24.9 million in the first
        three quarters of 2012 include $4.8 million for the Cataka-1 well,
        $15.8 million for the Jatayu-1 well, $3.2 million for site
        preparation at the Geulis-1 and Cataka-1A well sites and $1.1
        million for capitalized exploration overhead and other costs.  
        --  The Cataka-1 exploration well commenced drilling on December 31,
            2011. The well encountered severe drilling difficulties and the
            decision was made in February 2012 to junk and abandon the well
            4,875 feet above the primary reservoir objective at 6,500 feet
            which had not been penetrated. With completion of drilling at
            Geulis-1 well, the drilling rig is currently moving (46%)
            rigging up (10%) at the Cataka-1A well site and is preparing to
            commence the re-drill of the Cataka prospect (with the Cataka-1A
            well) incorporating a redesigned well plan in the second half of
            December. 
        --  The Jatayu-1 exploration well commenced drilling March 21, 2012
            towards a primary reservoir objective target depth of 7,382
            feet. Drilling difficulties were encountered and the decision
            was made to set 4.5 inch casing and to drill the additional
            approximately 1,300 feet to the Parigi limestone target
            utilizing slim hole drilling equipment. Drilling is expected to
            recommence with the slim hole equipment in early December. 
        --  Subsequent to the end of the third quarter, the Geulis-1
            exploration well was spudded on October 2, 2012. The Geulis-1
            well was drilled to a depth of 4,300 feet and encountered
            approximately 8 feet of combined interpreted gas pay over two
            separate zones based on open hole wire line and mud logs. The
            Geulis prospect is not deemed commercially viable on a stand-
            alone basis but may be commercially viable as part of a larger
            development should exploration success be achieved at the Cataka
            or Jatayu prospects. The well has been abandoned. 

OUTLOOK

Corporate

The Board of Directors of Pan Orient Energy Corp. has approved a firm capital program in Indonesia and Thailand for the 13 month period of December 1, 2012 to December 31, 2013 of $73.2 million which includes the drilling of four development / step out appraisal wells and six exploration wells in addition to 660 square kilometers of 3D seismic and 657 kilometers of 2D seismic. This significant seismic expenditure will result in the fulfillment of the firm seismic commitments on all the Indonesian PSC's, cover entirely the prospective portions of the Thailand Concession L53 and will set the foundation for an active 2014 drilling program.

In addition to the $73.2 million firm capital budget, an additional $22.8 million in contingent capital expenditures has been approved which includes well testing programs in Indonesia where justified by drilling results, two additional exploration wells in Thailand and the exploration well at the East Jabung PSC in Indonesia.

A further $23.5 million is expected to be invested by Andora for advancement of the SAGD pilot program. Andora is a subsidiary of Pan Orient and as such, the financial statements of Pan Orient at September 30, 2012 include the $23.5 million of cash held in Andora, and capital expenditures of Andora for the SAGD pilot program will be reported as capital expenditures in the financial statements of Pan Orient as they are incurred.

Mr. Jeff Chisholm, President and CEO of the corporation is now based in Bangkok, Thailand to be closer to Pan Orient's key Asian operations and business development activities.

The Board of Directors of Pan Orient Energy Corp is pleased to announce Mr. Gerry Macey, a director of Pan Orient since 2005, has been appointed Chairman of the Corporation. Mr. Macey possesses an exceptional track record of exploration success for the period he was in charge of the international and frontier exploration efforts of Encana Corporation and its predecessor, PanCanadian Energy Corporation. In addition to his role of as Chairman of Pan Orient, Mr. Macey is a member of the Gran Tierra Energy Inc. Board of Directors and was a member of the Board of Directors of Addax Petroleum Corporation and Verenex Energy Inc.

Indonesia

The firm Indonesian capital budget of $54.2 million will include the drilling of two exploration wells and one appraisal well in Batu Gajah PSC at Shinta-1, Buana-1 (which was formerly referred to as NTO-2) and Kemala-1, and two exploration well operations in the Citarum PSC with the slim hole deepening at Jatayu-1 and drilling of Cataka-1A. The Citarum drilling program is about to recommence and the first of three back to back wells in Batu Gajah is expected to start drilling in late December 2012. A 400 square kilometer 3D seismic program at Batu Gajah, 430 kilometers of 2D seismic at East Jabung and 227 kilometers of 2D seismic at South CPP is also part of the firm capital budget.

There is one contingent exploration well at East Jabung and testing for each of the five firm wells in the Indonesian contingent capital budget of $19 million.

Thailand

The firm Thailand capital budget of $19 million includes five wells, with three development / appraisal wells at L53-D East, one exploration well targeting the L53-H prospect and one targeting the L53-F prospect. Drilling of the L53-H exploration well is expected to commence in early December 2012, followed immediately by drilling at L53-D East and L53-F. Approximately 180 square kilometers of 3D seismic acquisition on Concession L53 and 80 square kilometers on Concession L45 is expected to commence in late March 2013. There are two development / appraisal wells in the $3.8 million contingent capital budget that would be drilled in the event of any step out appraisal or exploration success.

Thailand production is anticipated to exit 2012 at between 1,400 to 1,600 BOPD. Guidance production for 2013 will be provided in February 2013 once the initial results of appraisal drilling at L53-D East and exploration drilling at L53-F and L53-H are known.

Canada - Sawn Lake (Operated by Andora, in which Pan Orient has a 71.8% ownership)

Activities are currently underway to commence steam injection at the Sawn Lake SAGD demonstration project in the second quarter of 2013, and production anticipated in the fourth quarter of 2013.

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.


                            ------------------------------------------------
Financial and Operating     Three Months Ended   Nine Months Ended          
 Summary                          September 30,       September 30,         
                                                                            
(thousands of Canadian                                                      
 dollars except where                                                       
 indicated)                      2012      2011      2012      2011  Change 
----------------------------------------------------------------------------
FINANCIAL                                                                   
----------------------------------------------------------------------------
Oil revenue, before                                                         
 royalties and                                                              
 transportation expense         7,808    18,083    45,964    55,053     -17%
Funds flow from operations                                                  
 (Note 1)                       3,348    13,165    28,982    38,809     -25%
  Per share - basic and                                                     
   diluted                   $   0.06  $   0.23  $   0.51  $   0.71     -28%
Funds flow from operations                                                  
 by region (Note 1)                                                         
  Canada                       (2,021)       20    (3,010)     (384)    684%
  Thailand                      5,653    13,123    32,397    39,477     -18%
  Indonesia                      (284)       22      (405)     (284)     43%
                            ------------------------------------------------
  Total                         3,348    13,165    28,982    38,809     -25%
                            ------------------------------------------------
                            ------------------------------------------------
Funds flow - Thailand                                                       
 disposition net proceeds                                                   
 (Note 2)                         553             158,505                   
Net income (loss)                                                           
 attributable to common                                                     
 shareholders                  (1,626)    3,882    85,783    12,418     591%
  Per share - basic and                                                     
   diluted                   $  (0.03) $   0.07  $   1.51  $   0.23     558%
Working capital               130,470    52,756   130,470    52,756     147%
Working capital and non-                                                    
 current deposits &                                                         
 receivables                  134,061    58,016   134,061    58,016     131%
Long-term debt                      -         -         -         -         
Petroleum and natural gas                                                   
 properties                                                                 
  Capital expenditures (Note                                                
   3)                          12,021    15,364    57,472    57,831      -1%
  Acquisitions - Indonesia                                                  
   (Note 4)                         -         -         -     1,761         
  Acquisitions - Sawn Lake,                                                 
   Canada (Note 7)                  -         -         -     3,192         
Shares outstanding                                                          
 (thousands)                   56,720    56,685    56,720    56,685       0%
----------------------------------------------------------------------------
Funds Flow from Operations                                                  
 per Barrel (Note 1)                                                        
----------------------------------------------------------------------------
  Canada operations          $ (26.07) $   0.11  $  (7.02) $  (0.67)    948%
  Thailand operations           72.96     71.33     75.58     68.91      10%
  Indonesia operations          (3.67)     0.12     (0.94)    (0.50)     89%
                            ------------------------------------------------
                             $  43.22  $  71.56  $  67.62  $  67.74       0%
----------------------------------------------------------------------------
Capital Expenditures (Note                                                  
 3)                                                                         
----------------------------------------------------------------------------
Canada                             85        22       259       236      10%
Thailand                        3,961    10,310    30,730    38,069     -19%
Indonesia                       7,975     5,032    26,483    19,526      36%
                            ------------------------------------------------
Total                          12,021    15,364    57,472    57,831      -1%
----------------------------------------------------------------------------
Working Capital and Non-                                                    
 current Deposits                                                           
----------------------------------------------------------------------------
Working capital and non-                                                    
 current deposits &                                                         
 receivables - beginning of                                                 
 period                       184,536    60,469    51,632    31,396      64%
  Funds flow from operations                                                
   (Note 1)                     3,348    13,165    28,982    38,809     -25%
  Thailand disposition net                                                  
   proceeds (Note 2)              553         -   158,505         -         
  Thailand disposition -                                                    
   sale of working capital                                                  
   (Note 2)                         -         -    (4,591)        -         
  Capital expenditures (Note                                                
   3)                         (12,021)  (15,364)  (57,472)  (57,831)     -1%
  Special dividend            (42,540)            (42,540)        -         
  Acquisitions - Indonesia                                                  
   (Note 5)                         -         -         -    (1,417)        
  Foreign exchange impact on                                                
   working capital                185      (254)     (455)     (557)    -19%
  Net proceeds on share                                                     
   transactions                     -         -         -    47,616    -100%
                            ------------------------------------------------
Working capital and non-                                                    
 current deposits &                                                         
 receivables - end of period  134,061    58,016   134,061    58,016     131%
----------------------------------------------------------------------------
Canada Operations (excluding                                                
 Thailand disposition)                                                      
----------------------------------------------------------------------------
Interest income                   359       109       496       269      85%
General and administrative                                                  
 expense recovery (Note 6)       (617)     (157)   (1,934)     (462)    319%
Realized foreign exchange                                                   
 (loss) gain                   (1,763)       68    (1,572)     (191)    723%
                            ------------------------------------------------
Funds flow from operations                                                  
 (Note 1)                      (2,021)       20    (3,010)     (384)    684%
                            ------------------------------------------------
                            ------------------------------------------------
Funds flow from operations                                                  
 per barrel                                                                 
  Interest income            $   4.64  $   0.59  $   1.16  $   0.47     146%
  General and administrative                                                
   expense (Note 6)             (7.96)    (0.85)    (4.51)    (0.81)    457%
  Realized foreign exchange                                                 
   gain (loss)                 (22.75)     0.37     (3.67)    (0.33)   1011%
                            ------------------------------------------------
                             $ (26.07) $   0.11  $  (7.02) $  (0.67)    948%
----------------------------------------------------------------------------
                                                                            
Indonesia Operations                                                        
                                                                            
----------------------------------------------------------------------------
General and administrative recovery                                         
 (expense) (Note 6)                         (284)    22  (405)  (284)    43%
                                          ----------------------------------
                                          ----------------------------------
Wells drilled Gross                            -      -     1      2    -50%
              Net                              -      -   0.8    2.0    -60%
----------------------------------------------------------------------------
                             -----------------------------------------------
                             Three Months Ended   Nine Months Ended         
                                   September 30,       September 30,        
  (thousands of Canadian                                                    
   dollars except where                                                     
   indicated)                     2012      2011      2012      2011 Change 
----------------------------------------------------------------------------
  THAILAND OPERATIONS (Note                                                 
   2)                                                                       
----------------------------------------------------------------------------
Oil sales (bbls)                77,477   183,973   428,635   572,867    -25%
Average daily oil sales                                                     
 (BOPD) by Concession                                                       
  L44 (interests sold June                                                  
   15, 2012)                         -     1,181       518     1,322    -61%
  SW1 (interests sold June                                                  
   15, 2012)                         -       200       114       142     20%
  L33 (interests sold June                                                  
   15, 2012)                         -       117        26       160    -84%
  L53                              842       502       906       474     91%
                             -----------------------------------------------
  Total                            842     2,000     1,564     2,098    -25%
                             -----------------------------------------------
Average oil sales price,                                                    
 before transportation                                                      
 (CDN$/bbl)                   $ 100.78  $  98.29  $ 107.23  $  96.10     12%
Reference Price (volume                                                     
 weighted) and differential                                                 
  Crude oil (Brent $US/bbl)   $ 108.76  $ 113.49  $ 114.95  $ 111.95      3%
  Exchange Rate $US/$Cdn          1.02      0.99      1.01      0.99      3%
  Crude oil (Brent $Cdn/bbl)  $ 110.51  $ 112.47  $ 116.62  $ 110.61      5%
  Sale price / Brent                                                        
   reference price                  91%       87%       92%       87%   5.0%
Funds flow from operations                                                  
 (Note 1)                                                                   
  Crude oil sales                7,808    18,083    45,964    55,053    -17%
  Government royalty              (390)     (894)   (2,282)   (2,777)   -18%
  Other royalty                      -       (51)      (49)     (136)   -64%
  Transportation expense          (103)     (398)     (796)   (1,274)   -38%
  Operating expense             (1,357)   (2,314)   (5,244)   (6,848)   -23%
                             -----------------------------------------------
  Field netback                  5,958    14,426    37,593    44,018    -15%
  General and administrative                                                
   expense (Note 6)               (307)   (1,011)   (1,831)   (2,636)   -31%
  Interest income                    4         6        43        64    -33%
  Current income tax                (2)     (298)   (3,408)   (1,969)    73%
                             -----------------------------------------------
  Funds flow from operations     5,653    13,123    32,397    39,477    -18%
                             -----------------------------------------------
                             -----------------------------------------------
Funds flow from operations /                                                
 barrel (CDN$/bbl) (Note 1)                                                 
Crude oil sales               $ 100.78  $  98.29  $ 107.23  $  96.10     12%
Government royalty               (5.04)    (4.92)    (5.32)    (4.94)     8%
Other royalty                        -     (0.22)    (0.11)    (0.15)   -24%
Transportation expense           (1.33)    (2.16)    (1.86)    (2.22)   -16%
Operating expense               (17.51)   (12.58)   (12.23)   (11.95)     2%
                             -----------------------------------------------
                                 76.90     78.41     87.71     76.84     14%
  General and administrative                                                
   expense (Note 6)              (3.96)    (5.49)    (4.27)    (4.60)    -7%
  Interest Income                 0.05      0.03      0.10      0.11    -10%
  Current income tax             (0.03)    (1.62)    (7.95)    (3.44)   131%
                             -----------------------------------------------
  Thailand - Funds flow from                                                
   operations                 $  72.96  $  71.33  $  75.59  $  68.91     10%
                             -----------------------------------------------
                             -----------------------------------------------
Government royalty as                                                       
 percentage of crude oil                                                    
 sales                             5.0%      5.0%      5.0%      5.0%   0.0%
SRB as percentage of crude                                                  
 oil sales                         0.0%      0.0%      0.0%      0.0%   0.0%
Income tax as percentage of                                                 
 crude oil sales                   0.0%      1.6%      7.4%      3.6%   3.8%
As percentage of crude oil                                                  
 sales                                                                      
  Expenses - transportation,                                                
   operating, G&A and other       22.6%     20.9%     17.2%     19.8%  -2.6%
  Government royalty, SRB and                                               
   income tax                      5.0%      6.6%     12.4%      8.6%   3.8%
  Funds flow from operations,                                               
   before interest income and                                               
   realized foreign exchange                                                
   gain                           72.4%     72.5%     70.4%     71.6%  -1.2%
Wells drilled                                                               
  Gross                              -         5         7        20    -65%
  Net                                -       3.0       5.0      14.0    -64%
----------------------------------------------------------------------------
                                                                            
(1)  Funds flow from operations ("funds flow" before changes in non-cash    
     working capital and reclamation costs) is used by management to analyze
     operating performance and leverage. Funds flow as presented does not   
     have any standardized meaning prescribed by IFRS and therefore it may  
     not be comparable with the calculation of similar measures of other    
     entities. Funds flow is not intended to represent operating cash flow  
     or operating profits for the period nor should it be viewed as an      
     alternative to cash flow from operating activities, net earnings or    
     other measures of financial performance calculated in accordance with  
     IFRS.                                                                  
(2)  Thailand Concessions SW1, L44 and L33 were sold on June 15, 2012.      
     Proceeds of $185.3 million less transaction costs of $11.2 million and 
     estimated tax of $15.6 million results in proceeds net of expenses of  
     $158.5 million. After deducting $80.6 million related to the carrying  
     value of petroleum and equipment, exploration and evaluation costs, and
     working capital sold (including the elimination of the associated      
     deferred tax liabilities, employee pension liabilities, and            
     decommissioning provision). The net after tax gain on sale is $77.9    
     million. The 2012 financial statements and operating results include   
     revenue, expenses and capital expenditures associated with these       
     properties to June 14, 2012.                                           
(3)  Cost of capital expenditures, excluding any decommissioning provision  
     and excluding the impact of changes in foreign exchange rates.         
(4)  Cost of acquisitions, including deemed value of equity issued in the   
     transaction.                                                           
(5)  Cost of acquisitions, excluding deemed value of equity issued in the   
     transaction.                                                           
(6)  General & administrative expenses, excluding non-cash accretion on     
     decommissioning provision.                                             
(7)  The acquisition transaction was reversed in the fourth quarter of 2011.

To view the map and drilling chart associated with this press release, please visit the following link:

http://media3.marketwire.com/docs/1127poe.pdf

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.

Contacts:
Pan Orient Energy Corp.
Jeff Chisholm
President and CEO
(403) 294-1770

Pan Orient Energy Corp.
Bill Ostlund
Vice President Finance and CFO
(403) 294-1770

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
“With easy-to-use SDKs for Atmel’s platforms, IoT developers can now reap the benefits of realtime communication, and bypass the security pitfalls and configuration complexities that put IoT deployments at risk,” said Todd Greene, founder & CEO of PubNub. PubNub will team with Atmel at CES 2015 to launch full SDK support for Atmel’s MCU, MPU, and Wireless SoC platforms. Atmel developers now have access to PubNub’s secure Publish/Subscribe messaging with guaranteed ¼ second latencies across PubNub’s 14 global points-of-presence. PubNub delivers secure communication through firewalls, proxy ser...
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...