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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 or the Corporation's website,


--  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.  


--  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
--  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.


--  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
        --  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. 



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.


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.


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 
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                                                   
  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                                                  
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                                                 
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                                                  
  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  
(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   
(5)  Cost of acquisitions, excluding deemed value of equity issued in the   
(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:

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

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

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SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context w...
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, will discuss the impact of technology on identity. Should we federate, or not? How should identity be secured? Who owns the identity? How is identity ...
The IoT market is on track to hit $7.1 trillion in 2020. The reality is that only a handful of companies are ready for this massive demand. There are a lot of barriers, paint points, traps, and hidden roadblocks. How can we deal with these issues and challenges? The paradigm has changed. Old-style ad-hoc trial-and-error ways will certainly lead you to the dead end. What is mandatory is an overarching and adaptive approach to effectively handle the rapid changes and exponential growth.
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new data-driven world, marketplaces reign supreme while interoperability, APIs and applications deliver un...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Electric power utilities face relentless pressure on their financial performance, and reducing distribution grid losses is one of the last untapped opportunities to meet their business goals. Combining IoT-enabled sensors and cloud-based data analytics, utilities now are able to find, quantify and reduce losses faster – and with a smaller IT footprint. Solutions exist using Internet-enabled sensors deployed temporarily at strategic locations within the distribution grid to measure actual line loads.
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, will explore the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Today’s connected world is moving from devices towards things, what this means is that by using increasingly low cost sensors embedded in devices we can create many new use cases. These span across use cases in cities, vehicles, home, offices, factories, retail environments, worksites, health, logistics, and health. These use cases rely on ubiquitous connectivity and generate massive amounts of data at scale. These technologies enable new business opportunities, ways to optimize and automate, along with new ways to engage with users.
The IoT is upon us, but today’s databases, built on 30-year-old math, require multiple platforms to create a single solution. Data demands of the IoT require Big Data systems that can handle ingest, transactions and analytics concurrently adapting to varied situations as they occur, with speed at scale. In his session at @ThingsExpo, Chad Jones, chief strategy officer at Deep Information Sciences, will look differently at IoT data so enterprises can fully leverage their IoT potential. He’ll share tips on how to speed up business initiatives, harness Big Data and remain one step ahead by apply...
There will be 20 billion IoT devices connected to the Internet soon. What if we could control these devices with our voice, mind, or gestures? What if we could teach these devices how to talk to each other? What if these devices could learn how to interact with us (and each other) to make our lives better? What if Jarvis was real? How can I gain these super powers? In his session at 17th Cloud Expo, Chris Matthieu, co-founder and CTO of Octoblu, will show you!
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
As a company adopts a DevOps approach to software development, what are key things that both the Dev and Ops side of the business must keep in mind to ensure effective continuous delivery? In his session at DevOps Summit, Mark Hydar, Head of DevOps, Ericsson TV Platforms, will share best practices and provide helpful tips for Ops teams to adopt an open line of communication with the development side of the house to ensure success between the two sides.
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
SYS-CON Events announced today that Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, will keynote at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of at least three separate application components: the software embedded in the device, the backend big-data service, and the mobile application for the end user's controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target - this makes the integration of these separate pipelines and the coordination of software upd...
Mobile messaging has been a popular communication channel for more than 20 years. Finnish engineer Matti Makkonen invented the idea for SMS (Short Message Service) in 1984, making his vision a reality on December 3, 1992 by sending the first message ("Happy Christmas") from a PC to a cell phone. Since then, the technology has evolved immensely, from both a technology standpoint, and in our everyday uses for it. Originally used for person-to-person (P2P) communication, i.e., Sally sends a text message to Betty – mobile messaging now offers tremendous value to businesses for customer and empl...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.