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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 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

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@ThingsExpo Stories
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...