Click here to close now.

Welcome!

Java Authors: Irit Gillath, XebiaLabs Blog, Cloud Best Practices Network, AppDynamics Blog, Elizabeth White

News Feed Item

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

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

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

HIGHLIGHTS


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

SUBSEQUENT EVENTS


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

2012 THIRD QUARTER OPERATING RESULTS


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

OUTLOOK

Corporate

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

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

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

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

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

Indonesia

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

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

Thailand

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

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

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

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

Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.

This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-ups. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.


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

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

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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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

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

More Stories By Marketwired .

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

@ThingsExpo Stories
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will discuss how to cut costs, scale easily, and unleash insight with CommVault Simpana software, the only si...
Analytics is the foundation of smart data and now, with the ability to run Hadoop directly on smart storage systems like Cloudian HyperStore, enterprises will gain huge business advantages in terms of scalability, efficiency and cost savings as they move closer to realizing the potential of the Internet of Things. In his session at 16th Cloud Expo, Paul Turner, technology evangelist and CMO at Cloudian, Inc., will discuss the revolutionary notion that the storage world is transitioning from mere Big Data to smart data. He will argue that today’s hybrid cloud storage solutions, with commodity...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems, will focus on how to set up a cloud data governance program and s...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Every innovation or invention was originally a daydream. You like to imagine a “what-if” scenario. And with all the attention being paid to the so-called Internet of Things (IoT) you don’t have to stretch the imagination too much to see how this may impact commercial and homeowners insurance. We’re beyond the point of accepting this as a leap of faith. The groundwork is laid. Now it’s just a matter of time. We can thank the inventors of smart thermostats for developing a practical business application that everyone can relate to. Gone are the salad days of smart home apps, the early chalkb...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. 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.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
Even as cloud and managed services grow increasingly central to business strategy and performance, challenges remain. The biggest sticking point for companies seeking to capitalize on the cloud is data security. Keeping data safe is an issue in any computing environment, and it has been a focus since the earliest days of the cloud revolution. Understandably so: a lot can go wrong when you allow valuable information to live outside the firewall. Recent revelations about government snooping, along with a steady stream of well-publicized data breaches, only add to the uncertainty
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...