Pan Orient Energy Corp.announces 2012 third quarter financial & operating results
Wednesday, Nov 28, 2012
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.
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.
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