Pan Orient Announces 2015 Year-End Thailand Reserves Update
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 02/04/16 -- Pan Orient Energy Corp. ("Pan Orient") (TSX VENTURE: POE), on behalf of Pan Orient Energy (Siam) Ltd. ("POS") announced the results of its December 31, 2015 independent reserves evaluation for Thailand on-shore Concession L53/48 where POS is the operator and has a 100% working interest.
Pan Orient has a 50.01% equity interest in POS. Pan Orient completed the sale of a 49.99% equity interest in POS on February 2, 2015 and the transaction resulted in POS changing from a wholly owned subsidiary of Pan Orient to a jointly controlled investment classified as a Joint Venture under International Financial Reporting Standards and accounted for using the equity method effective February 2, 2015. Pan Orient's 50.01% equity interest in the assets, liabilities, working capital, operations and capital expenditures of POS from February 2, 2015 forward are recorded in Investment in Thailand Joint Venture.
The evaluation for the Thailand assets as at December 31, 2015 was conducted by Sproule International Limited of Calgary ("Sproule") and was prepared in accordance with Canadian Securities Administrators National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day. Reserves volumes reported below are "Company Gross Reserves", a classification of reserves used in the evaluation which represents production and reserves before deduction of royalties.
Summary of Thailand Reserves at December 31, 2015 for Concession L53/48
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: estimates of reserves and the net present value of those reserves, anticipated future production performance, estimates of future crude oil reference prices and the percentage of those prices received by Pan Orient, and estimates of development costs, foreign exchange rates, inflation rates, taxes and well abandonment and disconnect costs. 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.
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 (located in Bangkok, Thailand)
Pan Orient Energy Corp.
Bill Ostlund
Vice President Finance and CFO
(403) 294-1770
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Datum: 04.02.2016 - 13:30 Uhr
Sprache: Deutsch
News-ID 448688
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CALGARY, ALBERTA
Kategorie:
Oil & Gas
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