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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Pan Orient Energy Corp | TSXV:POE | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.21 | 1.19 | 1.24 | 0 | 01:00:00 |
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Pan Orient Energy Corp. (TSX VENTURE:POE), on behalf of its 71.8% owned
subsidiary Andora Energy Corporation ("Andora"), is pleased to release the
December 31, 2012 National Instrument 51-101 compliant resource evaluation for
Andora's oil sands project at Sawn Lake Alberta, Canada, as evaluated by Sproule
Unconventional Limited ("Sproule"). The evaluation included all of Andora's Oil
Sands Leases in Sawn Lake based on exploitation using Steam Assisted Gravity
Drainage (SAGD).
Sawn Lake, Alberta Project 2012 Year-End Evaluation Summary and Highlights:
-- The oil sands project at Sawn Lake Alberta as at December 31, 2012 was
evaluated by Sproule. Contingent resources are those quantities of
petroleum estimated, as of a given date, to be potentially recoverable
from known accumulations using established technology or technology
under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies. The
contingent resource volumes estimated in the Sproule report are
considered contingent until such time as commercial recovery has been
demonstrated, regulatory approvals for commercial SAGD development have
been obtained and the company has a firm commercial development plan and
funding for the commercial development. Contingent Resources are further
classified as "High", "Best" and "Low" in accordance with the level of
certainty.
-- Sawn Lake "Best Case" contingent resources of 214 million barrels of
bitumen attributed to Andora's working interests, or 154 million barrels
attributed to the 71.8% ownership interest of Pan Orient in Andora, have
been assigned largely in the South and Central Blocks of Sawn Lake.
Andora is the operator of these lands and holds a 100% working interest
in the 16 sections of the South Block and holds a 50% working interest
plus an additional 3% gross overriding royalty ("GORR") on non-owned 40%
working interest in the 12 sections of the Central Block.
-- Net present value of the "Best Case" (discounted at 10% before income
tax using forecast prices) attributed to Sawn Lake contingent resources
for the working interests and the GORR interests is $489 million for
Andora and $351 million to the 71.8% ownership interest of Pan Orient in
Andora.
-- Net present value of the "Best Case" (discounted at 10% after income tax
using forecast prices) attributed to Sawn Lake contingent resources for
the working interests and the GORR interests is $312 million for Andora
and $224 million to the 71.8% ownership interest of Pan Orient in
Andora.
-- The December 31, 2012 contingent resource report by Sproule represents a
mechanical update incorporating new forecasted prices for natural gas
and crude oil, and revised estimates of operating expenses and capital
expenditures. There is no change from the estimate of contingent
resource volumes as at December 31, 2011 prepared by Sproule. The net
present value of the "Best Case" (discounted at 10% before income tax
using forecast prices) attributed to Sawn Lake contingent resources
declined by 20% as a result of a 6% reduction in crude oil prices and a
10% increase in the estimated capital cost for drilling of wells,
partially offset by a 10% reduction in natural gas prices and a movement
in the location of the demonstration project.
-- Andora has received Commercial Scheme Approval for a demonstration
project at the Sawn Lake property in the Peace River Oil Sands Region
under the Oil Sands Conservation Act from the Energy Resources
Conservation Board (ERCB) and approval from the Government of Alberta
under the Environmental Protection and Enhancement Act (EPEA). The
demonstration project will be located in the Central Block of Sawn Lake
where Andora is the operator and holds a 50% working interest plus a 3%
GORR" on a non-owned 40% working interest. Work on the demonstration
project has commenced. It is expected that the horizontal well pair will
be drilling in the third quarter of 2013 and steam operations commencing
in the fourth quarter of 2013.
Andora Sawn Lake, Alberta Interests at December 31, 2012
----------------------------------------------------------------------------
Gross Working
Sections Interest Additional Interest
----------------------------------------------------------------------------
South Block (Andora
operated) 16 100%
Central Block (Andora 3% GORR on non owned 40%
operated) 12 50% working interest
North Block (Andora
operated) 9 100%
North Block 3% GORR on an 80% working
interest for a portion of the
51 10% lands
------------
88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Summary of Canada Contingent Bitumen Resources as of December 31, 2012, as
provided by Sproule
----------------------------------------------------------------------------
Marketable Resources - Company Gross (million Pan Orient
barrels) Andora 71.8%
----------------------------------------------------------------------------
Contingent - Low Estimate "1C" 194.9 140.0
Contingent - Best Estimate "2C" 214.4 154.0
Contingent - High Estimate "3C" 251.0 180.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sawn Lake Oil Sands Project
Summary of Net Present Values Before Tax as of
December 31, 2012
Contingent Resources as provided by Sproule
Andora 100% (Cdn$ million)
------------------------------------------------
0% 5% 10% 15%
------------------------------------
Contingent -
Low
Estimate
"1C" 3,013 1,136 429 121
Contingent -
Best
Estimate
"2C" 4,352 1,423 489 130
Contingent -
High
Estimate
"3C" 6,236 1,955 662 189
------------------------------------------------
1 Resources assessed at forecast crude
oil reference prices and costs.
2 The reference prices for crude oil
per barrel (Western Canada Select
WCS 20.5 API adjusted for quality
and transportation in Canadian
dollars) are $69.33 for 2013, $74.57
for 2014, $73.21 for 2015, $80.17
for 2016, $81.37 for 2017, and
increase at 1.5% per year
thereafter.
3 Oil revenue for these resources is
equal to approx. 72% of the forecast
crude oil reference price.
4 The reference prices for natural gas
(AECO-C Spot price per MMBTU in
Canadian dollars) are $3.31 for
2013, $3.72 for 2014, $3.91 for
2015, $4.70 for 2016, $5.32 for 2017
and increase at approximately 1.5%
per year thereafter.
5 Future development costs for
Contingent Resources which have been
deducted in calculating the before
tax NPV:
Low Estimate - CDN$2,312 million
with the drilling of 390 gross well
pairs and building facilities
Best Estimate - CDN$2,328 million
with the drilling of 390 gross well
pairs and building facilities
High Estimate - CDN$2,382 million
with the drilling of 390 gross well
pairs and building facilities
6 The engineered values disclosed may
not represent fair market value.
7 There is no certainty that it will
be commercially viable to produce
any portion of the resources.
------------------------------------------------
Sawn Lake Oil Sands Project
Summary of Net Present Values Before Tax as of
December 31, 2012
Contingent Resources as provided by Sproule
Pan Orient 71.8% Interest in Andora (Cdn$
million)
------------------------------------------------
0% 5% 10% 15%
------------------------------------
Contingent -
Low
Estimate
"1C" 2,165 816 308 87
Contingent -
Best
Estimate
"2C" 3,126 1,022 351 93
Contingent -
High
Estimate
"3C" 4,480 1,405 476 136
------------------------------------------------
1 Resources assessed at forecast crude
oil reference prices and costs.
2 The reference prices for crude oil
per barrel (Western Canada Select
WCS 20.5 API adjusted for quality
and transportation in Canadian
dollars) are $69.33 for 2013, $74.57
for 2014, $73.21 for 2015, $80.17
for 2016, $81.37 for 2017, and
increase at 1.5% per year
thereafter.
3 Oil revenue for these resources is
equal to approx. 72% of the forecast
crude oil reference price.
4 The reference prices for natural gas
(AECO-C Spot price per MMBTU in
Canadian dollars) are $3.31 for
2013, $3.72 for 2014, $3.91 for
2015, $4.70 for 2016, $5.32 for 2017
and increase at approximately 1.5%
per year thereafter.
5 Future development costs for
Contingent Resources which have been
deducted in calculating the before
tax NPV:
Low Estimate - CDN$1,661 million
with the drilling of 390 gross well
pairs and building facilities
Best Estimate - CDN$1,673 million
with the drilling of 390 gross well
pairs and building facilities
High Estimate -- CDN$1,711 million
with the drilling of 390 gross well
pairs and building facilities
6 Results represent Pan Orient's 71.8%
interest in Andora.
7 The engineered values disclosed may
not represent fair market value.
8 There is no certainty that it will
be commercially viable to produce
any portion of the resources.
------------------------------------------------
Pan Orient's will be announcing 2012 year-end results and providing an update on
Thailand operations on Thursday March 28th.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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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