Markets

Pan Orient Energy Reports 2012 Year-End Heavy Oil Resources for Sawn Lake

Pan Orient Energy Corp. (POE.V) released the December 31, 2012 National Instrument 51-101 compliant resource evaluation for Andora's oil sands project at Sawn Lake Alberta, Canada.

Highlights:

- 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.

POE was down 2% to $2.85, with 52-week range of $1.90 - $4.47.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos