CanAsia Energy Corp V.CEC

POE Operations Update: Gross at 8,800 bpd

[zorgon1]

CALGARY, ALBERTA--(Marketwire - Feb. 4, 2008) - Pan Orient Energy Corp. (TSX VENTURE:POE) -  

  

  

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.  

  

  

L44-R Exploration Well (60% WI & Operator)  

  

Intermediate casing is currently being set at a depth of 650 meters on the moderate risk, high impact L44-R exploration well which is located approximately 10.5 kms south of the producing NSE oilfield and within the main volcanic reservoir play fairway. The well is targeting an approximately 7 square km structural closure with multiple potential volcanic reservoir targets between 800 to 1,300 meters. Total depth is anticipated to be reached in approximately 10 days.  

  

  

Na Sanun East ("NSE") Production License  

  

Thailand's Department of Mineral Fuels has now granted to Pan Orient a 27.8 square km Production License over its NSE oilfield discovery, allowing Pan Orient to continue with its planned NSE full field development program. Pan Orient is anticipating to drill up to 19 wells on the NSE structure during 2008.  

  

  

Production Update  

  

Further to the January 15, 2008, news release (which announced gross production of 7,350 bopd), tanker capacity has grown as anticipated and gross production of approximately 8,800 bopd (5,280 bopd net to Pan Orient) is currently being sold to the Bangkok refinery. Further tanker additions have been arranged and production will continue to ramp up to the current field production capacity, from existing wells, of approximately 10,000 bopd gross (6,000 bopd net) by late February to early March.  

  

  

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

  

  

45,218,842 common shares issued  

  

  

  

FOR FURTHER INFORMATION PLEASE CONTACT:  

  

Pan Orient Energy Corp.  

Jeff Chisholm  

President and CEO  

[phone]  

  

  

or  

  

Pan Orient Energy Corp.  

Jason Bednar  

Vice President Finance and CFO  

[phone]  

  

Email:   [e-mail]