CanAsia Energy Corp V.CEC

Alternate Symbol(s): CECAF

Energy Oil & Gas E&P

CanAsia Energy Corp. is a Canada-based junior oil and gas company. The Company is engaged in the exploration for, and the acquisition, development and production of, crude oil and natural gas reserves. The Company, through its subsidiary, Andora Energy Corporation, is focused on developing the bitumen resources at the Sawn Lake property using steam assisted gravity drainage (SAGD) development. The Company has working interests in, four heavy oil sand leases with 27 sections (24.25 net sections) of Sawn Lake Alberta Crown oil sands leases within the Alberta Peace River Oil Sands area. In the Sawn Lake Central area, it operates with a 100% working interest in two oil sands leases with 11 gross sections (8.25 net sections). In the Sawn Lake South area, it operates with a 100% working interest in three oil sands leases with 16 gross sections (16 net sections).

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CanAsia Energy Corp

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Post by Banffstockeron May 27, 2009 9:57am

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Post# 16019477

ANOTHER OPPORTUNITY TO GROW PRODUCTION

P A N O R I E N T E N E R G Y C O R P .

POE-TSX-V: $5.44 — BUY

EVENT – PAN ORIENT ANNOUNCED AN NEW POOL DISCOVERY

Pan Or ient announced that the NSE-H3 wel l (60% W.I. ) intersected a 45 met re thick volcanic zone that is cur rently f ree flowing l ight oi l at 840 bbl/d wi th less than a 0.5% water cut. This new previously untested zone is located at a depth of approximately 600 met res which is above the main volcanic zone (800 met res) in the Na Sanun East Cent ral fault block.

OPINION – ANOTHER OPPORTUNITY TO GROW PRODUCTION

Pan Or ient bel ieves that six other previously dr i lled wel ls intersect the new upper zone but were only completed as producers in the lower main zone. No reserves of any category have been assigned to the upper zone. The company has made development of the new zone a pr ior ity and has scheduled addit ional wel ls into i ts 2009 dri l ling program. We bel ieve the new zone adds another oppor tunity for Pan Or ient to grow i ts product ion and reserves in 2009.

POE’s st rong cash- flow base wi l l be invested into low- r isk development dr i ll ing in Thai land and exploration activit ies in both Thai land and Indonesia that should fuel growth for several years. With no debt, cash in the bank, and cash f low, the company is in excel lent f inancial shape. We maintain our BUY recommendat ion and maintain our $9.00 target pr ice equivalent to our r isked NAV/fd share.