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TICKERS: POE

Small-Cap Producer Achieves Record Oil Sales
News Update

Source:

The quantity sold jumped about 274% from April to May.

Pan Orient Project Map

Pan Orient Energy Corp. (POE:TSX.V) had a record month in May in terms of oil sales from its Concession L53, located in Thailand, it announced in a news release.

Last month, average oil sales totaled 2,631 barrels per day (2,631 bbl/day), and during the first four days of June, they already exceeded that amount, at 3,259 bbl/day. In comparison, oil sales averaged 704 bbl/day in April.

Realized oil prices year to date were $62.17 per barrel, reflecting a 6.3% discount to the Brent and a 7.5% premium to the West Texas Intermediate price benchmarks.

In other news, on June 3, the "access road base fill and geotextile" to the well pad was completed at Anggun-1X in Indonesia, the release noted. Construction activities will restart after being curtailed for four days for Indonesia's national Eid al-Fitr holiday. The access road needs to be surfaced and the well pad completed for drilling to commence in August as planned.

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