Pan Orient Energy Corp. announced that has filed its unaudited consolidated financial statements as at and for the three months ended March 31, 2010 and related management’s discussion and analysis. Highlights of the quarter include: The operating results for the quarter reflect a 13% increase in production volumes, a 1% increase crude oil prices, and a 4% reduction in operating expenses.
Pan Orient Energy, on behalf of its 53.2% owned subsidiary Andora Energy Corporation, released its December 31, 2009 National Instrument 51-101 compliant reserves appraisal for its heavy oil project at Sawn Lake Alberta, Canada. Sawn Lake probable recoverable oil reserves of 131.8 million barrels and 70.1 million barrels to the 53.2% ownership interest of Pan Orient in Andora, unchanged from prior year.
Pan Orient reported that it has received Commercial Scheme Approval for a Steam Assisted Gravity Drainage (SAGD) recovery process 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 Pilot location is on Andora 100% owned acreage within the South Block of its Sawn Lake Property in the Peace River Oil Sands Region, Alberta, Canada. The objective of the pilot is to demonstrate the feasibility of producing bitumen from the Bluesky Zone at economic rates as well as the technical feasibility of the SAGD thermal recovery process allowing Andora to validate the design of the commercial project.
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