Pan Orient Energy Corp. (TSX: V.POE, Stock Forum), on behalf of its 71.8% owned subsidiary Andora Energy Corp., provides the Dec. 31, 2012 National Instrument 51-101 compliant resource evaluation for Andora's oil sands project at Sawn Lake Alberta.
The NI 51-101 evaluation included all of Andora's oil sands leases in Sawn Lake based on exploitation using steam assisted gravity drainage.
According to the Pan Orient Energy Press release, highlights of the evaluation show Sawn Lake has "Best Case" contingent resources of 214 million barrels of bitumen attributed to Andora's working interests, 154 million barrels attributed to Pan Orient, largely in the South and Central Blocks of Sawn Lake.
Net present value of the "Best Case" (discounted at 10% before income tax using forecast prices) is $489 million for Andora and $351 million to Pan Orient.
Pan Orient is an oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.
On Tuesday, Pan was trading at $2.91 a share. The company had a market cap of $165.2 million, based on 56.7 million shares outstanding. The 52-week high and low was $4.47 and $1.90 respectively.