Pan Orient Energy Corp. has entered into an agreement for the sale of its operated 60% interest in Thailand Concessions L44/43, L33/43 and SW1 for a cash price of USD $170 million plus approximately USD $8 million for working capital and other adjustments. It is expected that net proceeds after costs and income tax will be approximately USD $162 million.

Pan Orient's other interests in Thailand, consisting of its operated 100% interest in Concession L53/48, are being retained.

The transaction will be effected through the sale by the Corporation of its subsidiary Pan Orient Energy (Thailand) Ltd. ("POET"), which holds Pan Orient's 60% interest in Concession SW1 in Thailand and, indirectly through POET's subsidiary Pan Orient Resources (Thailand) Ltd., which holds Pan Orient's 60% interest in Concessions L44/43 and L33/43 in Thailand.

Tags: Pan Orient Energy Corp.