POE.V/POEFF
CORRECTION FROM SOURCE: Pan Orient Acquires Own Shares and Intends Normal Course Issuer Bid
Press Release
Source: Pan Orient Energy Corp.
On Monday September 28, 2009, 7:05 pm EDT
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CALGARY, ALBERTA--(Marketwire - Sept. 28, 2009) - Pan Orient Energy Corp. ("Pan Orient") announces today that it purchased 5,000 of its common shares on September 22, 2009 at a price of $4.91 per share. These shares were purchased outside of Pan Orient's expired normal course issuer bid. The shares will be cancelled in due course. (Correction: New second sentence.)
Pan Orient also intends to re-institute its normal course issuer bid program, subject to regulatory approval. Under the terms of the bid, Pan Orient may purchase up to 5% of its issued and outstanding common shares, of which 46,168,366 are currently outstanding. The bid, if implemented, would commence in October and end no later than 12 months later. Any purchases pursuant to the bid will be made by Wellington West Capital Markets on behalf of Pan Orient, through the facilities of the TSX Venture Exchange. Common shares purchased will be paid for with cash available from Pan Orient's substantial working capital and will be cancelled after purchase.
Pan Orient believes that its common shares may from time to time be undervalued in the market and constitute a good investment for Pan Orient's own funds.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.
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