OREANDA-NEWS. On November 5, 2014 Pan Orient Energy Corp. ("Pan Orient" or the "Company") (TSX VENTURE:POE) announced it had has entered into an agreement for the sale of a 50-per-cent equity interest in subsidiary Pan Orient Energy (Siam) Ltd. to a wholly owned subsidiary of Sea Oil Public Company Limited ("Sea Oil"), of Thailand, for a cash price of USD 42.5 million (CDN USD 48.3 million), including a working capital adjustment of USD 2.4 million (CDN USD 2.7 million). Pan Orient Energy (Siam) Ltd. holds Pan Orient's 100% interest in Concession L53/48 in Thailand. It is anticipated that net proceeds to Pan Orient, after closing adjustments and costs will be approximately USD 40.9 million (CDN USD 46.5 million).

Pan Orient has been informed that Sea Oil requires additional time to complete certain closing conditions to be satisfied by it, including the Bank of Thailand approval for the transfer of funds. Accordingly, Pan Orient and Sea Oil have agreed to delay closing of the transaction for up to three weeks. A further update will be provided in due course.

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.