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Gold/Mining/Energy : POE:VSE PAN OCEAN EXPLORATIONS INC. -- Ignore unavailable to you. Want to Upgrade?

To: CIMA who wrote (56)	4/5/1999 6:12:00 PM
From: john	Read Replies (1) \| Respond to of 277

To: john (45 ) From: CIMA Monday, Apr 5 1999 5:28PM ET Reply # of 56 Company Press Release Pan Ocean to Farm-In on Mobil Canada West Newfoundland Acreage VANCOUVER, BRITISH COLUMBIA--R. CONSTANTINE GREY, President of Pan Ocean Explorations Inc., (POE:VSE) is pleased to announce that today the company has reached a farm-in agreement with Mobil Canada. The agreement pertains to oil exploration on two prope rties onshore in western Newfoundland, referred to as the York Harbour Project, and involves a land package totalling 75,448 gross hectares (186,357 acres). Under the terms of the agreement, Pan Ocean will earn a 60 percent working interest in Exploration Permit 96-113, which comprises 37,950 hectares (93,736 acres) on the south side of the Bay of Islands, western Newfoundland. Pan Ocean will earn its intere st by drilling an 8000' (2440 metres) continuous-core, slim-hole well to test objectives within the Ordovician carbonate platform succession. This well is planned to commence in the late spring or early summer 1999 and is estimated to cost approximately C$1million. Does the company have the million or will there be dilution? In addition, the company will have the option, exercisable within 60 days of the rig release of the York Harbour well, to earn a 10 percent interest in Exploration Permit 96-116, which comprises a further 37,498 hectares (92,620 acres) north of the York Harbour Project. The company must acquire 50 km of seismic data on this permit to earn this interest. As well, if within 90 days of seismic completion, the company elects to drill an 8000' slim-hole well on the permit, the interest can be increased to 60 percent. Sounds like aquire and drill as bolded above mean more costs more dilution. But maybe this company is flush with cash, yes or no???? West Newfoundland has recently been the focus of renewed petroleum exploration as several major companies have returned to explore in the area. Recent increases in the spot price of crude oil and announced OPEC cut backs have added to the prospective nat ure of the project. The PanCanadian Petroleum Shoal Point, K-39 well was spudded in early February 1999. What does Pan Canadian have to do with POE or is this just added excitment to this release.? This well is planned to drill to a minimum depth of 2700 metres at a cost of approximately C$10 million. According to the most recent depth informati on available, the well is estimated to have reached a depth of 2175 metres. Other partners in the well include Hunt Oil Company, Encal Energy Ltd. [NYSE:ECA - news], and Mobil Canada. The well is being deviated from land to test carbonate platform reservoirs within a larg e structure underneath Port au Port Bay. Although petroleum has long been known to be present in the area from surface seeps and very shallow production wells, the modern phase of exploration in western Newfoundland commenced late in the 1980's. The exploration efforts have been aided by the ac quisition of modern, detailed seismic data. Four deep wells drilled in the immediate vicinity of the Port au Port Peninsula between 1994 and 1996 resulted in 1 discovery and 3 dry holes. Although the initial Port au Port number 1 well flowed light oil from 2 zones at a rate totalling over 3200 BPD , the commerciality of the discovery awaits further delineation. Most significantly, this well established the presence of an active petroleum system and hence the viability of the play. These four wells provided valuable information to set the stage for a second round of exploration by PanCanadian and partners in the Port au Port Bay area, culminating in the acquisition of an onshore-offshore transition zone seismic survey and drilling of the K-39 well, currently in progress. Pan Ocean's farm-in lands lie approximately 50 km north east of, and along the same favourable geological trend as the PanCanadian Petroleum Shoal Point K-39 well. The slim-hole test well will be drilled approximately 20 km west of Corner Brook, along an existing road access. Sourcing, trapping and reservoir conditions in the Bay of Islands area are believed to be as favourable to those of the Port au Port area. Hunt Oil Company has stated publicly that the Shoal Point structure could contain over 100 million barrels of oil. Petroleum exploration in west Newfoundland is exciting because it provides a combination of west Texas, Ellenburger - type carbonate reservoirs and structural configurations analogous to the foothills of Alberta. Both these prolific oil-producing areas a re rich in petroleum, and the latter contains fields, such as Turner Valley, with recoverable reserves in excess of 100 million barrels of oil equivalent. Furthermore, the farm-in lands lie within the thickness accumulation of the Humber Arm Allochthon, a geological unit stretching some 200 km along the west coast of Newfoundland which contains the important rich source rocks and stratigraphic traps essent ial for accumulations of hydrocarbon reservoirs. Pan Ocean management is convinced that the York Harbour Project is strategically and geologically located within the centre of the core area of this western Newfoundland play. In addition, Newfoundland's fiscal terms for petroleum exploitation are extre mely favourable and are comparable to those of Alberta. These factors have contributed to management's decision to aggressively position Pan Ocean as a key player in this oil exploration project. On behalf of the Board of Directors R. Constantine Grey, President For a map of Pan Ocean's York Harbour Project, please call the company at the number below. So Cima tell me something Mobil Oil need help financing this project? is that why they turned to POE? or is it a rule of the Newfoundland Government that companies the size of Mobil can not drill without aiding smaller junior exploration companies? I think the show begins tomorrow! This release warrants a share price of about 60 cents any higher and the current shareholders will be selling to the first round of suckers and gravity will probably take effect. Afterall the release refers to spring summer 1999 before any results, heck they have apparently HAVE not started to drill. I personally am leary of companies that refer to other companies properties near them. also, one huge question, WHY DOES MOBIL NEED POE? CAN'T BE FOR MONEY NOR EXPERTISE?

To: CIMA who wrote (56)	4/5/1999 9:17:00 PM
From: john	Read Replies (2) \| Respond to of 277

Classic Bull $hit Vancouver play, just my opinion read the following real careful, managment looking after the uh shareholders NOT themselves yuppers.. On November 3, 1998, the Company granted two directors 300,000 incentive stock options, exercisable at $0.15 per share until November 3, 2000. On December 12, 1998, the Company issued 150,000 common shares at a price of $0.15 per share, for a total cash consideration of $22,500, pursuant to the exercise of 150,000 incentive stock options. On January 6, 1999, the Company granted 216,620 incentive stock options, exercisable at $0.28 per share until January 6, 2001. On January 5, 1999, the Company issued 150,000 common shares at a price of $0.15 per share, for a total cash consideration of $22,500, pursuant to the exercise of 150,000 incentive stock options. On January 25, 1999, the Company issued 66,620 common shares at a price of $0.28 per share, for a total cash consideration of $22,500, pursuant to the exercise of 66,620 incentive stock options. On January 29, 1999, the Company completed a private placement and issued 1,666,664 units at a price of $0.15 per share for a total consideration of $250,000. Each unit consists of one share and one share purchase warrant. Each share purchase warrant entitles the holder to purchase one additional share at a price of $0.15 until January 29, 2000, then at a price of $0.17 until January 29, 2001, after which time the warrants expire. On February 1, 1998, the Company issued 20,000 common shares at a price of $0.28 per share, for a total cash consideration of $5,600, pursuant to the exercise of 20,000 incentive stock options. On February 9, 1999, the Company granted 370,000 incentive stock options, exercisable at $0.38 per share until February 9, 2001. ------------------------------------- Now my math is not great, but this looks to be almost 3,000,000 shares issued for either options or cash. Someone please correct me if I am wrong. Here comes the pump and dump, like I asked if it is such a good property why does Mobil need POE, ROTF...

To: CIMA who wrote (56)	4/7/1999 2:53:00 PM
From: Len Hynes	Read Replies (1) \| Respond to of 277

Hi CIMA; Good to see you following developments on the West Coast.Here is the latest on the Pan Canadian story: Here is the latest update on Pan Canadian as printed in today's edition of the Evening Telegram: 4/7/99 The Western Star—Shoal Point The PanCanadian Petroleum exploration well is proceeding as planned, said William Zukiwski, drilling superintendent. Zukiwski said a depth of 2,175 metres has been reached and the company is running casing in the intermediate hole section. The casing will be set in concrete and pressure tested, a process which will take about 10 days before regular drilling will resume. Zukiwski said the target depth is between 2,400 to 2,500 metres but, if findings are encouraging, the depth could be taken up to 35,000 metres. He estimated drilling will run until the end of April. This is a high risk expensive well which is said to have a one in 10 chance of success. But PanCanadian is drilling because of trends they have seen in the area and the hopes of a big find, Zukiwski said it's a tough well and, being new frontier exploration, the company is taking its time because it wants to record data as drilling progresses. Shoal Point juts out from the community of Boswarlos on the Port au Port Peninsula. PanCanadian was required to build an 8.2-kilometer road to get to the site was built in the latter part of last year. While the Nabors 375 drilling rig is located on land, the company is drilling about 450 metres under Port au Port Bay towards the western side of Shoal Point. If it chooses, PanCanadian can keep findings under wraps for up to two years