Pan Orient Energy Corp. announced the results of its December 31, 2018 independent reserves evaluation for Thailand on-shore Concession L53/48 where POS is the operator and has a 100% working interest. Pan Orient has a 50.01% equity interest in POS, which is classified as a Joint Venture under International Financial Reporting Standards and accounted for using the equity method. Pan Orient’s 50.01% equity interest in the assets, liabilities, working capital, operations and capital expenditures of POS are recorded in Investment in the Thailand Joint Venture. Summary of Thailand Reserves at December 31, 2018 for Concession L53/48: Thailand crude oil reserves and values at December 31, 2018 of POS (representing the 100% working interest of POS in Concession L53/48): Proved oil reserves of 901,000 barrels at December 31, 2018, a 65% increase from the 545,000 barrels at December 31, 2017. Proved plus probable oil reserves increased 150% to 2,731,000 barrels at December 31, 2018 compared with proved plus probable oil reserves of 1,093,000 barrels at December 31, 2017. The increase in 2018 reflects the following changes during 2018: 2018 oil sales of 182,162 barrels (499 BOPD), with 77,933 barrels (214 BOPD) from the L53G field, 51,334 barrels (141 BOPD) from the L53A field, 25,205 barrels (69 BOPD) from the L53D field, and 27,667 barrels from the new L53DD field which started production in November 2018. Discovery of the L53-DD field in the fourth quarter of 2018 added 27,667 barrels of oil sales in 2018 and has been assigned proved reserves of 399,000 barrels and proved plus probable reserves of 1.7 million barrels at December 31, 2018. Positive technical revisions were reported for each of the four existing L53 fields totaling 73,000 barrels (7% of December 31, 2017 proved plus probable reserves).