CALGARY, JANUARY 31, 2022

Pan Orient Energy Corp. (“Pan Orient” or the “Company”) (POE – TSXV), on behalf of Pan Orient Energy (Siam) Ltd.
(“POS”), announced the results of its December 31, 2021 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 and Pan Orient
does not have any direct interest in, or control over, the crude oil reserves or operations of on-shore Concession
L53/48.

The evaluation for the Thailand assets as at December 31, 2021 was conducted by Sproule International Limited of
Calgary (“Sproule”) and was prepared in accordance with Canadian Securities Administrators National Instrument 51-
101 – Standards of Disclosure for Oil and Gas Activities.

Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per
day. Reserves volumes reported below are “Company Gross Reserves”, a classification of reserves used in the
evaluation which represents production and reserves before deduction of royalties.

Summary of Thailand Reserves at December 31, 2021 for Concession L53/48

➢ Thailand crude oil reserves and values at December 31, 2021 of POS (representing the 100% working interest of
POS in Concession L53/48):

o Proved oil reserves (“1P”) of 3,079,000 barrels at December 31, 2021, a 9% increase from the 2,836,000
barrels at December 31, 2020.
o Proved plus probable oil reserves (“2P”) decreased 3% to 4,625,000 barrels at December 31, 2021
compared with proved plus probable oil reserves of 4,753,000 barrels at December 31, 2020. The
decrease in 2021 reflects the following changes during 2021:

▪ Oil sales increased 15% in 2021 to 1,018,286 barrels (2,790 BOPD), with 874,060 barrels (2,395
BOPD) from the L53DD field, 53,847 barrels (148 BOPD) from the L53G field, 32,649 barrels (89
BOPD) from the L53A field, 32,557 barrels (89 BOPD) from the L53D field, 15,730 barrels (43 BOPD)
from the L53B field, 5,625 barrels (15 BOPD) from the L53AA field and 3,818 barrels (10 BOPD) from
the L53AA South field.

▪ Proved plus probable reserves increased 890,000 barrels at December 31, 2021 (19% of December
31, 2020 proved plus probable reserves) from positive technical revisions of 821,000 barrels, 59,000
barrels for economic factors and 10,000 barrels for extension of fields.

▪ The L53DD field had 874,060 barrels of oil sales in 2021 compared with 734,006 barrels in 2020.
The L53DD field at December 31, 2021 has been assigned proved plus probable reserves of
3,345,000 barrels, including a positive technical revision (inclusive of economic factors) of proved
plus probable reserves in 2021 of 751,000 barrels relating to revised geological mapping and well
performance. This compared with 3,468,000 barrels at December 31, 2020.

▪ Net present value (after tax) of Thailand proved plus probable oil reserves at December 31, 2021,
using forecast prices and costs discounted at 10% per year, of Cdn$108.2 million. The 39% increase
in the net present value (after tax) of Thailand proved plus probable oil reserves from $77.8 million at
December 31, 2020 is the result of the 31% increase average oil sales prices more than offsetting the
3% decrease in proved plus probable reserves. The average oil sales price increased to $88.64 per
barrel in the December 31, 2021 reserves report compared with $67.82 in the December 31, 2020
reserves report.

o Possible oil reserves have been reported for the last four years to better define the potential upside of the
L53DD field discovered in 2018. Possible reserves are those additional reserves that are less certain to
be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will
equal or exceed the sum of proved plus probable plus possible reserves.

Possible oil reserves at December 31, 2021 are 1,346,000 barrels and decreased 745,000 barrels from
the prior year as possible reserves were moved into proved and probable reserves. Total proved plus
probable plus possible oil reserves (“3P”) are 5,971,000 barrels at December 31, 2021 with a net present
value (after tax) using forecast prices and costs discounted at 10% per year, of Cdn$131.4 million.

o Thailand Concession L53/48 reserves are from conventional sandstone reservoirs.

➢ Net to Pan Orient’s 50.01% equity interest in POS:

o Pan Orient does not have any direct interest in, or control over, the crude oil reserves or operations of onshore Concession L53/48. The values at December 31, 2021 identified as “Net to Pan Orient’s 50.01% Equity Interest in Pan Orient Energy (Siam) Ltd.” represent 50.01% of POS reserves and values.

o Net to Pan Orient’s 50.01% equity interest in POS, proved plus probable crude oil reserves of 2,313,000
barrels at December 31, 2021. Net to Pan Orient’s 50.01% equity interest in POS, net present value
(after tax) of Thailand proved plus probable crude oil reserves at December 31, 2021, using forecast
prices and costs discounted at 10% per year, of Cdn$54.1 million, or $1.09 per Pan Orient share based
on the 49.8 million Pan Orient shares outstanding at December 31, 2021.

o Net to Pan Orient’s 50.01% equity interest in POS, proved plus probable plus possible crude oil reserves

of 2,986,000 barrels at December 31, 2021. Net to Pan Orient’s 50.01% equity interest in POS, net
present value (after tax) of Thailand proved plus probable plus possible crude oil reserves at December
31, 2021, using forecast prices and costs discounted at 10% per year, of Cdn$65.7 million, or $1.32 per
Pan Orient share based on the 49.8 million Pan Orient shares outstanding at December 31, 2021.

Thailand Concession L53/48 Reserves Evaluation as of December 31, 2021, as provided by Sproule
Pan Orient Energy (Siam) Ltd. (with a 100% working interest in Concession L53/48)

Notes:

• 1) Pan Orient Energy (Siam) Ltd. is the operator and 100% working interest owner of Concession L53/48. Pan Orient holds a 50.01% equity interest in Pan Orient Energy (Siam) Ltd. Thailand reserves and values at December 31, 2021 shown as “100% working interest of Pan Orient Energy (Siam) Ltd.” represent a 100% working interest in Concession L53/48.
• 2) Reserves volumes reported above are “Company Gross Reserves”, a classification of reserves used in the evaluation which represents production and reserves before deduction of royalties.
• 3) The tables shown have assessed reserves at forecast crude oil reference prices & costs.
• 4) The US$ reference price for crude oil per barrel (US$ UK Brent per barrel) is $75.00 for 2022, $72.00 for 2023, $70.00 for 2024, $71.40 for 2025, $72.83 for 2026, and prices increase at 2.0% per year thereafter.
• 5) Oil revenue for these reserves is based on 94% of the forecast crude oil Brent reference price.
• 6) Tables show assessed reserves with a foreign exchange rate of CDN$1=US$0.80.
• 7) The capital cost and operating expense inflation rate is 0% per year in 2022 and 2.0% per year starting in 2023.
• 8) Estimated future undiscounted development costs, in dollars, at December 31, 2021 were Cdn$8.0 million for proved reserves, Cdn$10.2 million for proved plus probable reserves and Cdn$10.2 million for proved plus probable plus possible reserves.
• 9) Net present values after income tax are after deduction of the SRB (Special Remuneratory Benefit tax) and income tax in Thailand. Based on the forecast oil rates and prices, SRB is forecast to be paid in 2022 with SRB tax rate of Cdn$1.3 million for proved plus probable reserves and Cdn$2.6 million for proved plus
• probable plus possible reserves.
• 10) Well abandonment and reclamation costs of Cdn$5.3 million for the proved plus probable case were included in this report and include abandonment and reclamation costs for all existing and future wells. Well abandonment and reclamation costs of Cdn$5.8 million were included for the proved plus probable plus possible case. No allowances for salvage values were made.
• 11) The net present values disclosed may not represent fair market value.
• 12) Totals may not add exactly due to rounding. Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently
• located onshore Thailand and in Western Canada. This news release contains forward-looking information. Forward-looking information is generally identifiable by the
• terminology used, such as “expect”, “believe”, “estimate”, “should”, “anticipate” and “potential” or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: estimates of reserves and the net present value of those reserves, anticipated future production performance, estimates of future crude oil reference prices and the percentage of those prices received by Pan Orient, and estimates of development costs, foreign exchange rates, inflation rates, taxes and well abandonment and disconnect costs. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserves estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.
• Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Pan Orient Energy Corp.
Jeff Chisholm, President and CEO (located in Bangkok, Thailand)
Email: jeff@panorient.ca
or –
Bill Ostlund, Vice President Finance and CFO
Telephone: (403) 294-1770