Pan Andean Successfully Completes Texas Well

Pan Andean reports that the Vrazel No. 2 well in the Danbury Dome area onshore Texas, is a commercial discovery expected to produce at a rate of 1.9 million cubic feet of gas per day. Tie in to existing pipelines will be completed within days.

Pan Andean holds a 21% interest in this project.

John Teeling, Chairman said, "Finally Vrazel is commercial. Drilling confirmed the presence of a number of gas zones. Technical problems greatly delayed the completion process, but now all is in place for commercial production. Current gas prices make this a profitable venture for Pan Andean.

Expected production and cash flow from Vrazel complements our other successful producer in the area, The Zachry Korenek No. 1 discovery.

These two discoveries bode well for the forthcoming drilling program on our 100% owned properties in the Danbury Dome area.

Pan Andean expects to make an announcement specific to this venture in the coming weeks.

The company's offshore drilling program is also active. A rig is in place on our 50% owned Hi Island A-68 Block in the Gulf of Mexico. I expect to announce the start up of drilling within a few days".

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