PanOcean Exercises Greenshoe Option Increasing Offer

Pan-Ocean Energy reports that GMP Securities Ltd. and Haywood Securities Inc., on behalf of the underwriters of PanOcean's recently announced offering of Class B Subordinate Voting Shares, have exercised in full the underwriters' option to purchase up to an additional 250,000 Class B shares at the offering price of CDN$32.00 per share. As a result, pursuant to the offering the underwriters have agreed to purchase for resale an aggregate of 1,250,000 Class B shares at a price of CDN$32.00 per share for aggregate gross proceeds to PanOcean of CDN$40,000,000 ($33.7 million).

The underwriting syndicate is co-led by GMP Securities Ltd. and Haywood Securities Inc. and includes Research Capital Corporation and Jennings Capital Inc.

In connection with the offering, PanOcean today filed a final short form prospectus with, and obtained receipts from, the securities commissions in each of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. The offering is expected to close on or about September 14, 2005.


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