PanOcean Announces 2005/2006 Normal Course Issuer Bid

Pan-Ocean Energy intends to commence a Normal Course Issuer Bid on October 24, 2005, which bid will terminate on October 23, 2006. As at October 17, 2005 there were 1,751,195 Class A Common Shares and 22,962,916 Class B Subordinate Voting Shares outstanding. PanOcean proposes to acquire up to a maximum number of 87,560 Class A Common Shares being 5% of the issued and outstanding Class A Common Shares with a maximum 35,024 Class A Common Shares (2% of the issued and outstanding Class A Common Shares) during any 30 day period. PanOcean also proposes to acquire up to a maximum of 2,254,777 Class B Subordinate Voting Shares being 10% of the public float subject to a maximum of 459,258 Class B Subordinate Voting Shares (2% of the issued and outstanding Class B Subordinate Voting Shares) during any 30 day period.

Purchases will be effected through the facilities of Toronto Stock Exchange. PanOcean believes that, due to volatility in financial markets and commodity pricing, the Class A Common Shares and the Class B Subordinate Voting Shares may from time to time be undervalued in the market and would constitute a good investment for the Company. All shares purchased will be cancelled and returned to the status of authorized but unissued.
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