Pan Andean Participates in Successful Gulf of Mexico Well

Pan Andean reports that a third well has been successfully drilled by Gryphon Exploration on High Island 52.

Production will commence in the near future at a rate of 20 million cubic feet of gas a day. The Pan Andean royalty of 1.3% on this production is worth at current prices over $600,000 a year.

The company has been informed by Sterling Exploration our partners, on High Island 30 (Pan Andean 62.9%), that we are next in line to obtain a service boat which is currently working for Chevron. Once on site, refurbishment of the pipelines and pumping facilities are expected to take one month. Prior to the refurbishment, High Island 30 was producing 300 barrels of oil a day. The improvements were necessary to maintain this level of production.

Gas production continues from our onshore Texas, Vrazel and Zachry wells.

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