Pan-Ocean Arranges $85 Million Senior Debt Facility

Pan-Ocean Energy Corporation has arranged a $85 million five-year senior debt facility with a syndicate of international banks led by Standard Chartered Bank. The facility is in the form of a senior amortizing borrowing base term loan, secured against a portion of the Company's oil and gas assets, which facility can be drawn down as required in accordance with certain criteria related to the asset base and financial performance of the Company. The purpose of the facility is to supplement the funding of PanOcean's 2006 capital program.

PanOcean is an international energy company engaged in the exploration, production and marketing of oil and natural gas. PanOcean's asset portfolio is focused on conventional light oil production in Gabon, West Africa. PanOcean's Class B Subordinate Voting Shares and Class A Common Shares are listed for trading on the Toronto Stock Exchange under the symbols POC.B and POC.A respectively. PanOcean has 24,726,678 Class A and Class B Shares outstanding.

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