Paul Keyes Named President and CEO of PanOcean Energy

The Board of Directors of PanOcean Energy Corporation Limited has appointed Paul L. Keyes as President and Chief Executive Officer effective immediately.

Mr. Keyes' appointment was announced by PanOcean Chairman W. David Lyons. "We are very fortunate to have a man of Paul Keyes' experience as our new CEO. Paul Keyes has been actively involved with PanOcean as a director and as a consultant for many years, and knows our business and our people. He is an industry veteran with an exceptional track record of building and managing international oil and gas ventures. Mr. Keyes will provide the leadership to move PanOcean to its next level of oil exploration and develop a significantly bigger oil production operation in Gabon," said Mr. Lyons.

Mr. Keyes is a graduate of Notre Dame University, with a B. Sc. in Geology. Mr. Keyes began his career with Exxon Production Research Company and rose to the position of Chief Geologist with Exxon. In 1981 he joined Forest Oil as Exploration Vice President where he was responsible for exploration and production activities of Forest Oil in the USA and internationally. In 1991 he started his own geologic consulting practice which led him to be involved in the study and analysis of an extensive portfolio of international oil and gas fields. He returned to the U.S. oil and gas industry in 1993 as Senior Advisor and then Vice President of Exploration for Pennzoil Exploration and Production Company. Subsequently, he returned to consulting and it was in that role that he has advised PanOcean and predecessor companies since 1998. He has been a director of PanOcean for 5 years.

W. David Lyons continues as Chair of the Board of Directors, a position he has held since the formation of the Company.