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PanAtlantic on the Move
HOUSTON - Tuesday, May 14th 2013 [ME NewsWire]

(BUSINESS WIRE)-- As PanAtlantic celebrates its one year anniversary, several key events are being announced today:

    Construction of the new office facility downtown Houston, Texas is complete. The Company now occupies over 50,000 square feet in the prestigious Fulbright Tower at 1301 McKinney.
    In Brasil, PanAtlantic has submitted relinquishment documents for blocks BM-S-71, BM-S-72 and BM-S-63 due to the failure to find commercial quantities of hydrocarbons. Additionally, the Company elected not to participate in Bid Round 11 resulting in the cancellation of submittals to ANP.
    PanAtlantic is pleased to announce the ratification of entry into two blocks in Equatorial Guinea:
        Entering Block W with Murphy Exploration as Operator, a 3D seismic acquisition program will begin late 2013. Murphy has a working interest of 45%, PanAtlantic WI is 35% and GEPetrol has a carried 20% interest through exploration. The area covered is approximately 2254 square kilometers and the water depth varies from 1500 to 2100 meters.
        As Operator, PanAtlantic has entered into Block 02 where 3D interpretation has identified several leads currently under evaluation. PanAtlantic has a WI of 50% with partners Novamark (25%), Atlas (5%) and GEPetrol carried at 20% through exploration. The area covered is approximately 1540 square kilometers and the water depth varies from 1800 to 2000 meters.

    Also in Equatorial Guinea, PanAtlantic announces the intent to bid for a 3D seismic shoot over Block K Corisco Deep. The seismic program will cover 3200 square kilometers over a block with water depths up to 2500 meters. PanAtlantic is the Operator of the block with an 80% WI and carries GEPetrol at 20% during the exploration phase.
    As PanAtlantic continues to expand and balance its portfolio, the Company advises that it will open an office in Bogota, Colombia in the very near future. This will coincide with an upcoming announcement on a new opportunity onshore in a very prolific region of the country.

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H. Daniel Hogan, 713-210-8400
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