12:03 PM EST - Pan Orient Energy Corp. : announced fourth quarter net income of $10.81 million or $0.23 per share, compared to $6.7 million or $0.14 per share in the prior-year quarter. Funds flow from operations for the quarter rose to $24.97 million or $0.52 per share from $7.94 million or $0.17 per share in the previous-year quarter. Oil revenue, before royalties and transportation expense for the quarter rose to $36.33 million from $15.44 million in the last-year quarter. Pan Orient's base capital budget for 2009 will be about $60 million, with 57 per cent directed towards exploration and development in Thailand and 43 per cent high-grading exploration opportunities in Indonesia. Pan Orient Energy Corp.
shares V.POE are trading up $0.07 at $3.57.
