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September 04, 2015 4:09 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Andora Energy Corporation

Company Overview

Andora Energy Corporation engages in the development and production of heavy oil resources from the prolific oil sands deposit in the Peace River District in the province of Alberta, Canada. The company was incorporated in 2004 and is based in Calgary, Canada. As of September 25, 2006, Andora Energy Corporation operates as a subsidiary of Pan Orient Energy Corp.

1505 505 3rd Street SW

Calgary, AB T2P 3E6

Canada

Founded in 2004

Phone:

403-294-1770

Fax:

403-451-1553

Key Executives for Andora Energy Corporation

Chairman and Chief Executive Officer
President, Chief Operating Officer and Director
Co-Founder and Vice Chairman
Age: 65
Co-Founder, Vice President and Corporate Secretary
Age: 43
Compensation as of Fiscal Year 2015.

Andora Energy Corporation Key Developments

Pan Orient Energy Corp. and Andora Energy Corporation Provide Update on the Sawn Lake, Canada, Steam Assisted Gravity Drainage Demonstration Project

Pan Orient Energy Corp. provided an update on the Sawn Lake, Canada, steam assisted gravity drainage (SAGD) demonstration project on behalf of Andora Energy Corporation. Andora has a 50% working interest in the Sawn Lake, Alberta SAGD demonstration project, and is the operator. The first step towards determining the commercial viability of the SAGD recovery process at Sawn Lake is for the demonstration project to provide an indication of the productivity of the reservoir and the amount of steam injection required to produce the bitumen, which are key components in assessing the potential for SAGD development at Sawn Lake. For Phase 1 of the SAGD demonstration project, one SAGD well pair was drilled in the fourth quarter of 2013 to a depth of 650 meters and has a horizontal length of 780 meters. Construction of the facility for steam generation, water handling and oil treating was completed in the second quarter of 2014. Steam injection commenced May 21, 2014 to warm up the reservoir and establish communication between the SAGD steam injection well and the SAGD producing well which are five meters apart. During the past 10 days the SAGD producing well has been recompleted for production with the installation of an electric submersible pump and a fibre optic data gathering string and the reservoir has been reheated through the resumption of steam injection by the SAGD injector well. On September 16, 2014 bitumen production commenced. It is anticipated that a stable daily bitumen production rate and associated steam oil ratio will be achieved within the next six to eight weeks, at which time Pan Orient will provide an update to shareholders.

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