Date Closed

September 14, 2005

Lead Office

Calgary

Value

40.00 Million CAD

On September 14, 2005, Pan Ocean Energy Corporation Limited, a company incorporated under the laws of Jersey, Channel Islands, completed a public offering for the issuance of 1,250,000 Class B Subordinate Voting Shares for gross proceeds of C$40 million.

The net proceeds of the offering will be used by Pan-Ocean to fund a portion of its exploration and development drilling program in Gabon, West Africa and for other general corporate purposes.

McCarthy Tétrault LLP represented Pan Ocean Energy, as issuer, with a team that was led by Wiliam Smith.