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PAN ORIENT ENERGY CORP.

1 PAN ORIENT ENERGY CORP. MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011 2 March 27, 2013 Management s Discussion and Analysis The following Management s Discussion and Analysis ( MD&A ) of the operating and financial results of Pan ORIENT ENERGY Corp. is prepared effective March 27, 2013 and should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2012 and December 31, 2011. The financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ). Pan ORIENT ENERGY Corp. ( Pan ORIENT or the Company ) is an oil and natural gas company based in Calgary, Alberta, with properties onshore Thailand, onshore Indonesia and in northern Alberta, Canada.

2 March 27, 2013 Management ˇs Discussion and Analysis The following Management ˇs Discussion and Analysis ( ˝MD&A ˛) of the operating and financial results of Pan Orient Energy Corp

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