PAN ANDEAN RESOURCES......Discussion thread

About Phoenix Exploration Company LP
In April 2006, Carlyle/Riverstone and management formed Phoenix with a $250 million capital commitment to pursue a balanced strategy of oil and gas exploration and the acquisition and exploitation of properties along the Gulf Coast and the Gulf of Mexico shelf utilizing regional 3-D seismic data. The Company’s business plan was developed by a group of five industry executives (William H. Flores, Stephen E. Heitzman, John A. Parker, Keith O. Westmoreland and Timothy S. Duncan) who, prior to Phoenix, served in senior positions at Gryphon Exploration Company. Gryphon, a Warburg Pincus portfolio company, was formed in late 2000 and was acquired in August 2005 by Woodside Energy. In early July, Phoenix received an additional $100 million private equity commitment from Soros Strategic Partners LP and HNBridge LP, a fund organized by Howard Newman and primarily funded by Soros Strategic Partners LP. In late July, J.P. Morgan Securities Inc. arranged and led a $300 million reserve-based credit facility for Phoenix that included a consortium of banks consisting of JPMorgan Chase Bank, N.A., Union Bank of California, Macquarie Bank Limited, and BNP Paribas.