Weld a nut to the bolt remains.
Gives you a wrench/grab surface and the intense heat (thermal expansion and contraction) helps to loosen the frozen threads.
Nut breaks off after welding and the bolt remains didn't come out yet? Repeat until the bolt remains come out.
It will probably take longer to get the welder out and 'mask' off the ****** bottom (couple of rags, you really don't want to get
any sort of ****/crud into the ******) than to do the actual welding. A MIG (actual MIG aka GMAW) welder is perfect for this sort of thing. FCAW can work, but more splatter and slag to deal with (see note above about ****/crud in a ******). SMAW (aka stick) welding can work, but again some slag to deal with (for bigger bolts/studs, there are actually some 'special' electrodes made just for this sort of thing, although pretty much any electrode can work).
Hmmm, about 5 minutes of welding (including the prep time

) versus grind the bolt remains down (see above note about ****/crud in a ******) and then drill and tap for additional fasteners and modify the pan for those additional fasteners? Welding wins in this case IMNSHO.
Pretty much like owenst7 said, except I usually prefer to use an old set of vise-grips to grab the nut while welding. No having to constantly remember to squeeze the handle on a pair of needle nose pliers so you don't drop the nut, and the vise-grips are already clamped onto the nut once the welding is done so you can just turn the vise-grips and remove the welded nut-n-bolt.