CALGARY, Nov. 5, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or
the "Company") (TSXV: PMI) today announced that a group of investors,
including existing shareholders and certain directors and officers of
the Company, has purchased common shares of the Company which were
divested by Petromanas' largest shareholder, DWM Petroleum AG ("DWM" or
the "Vendor"). DWM disposed of 46 million shares through the facilities
of the TSX Venture Exchange at market prices. Certain of the Company's
directors and officers acquired an aggregate of 15,669,500 of these
common shares. Following the disposition, DWM retains 50 million common
shares of Petromanas or approximately 7% of the Company's issued and
outstanding shares. DWM has agreed that no further share sales will
take place for a period of 60 days.
"We understand DWM required funding for other business opportunities,"
said Mr. Glenn McNamara, CEO of Petromanas. "We believe this overhang
on the stock was effectively absorbed by the market and the
participation of senior management and the Board is a reflection of our
confidence in the Company and the Shpirag-2 test results."
Consistent with its reduced shareholding in the Company, and based on
their desire to focus on other commitments, all of DWM's
representatives have resigned from Petromanas' board of directors as
Petromanas Energy Inc. is an international oil and gas company focused
on the exploration and development of its assets in Albania.
Petromanas, through its wholly-owned subsidiary, holds two Production
Sharing Contracts ("PSCs") with the Albanian government. Under the
terms of the PSCs, Petromanas has a 100% working interest in Blocks D
and E and a 25% working interest in Blocks 2-3 that comprise more than
1.1 million gross acres across Albania's Berati thrust belt. Petromanas
also holds exploration assets in France and Australia.
The foregoing information may contain forward-looking information
relating to the future performance of the Company, including but not
limited to DWM's indication that it will not to sell any additional
shares for a period of sixty days. There is a specific risk that the
sale of DWM's remaining shares could affect the market price of the
Company's shares. Forward looking information is subject to a number
of known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those anticipated in
such forward looking statements. Such risks and other factors include,
among others, the actual results of exploration activities, changes in
world commodity markets or equity markets, the risks of the petroleum
industry including, without limitation, those associated with the
environment, delays in obtaining governmental approvals, permits or
financing or political risks in the completion of development or
construction activities, title disputes, change in government and
changes to regulations affecting the oil and gas industry, and other
risks and uncertainties detailed from time to time in the Company's
filings with the Canadian securities administrators (available at www.SEDAR.com). Forward-looking statements are made based on various assumptions and
on management's beliefs, estimates and opinions on the date the
statements are made. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in
the forward-looking information contained herein. The Company
undertakes no obligation to update forward-looking statements if these
assumptions, beliefs, estimates and opinions or other circumstances
should change, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Petromanas Energy Inc.
For further information:
Glenn McNamara, CEO
Bill Cummins, CFO
Petromanas Energy Inc.
Suite 1720, 734 - 7th Avenue SW
Canada T2P 3P8
Tel: +1 403 457 4400
Fax: +1 403 457 4480
The Equicom Group
300 5th Avenue SW, 10th Floor
Canada T2P 3C4
Tel: +1 403 218 2835
Fax: +1 403 218 2830