CALGARY, May 27, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas", or
the "Company") (TSXV:PMI) today provided an update on its international
exploration program and announced the results of voting at its Annual
General Meeting of shareholders, the appointment of a new addition to
the Company's management team and the filing of its financial results
for the first quarter of 2013.
Albania Blocks 2-3
The Shpirag-2 well is currently drilling ahead in the target carbonate
reservoir at a depth of approximately 5,400 metres. Total costs to
drill the well to this point are approximately US $65 million or US $20
million net to Petromanas. Management estimates the total costs to
finish drilling the well to the target depth of 5,800 metres at
approximately US $75 million gross, or US $25 million net to
Petromanas. Logistical planning and equipment sourcing for the
Sphirag-2 completion and testing program is in the final stages and the
equipment is expected to be mobilized as the well approaches total
"Drilling of Shpirag-2 continues to progress in the slim hole," said Mr.
Glenn McNamara, CEO of Petromanas. "The well is drilling deviated to
intersect as many fractures as possible as we drill into the carbonate
reservoir. We continue to observe indications of the presence of oil
and gas in the drilling cuttings in the target carbonate section of the
Recording has been completed on the first line of the Company's 2013 2D
seismic program covering up to 400 kilometres in Blocks 2-3, and is
progressing on the second planned line.
On May 14, 2013 the Government of Western Australia Department of Mines
and Petroleum awarded the Company the Petroleum Exploration Permit with
a six-year term for the L10-1 Block. Petromanas is currently completing
a full technical review of the L10-1 and EP-464 Blocks. A similar
technical review is underway on the Company's French assets to fully
evaluate the potential in both the shallow and deep plays.
AGM Voting Results
The Company is pleased to announce that each of Glenn McNamara, Verne
Johnson, Heinz Scholz, Gordon Keep, Jeffrey Scott, Gerard Protti, Hans
Werner Ladwein and Frank Giustra were elected as directors of the
Company at its Annual General Meeting of shareholders held May 23,
2013. Shareholders also approved the appointment of KPMG LLP, Chartered
Accountants as auditors of the Company, and the amended stock option
plan of the Company.
Addition to Management Team
Petromanas is also pleased to announce the appointment of Mr. Peter
Sider as Vice President Operations/Engineering and Business
Development. Mr. Sider will have overall responsibility for the
execution of the Company's drilling and completion activities and
oversee any resulting production. He will report directly to Mr. Glenn
McNamara, Chief Executive Officer.
"We are pleased to welcome an individual with Peter's specific
international experience to our senior team," said Mr. McNamara. "He
has extensive European operational expertise, which includes overseeing
producing assets in France, the Netherlands and Ireland, and will play
an important role in the management of operations, logistics, staffing
and capital expenditures related to our ongoing drilling activities."
Mr. Sider has more than 30 years of domestic and international oil and
gas experience with a strong background in production operations. He
was most recently Vice President, European Operations with Vermillion
Energy Inc., a Calgary-based international oil and gas producer with
assets in Canada, France, the Netherlands, Ireland and Australia. He
joined Vermillion in 2006 and was previously the Managing Director,
Netherlands and Regional Director, Europe. Prior to that, he was a
venture capitalist and consultant involved in the start-up of a number
of oil and gas companies. Between 1981 and 1997, he held a number of
progressively senior operational roles with Amoco Canada Petroleum
Company. He holds a B.Sc. in Chemical Engineering from the University
Filing of Q1 2013 Financial Results
The Company has filed its financial statements and related Management's
Discussion and Analysis ("MD&A") for the three months ended March 31,
2013 on SEDAR. The financial statements and MD&A will be available on
the Company's website or at www.SEDAR.com. The Company has also posted the presentation that was provided to
shareholders after the Annual General Meeting of Shareholders on its
About Petromanas Energy Inc.
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 three Production
Sharing Contracts ("PSCs") with the Albanian government. Under the
terms of the PSCs, Petromanas has a 100% working interest in Blocks A,
B, D, and E and a 50% working interest in Blocks 2 and 3 that comprise
more than 1.4 million gross acres across Albania's Berati thrust belt.
Petromanas also holds exploration assets in France and Australia.
This press release contains forward-looking information within the
meaning of applicable securities laws and are based on the
expectations, estimates and projections of management of Petromanas as
of the date of this news release unless otherwise stated. The use of
any of the words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should", "believe",
"plans", "intends" and similar expressions are intended to identify
forward-looking information. More particularly and without limitation,
this press release contains forward-looking information concerning the
future performance of the Company, including but not limited to the
drilling of the Shpirag-2 well and the Company's current exploration
activities, including the 2013 seismic program and technical work in
Australia's Canning Basin and France. In respect of the forward-looking
information concerning the future performance of the Company,
Petromanas has provided such in reliance on certain assumptions that it
believes are reasonable at this time, including assumptions as to the
timing and drilling of wells and the Company's ability to meet its
operational commitments, the ability of Petromanas to receive, in a
timely manner, the necessary regulatory and governmental operational
approvals; and expectations and assumptions concerning, among other
things: commodity prices and interest and foreign exchange rates;
planned synergies, capital efficiencies and cost-savings; applicable
tax laws; the sufficiency of budgeted capital expenditures in carrying
out planned activities; and the availability and cost of labour and
services. Accordingly, readers should not place undue reliance on the
forward-looking information contained in this press release.
Since forward-looking information address future events and conditions,
by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to the risks associated with the industries in which Petromanas
operates in general such as operational and exploration risks; delays
or changes in plans with respect to growth projects or capital
expenditures; delays in obtaining governmental approvals, permits or
financing or political risks in the completion of development or
construction activities; access to drilling rigs, completion equipment,
seismic equipment and operational personnel; costs and expenses;
political risks; title disputes; health, safety and environmental
risks; commodity price, interest rate and exchange rate fluctuations;
environmental risks; competition; ability to access sufficient capital
from internal and external sources; and changes in legislation,
including but not limited to tax laws and environmental regulations.
There is a specific risk that the Company may be unable to complete the
drilling, completion and testing of the Shpirag-2 well at costs
estimated and in the manner described in this press release or at all.
If the Company is unable to drill, complete and test the Shpirag-2 well
at costs estimated and in the manner described in this press release or
at all there could be a material adverse impact on the Company and on
the value of the Company's securities.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on other factors that could affect
the operations or financial results of Petromanas are included in
reports on file with applicable securities regulatory authorities,
including but not limited to; Petromanas' Annual Information Form for
the year ended December 31, 2011 which may be accessed on Petromanas'
SEDAR profile at www.sedar.com.
The forward-looking information contained in this press release is made
as of the date hereof and Petromanas undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result
of new information, future events or otherwise, unless so required by
applicable securities laws.
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