CALGARY, Nov. 28, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or
the "Company") (TSXV: PMI) today announced its support for a foreign
investment and protection agreement (FIPA) concluded between the
Canadian and Albanian governments and announced by the Honourable Ed
Fast, Minister of International Trade.
"Conclusion of this investment treaty will help strengthen the bonds
between our governments and should support improved opportunities for
Canadian companies, like Petromanas, with operations in Albania," said
Glenn McNamara, CEO of Petromanas.
A FIPA is a treaty designed to promote and protect Canadian investment
abroad and foreign investment in Canada through reciprocal, legally
binding provisions. By ensuring greater protection against
discriminatory and arbitrary practices, and by enhancing the
predictability of a market's policy framework, a FIPA gives businesses
greater confidence in investing. Once in force, the agreement with
Albania is expected to facilitate investment flows between the two
countries, thereby contributing to job creation and economic growth in
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. For further
information please contact:
This press release contains forward-looking information within the
meaning of applicable securities laws and is 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 anticipated
effects of the FIPA, including improved business opportunities for the
Company, facilitating investment flows between Albania and Canada, and
contributing to job creation and economic growth in both countries. In
respect of this forward-looking information, Petromanas has provided
such in reliance on certain assumptions that it believes are reasonable
at this time, including assumptions as to the ability of the FIPA to
promote and protect Canadian investment abroad and foreign investment
in Canada through reciprocal, legally binding provisions.
Accordingly, readers should not place undue reliance on the
forward-looking information contained in this press release.
Since forward-looking information addresses future events and
conditions, by its very nature it involves 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; risks of litigation;
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.
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, 2012 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