Manas Petroleum Corp.: Operations Update



    BAAR, Switzerland, July 8 /CNW/ - In the third quarter of 2008, Manas
Petroleum Corp. ("Manas") intends to reach a major milestone in its history
with the commencement of drilling activity on licensed land in which it has an
interest. South Petroleum, the venture between Manas and Santos Limited
("Santos"), expects to drill a 'shallow' (2000m) exploration well in the
Kyrgyz Republic to be followed by a second exploration well in the fourth
quarter of 2008 and a 'deep' (over 4000m) well planned for 2009. Manas expects
to commence drilling in Albania and Chile in 2009.
    Manas considers its license acquisition and farming stage to be
finalized. The licenses in Chile (Geopark) and Kyrgyz Republic/ (Santos) are
being Farmed Out and for the Tajikistan license Manas signed an option farming
agreement with Santos with limited cost to Manas. Therefore the Manas's
management will now focus its activities on operating the license areas in
Albania and Mongolia. Manas has reached this milestone within the expected
time and budgeted costs and will move from an exploration stage into a
development stage.
    Kyrgyz Republic. Manas has a 25% interest in South Petroleum, its venture
with Santos Limited. South Petroleum has exploration licenses in the Kyrgyz
Republic. To date, South Petroleum has acquired 226km of 2D seismic out of a
projected total of 1500km on those licenses.
    Based on reprocessed seismic and newly acquired geologic and geophysical
information, South Petroleum has made preliminary structural maps for leads
and prospects in all license areas. South Petroleum is planning to drill two
shallow wells in 2008 and deeps wells in 2009 as part of the committed work
program. The shallow prospects, East Chongara and North Ayzar, are both
located in the vicinity of producing fields and associated infrastructure
(Chongara Gal'cha and Tuzluk Oil and Gas fields, respectively). The geoscience
team of Manas's office in Kyrgyz Republic is continuing to be an active
partner to the South Petroleum and Santos teams.
    Tajikistan. Manas has a 90% interest in Somon Oil which has exploration
licenses in Tajikistan. Somon Oil has performed 123km of 2-D seismic
acquisition on those licenses. The work is contracted to the local company
"Saratovneftegeofizika". Discussions to sign a farm out agreement with Santos
for those licenses are underway.
    Albania. Manas has four licenses in Albania. The Tirana, Albania office
finalized the design of a 400km 2-D seismic program to refine nine identified
prospects in the Albanian fold thrust belt targeting the prolific Ionian play.
    This program is based on 870km of reprocessed seismic lines previously
acquired by Shell, Occidental Petroleum and Coparex. In May 2008, Denver based
GeoConcept completed a reprocessing program. An environmental impact
assessment, a pre-requisite to perform seismic exploration work, is finished
by the environmental consulting firm Walsh and was distributed to various
authorities for approvals. Manas expects that in the coming weeks the Albanian
Ministry of Environment and Forestry will approve Manas's proposed measures
related to environmental impact. Following that approval, the seismic program
will start immediately. This work is contracted to the Geological Institute of
Israel, and Manas expects it to start in August 2008 with 180km of 2-D seismic
using vibroseize. The remaining 220km of 2-D seismic will be realized in 2009
using explosives. All necessary local preparations for the seismic program is
currently managed by the newly hired Manager for Albania, Malfor Nuri (former
OMV General Manager Albania). Chile. Representatives of Manas and Independent
Petroleum Resources ("IPR"), Manas's 50% partner in Chile, signed on April 29,
2008 a contract for Exploration and Exploitation for the Tranquillo Block in
Chile. The signing ceremony in Puntas Arenas, Chile was chaired by the Chilean
President Mrs. Bachelet. The contract must still be ratified by the Chilean
Mining Ministry.
    Manas and IPR farmed out their interest in April 2008 and each reduced
their share to a 20% carried interest. 30% of the project was farmed out to
each Geopark (the only private held operating petroleum company in Chile) and
Pluspetrol. Geopark, a highly successful operator in the Magallanes Basin, has
recently discovered two gas fields using its own rigs close to Manas's
Tranquillo block. After ratification by the Chilean Mining Ministry, Geopark
will be the dedicated operator. The timing for the use of Geopark's rigs for
drilling of exploration wells in Tranquillo will be decided in the near
future.
    Mongolia. Manas Petroleum is currently in the process of obtaining a
license for block 23 in the south-eastern part of Mongolia. As Manas expects
that this administrative process will be finalized in the coming months,
preparations for sub-aerial geological works have commenced.

    Description of the company:

    Manas Petroleum is an international oil and gas company with primary
focus on exploration and development in south-eastern Europe, Central Asia and
South America.
    In Albania Manas has developed a giant exploration project with a total
resource potential (P50) of 2.9 billion barrels (independent resource
evaluation, Gustavson, 2008). In Kyrgyzstan Manas has signed a US $56 million
farm-out agreement with Santos a large independent Australian oil and gas
producer covering its 1.2 billion barrels in place, light oil play
(independent resource evaluation Scott Pickford, 2005). The development of the
company's neighboring Tajikistan license is now covered by an option farm out
agreement also with Santos. In Chile Manas and US partner IPR farmed out a
large natural gas exploration project to a consortium of local operators.
    Manas is currently maturing its enormous resource potential by acquiring
seismic prior to drilling.
    Manas Petroleum Corporation is currently listed on the NASDAQ OTC board
(MNAP.OB).

    Disclaimer

    This Press Release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The Company
has tried, whenever possible, to identify these forward-looking statements
using words such as "anticipates", "believes", "estimates", "expects",
"plans", "intends", "potential" and similar expressions. These statements
reflect the Company's current beliefs and are based upon information currently
available to it. Accordingly, such forward looking statements involve known
and unknown risks, uncertainties and other factors which could cause the
Company's actual results, performance or achievements to differ materially
from those expressed in or implied by such statements. The Company undertakes
no obligation to update or advise in the event of any change, addition or
alteration to the information catered in this Press Release including such
forward looking statements.

    Internet: http://www.manaspete.com





For further information:

For further information: Manas Petroleum Corp., Bahnhofstr. 9, P.O. Box
155, CH-6341 Baar, Switzerland, Phone: +41-44-718-10-30, Fax:
+41-44-718-10-39, E-Mail: info@manaspete.com

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MANAS PETROLEUM CORPORATION

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