CALGARY, May 22, 2014 /CNW/ - Petromanas Energy Inc. ("Petromanas", or
the "Company") (TSXV:PMI) today announced the results of voting at its
Annual General Meeting of shareholders, the filing of its financial
results for the first quarter of 2014, and an update on Blocks D-E
AGM Voting Results
The Company is pleased to announce that each of Glenn McNamara, Verne
Johnson, Wesley Clark, Frank Giustra, Gordon Keep, Gerard Protti, and
Jeffrey Scott were elected as directors of the Company at its Annual
General Meeting of shareholders held today. The Company has posted the
presentation that was provided to shareholders after the Annual General
Meeting of Shareholders on its corporate website as well as a video
discussing some of its Albanian operations.
Filing of Q1 2014 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,
2014 on SEDAR. The financial statements and MD&A will be available on
the Company's website or at www.SEDAR.com.
On May 15, 2014, the Albanian National Agency of Natural Resources
formally refused the Company's request to enter into the third
exploration period for Blocks D-E with a reduced financial commitment.
The Company has until August 11, 2014, to provide a bank guarantee for
USD $6.3 million or relinquish the blocks. As a result, the Company
recorded an impairment expense of its carrying value of Blocks D-E of
approximately USD $23 million in the first quarter and considers it
unlikely that it will provide the requested guarantee. Due to the high
risk and limited prospectivity of Blocks D-E, the Company has chosen to
allocate the capital to Blocks 2-3, where Petromanas has formally
announced a discovery to the Albanian government.
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 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.
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 future
performance of the Company, including but not limited to the appraisal,
assessment and commerciality of the Shpirag discovery, the use of the
Company's capital resources and the implications that may result if the
Company decides to enter into a third exploration period under the
terms of the PSC governing Blocks D-E. 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 capital and operational commitments, the ability of
Petromanas to receive, in a timely manner, necessary regulatory and
governmental operational approvals; and expectations and assumptions
concerning, among other things: commodity prices and interest and
foreign exchange rates; planned construction activities, 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 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 or the
failure to obtain 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. There is a specific risk that the appraisal of the
Shpirag-2 discovery will not provide results which support commercial
development of the Shpirag discovery. If the appraisal program at
Shpirag-2 does not support commercial development of the discovery,
there could be a material adverse impact on the Company and on the
value of the Company's securities. If the Company elects not to enter
the third exploration phase under the terms of the PSC governing Blocks
D-E there is a specific risk that the Company may be required to
relinquish Blocks D-E.
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, 2013, 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