PETROMANAS ENERGY INC. ANNOUNCES RESULTS OF AGM AND GEOPHYSICAL & GEOLOGICAL
RESOURCE ASSESSMENT UPDATE

CALGARY, Aug. 27 /CNW/ - Petromanas Energy Inc. ("Petromanas") (TSXV:PMI) announces that at its Annual General Meeting held on August 24, 2010, the management slate of Verne Johnson, Jeffrey Scott, Gerard Protti, Michael Velletta, Peter-Mark Vogel, Heinz Scholz and Gordon Keep were elected as directors.  BDO Canada LLP, Chartered Accountants, were appointed as auditors of Petromanas. Shareholders also re-approved Petromanas' rolling 10% stock option plan.

Petromanas has granted Mr. Keep options to purchase an aggregate of 1,750,000 shares at an exercise price of $0.40 per share expiring August 24, 2020. 

The financial statements of Petromanas for the six months ended June 30, 2010 have been filed on SEDAR and are available by clicking on Petromanas' profile at href="http://www.sedar.com/">www.sedar.com.

Petromanas continues on schedule with exploration analysis and work directed towards commencing drilling operations in 2011. Seismic acquisition is underway, geophysical and geological analysis ("G&G") is advancing, drill planning has begun, and the new executive team of Glenn McNamara, CEO, Bill Cummins, CFO, and Hamid Mozayani, COO, all world class industry executives with extensive oil and gas experience, have been recruited.

The planned seismic program will shoot 245 km of 2D seismic at a cost of $15 million on Blocks E, 2 and 3 and is expected to be completed by early 4th quarter of 2010.  Interpretation will be undertaken through year end to incorporate this new data with the previous seismic data and the other geological data which the Company acquired with the block licences.

Exploration analysis is proceeding, led by the Company's international experts headed by Mark Cooper, Senior Exploration Advisor and the team in Albania.  The focus of the G&G work is to precisely define drilling prospects and prepare the exploration risk assessment of each prospect.  This will refine the resource estimates from the unrisked estimates in the report by Gustavson Associates LLC ("Gustavson") to risked prospect resource estimates on which drilling decisions can be made and which will also be the basis of the Company's future farmout strategy. 

In conjunction with the G&G work, the Company is re-evaluating the unrisked resource assessment which was prepared on December 15, 2009 by Gustavson on the basis of the seismic, geology and limited well data which was available at the time. In the normal course of the current G&G work, the risked resource potential will also be evaluated and, as a result of incorporating risk assessments and new data, will be lower than the unrisked resource potential numbers which were presented in the Gustavson report.  It is anticipated that the G&G analysis will be concluded through year end as the new seismic data becomes available; the risked resource estimates cannot be finalized until all of this work is completed.  It is anticipated that an updated independent resource evaluation report will be prepared at that time.  Further updates to resource estimates are expected to be prepared as the Company acquires new data from seismic programs and drilling operations.

The geological work which has been conducted by the team to date has further confirmed the significant potential of the Petromanas acreage and the exploration prospectivity of both the shallow and deep prospects.  Once Petromanas has the necessary data, it is anticipated that some of the deep target plays will be farmed out to industry partners.

The Company remains on schedule for the planned completion of the seismic program in 2010 leading to a drilling campaign in 2011.  Petromanas is confident the new management team is well qualified to advance the exploration activities of the six blocks in Albania. 

About Petromanas Energy Inc.
Petromanas is an international oil and gas company focused on the exploration and development of its assets in Albania that possess world-class resource potential. 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 six onshore blocks (Blocks A, B, D, E, 2 and 3) that comprise more than 1.7 million acres across Albania's Berati thrust belt.

The foregoing information may contain forward-looking information relating to the future performance of the Company.  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 our 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 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: For further information:

Gordon Keep
Corporate Secretary
Tel: (604) 609-6110
Website: www.petromanas.com

Vanguard Shareholder Solutions
Tel: (604) 608-0824
Toll Free: 1-866-918-0824

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