Petromanas Announces Sale Of Shares By DWM and Purchase by Officers and Directors

CALGARY, Nov. 5, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) today announced that a group of investors, including existing shareholders and certain directors and officers of the Company, has purchased common shares of the Company which were divested by Petromanas' largest shareholder, DWM Petroleum AG ("DWM" or the "Vendor"). DWM disposed of 46 million shares through the facilities of the TSX Venture Exchange at market prices. Certain of the Company's directors and officers acquired an aggregate of 15,669,500 of these common shares. Following the disposition, DWM retains 50 million common shares of Petromanas or approximately 7% of the Company's issued and outstanding shares. DWM has agreed that no further share sales will take place for a period of 60 days.

"We understand DWM required funding for other business opportunities," said Mr. Glenn McNamara, CEO of Petromanas.  "We believe this overhang on the stock was effectively absorbed by the market and the participation of senior management and the Board is a reflection of our confidence in the Company and the Shpirag-2 test results."

Consistent with its reduced shareholding in the Company, and based on their desire to focus on other commitments, all of DWM's representatives have resigned from Petromanas' board of directors as previously announced.

About Petromanas

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

The foregoing information may contain forward-looking information relating to the future performance of the Company, including but not limited to DWM's indication that it will not to sell any additional shares for a period of sixty days. There is a specific risk that the sale of DWM's remaining shares could affect the market price of the Company's shares.  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 such 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 political risks 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 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:

Glenn McNamara, CEO
Bill Cummins, CFO
Petromanas Energy Inc.
Suite 1720, 734 - 7th Avenue SW
Calgary, Alberta
Canada T2P 3P8
Tel: +1 403 457 4400
Fax: +1 403 457 4480

The Equicom Group
Nick Hurst
300 5th Avenue SW, 10th Floor
Calgary, Alberta
Canada T2P 3C4
Tel: +1 403 218 2835
Fax: +1 403 218 2830

Profil de l'entreprise

Petromanas Energy Inc.

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