CALGARY, Jan. 7 /CNW/ - Petromanas Energy Inc. ("Petromanas") (TSX-V: PMI) announces that Mr. Steve C. Farner has been appointed as Vice President Exploration effective January 4, 2011. 

Mr. Farner has over 28 years of experience in the oil and gas industry in Canada, United States, Australia, China, Mongolia and Papua New Guinea.  Most recently, he was Chief Geophysicist at Sunwing Energy, prior to that President of PanAsian Petroleum and also VP Exploration at Kinloch Resources.  He also held positions of increasing responsibility during his 21 years with Superior Oil, Mobil Oil, and ExxonMobil Canada. 

Mr. Farner's career has been focused on exploration/exploitation and he has held technical and managerial positions in large, multinational petroleum companies and junior exploration companies.  Mr. Farner is an experienced prospect generator with successful discoveries in several regions globally. Mr. Farner completed a Bachelor of Science degree in Geology and Geophysics from Michigan State University. 

Mr. Glenn McNamara, Chief Executive Officer, stated "We are very pleased to have Mr. Farner join Petromanas.  His extensive experience will be a valuable addition as we continue to build our management and technical team. In his role as Vice President Exploration, Steve will provide leadership to all aspects of Petromanas' Exploration program and has a clear mandate to realize and optimize the value from existing assets, integrate acquisitions and support the development of new business opportunities. "

Petromanas granted Mr. Farner options to purchase an aggregate of 2,000,000 shares at an exercise price of $0.40 per share for a period of ten years from the date of grant with vesting terms over a 3 year period. 

Petromanas is confident Mr. Farner is well qualified to advance the exploration activities of the six blocks in Albania.  Petromanas is currently acquiring seismic data prior to finalizing a drill program. 

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.

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.

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 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.

SOURCE Petromanas Energy Inc.

For further information:

Glenn McNamara, CEO
Hamid Mozayani, COO
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

Profil de l'entreprise

Petromanas Energy Inc.

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