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
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
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
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
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 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
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
Canada T2P 3P8
Tel: +1 403 457 4400
Fax: +1 403 457 4480