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
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
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
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
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.
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