Petromanas Energy completes acquisition of Gallic Energy

CALGARY, Dec. 31, 2012 /CNW/ - Petromanas Energy Inc. ("Petromanas") (TSXV: 
PMI) and Gallic Energy Ltd. ("Gallic") (TSXV: GLC) are pleased to announce 
that Petromanas has completed its previously announced acquisition of Gallic 
pursuant to a plan of arrangement under the Business Corporations Act 
(Alberta) (the "Arrangement"). In accordance with the Arrangement, 
Petromanas acquired all of the issued and outstanding class A shares of Gallic 
in a transaction valued at approximately $11 million. Gallic shareholders 
received an aggregate of 62,653,259 Petromanas shares, being 0.3736 of a 
Petromanas share for each Gallic class A share held and Gallic warrantholders 
received replacement warrants of Petromanas exercisable for an aggregate of 
26,581,640 Petromanas shares. Details of the replacement warrants are as 
            Number of Petromanas 
Expiry Date    Shares Issuable    Exercise Price 
April 13, 2013         10,741,000          $1.61 
August 30, 2013        15,840,640          $0.27 
The Gallic class A shares are expected to be delisted from the TSX Venture 
Exchange on or about January 4, 2013. 
The acquisition provides the combined company with Petromanas' core assets in 
Albania, Gallic's core assets in France and additional exploration acreage in 
Australia. It will also provide the combined shareholders with exposure to 
the Shpirag-2 well which is currently being drilled in Albania and additional 
wells which are expected to be drilled in Albania and France during 2013. 
The combined entity holds in excess of 3.3 million gross acres (2.9 million 
net acres) of exploration lands, including 1 million acres in Australia where 
it has been identified as the preferred bidder. 
About Petromanas 
Petromanas is an international oil and gas company focused on the exploration 
and development of its assets in Albania and France. Petromanas, through its 
wholly-owned subsidiaries, holds three Production Sharing Contracts ("PSCs") 
with the Albanian government, two exploration permits in the Aquitaine basin 
of France and additional exploration acreage in the Canning basin of 
Australia. Under the terms of its exploration contracts, Petromanas holds in 
excess of 3.3 million gross acres (2.9 million net acres) of exploration 
lands, including 1 million acres in Australia where it has been identified as 
the preferred bidder. 
Forward-Looking Information 
This press release contains forward-looking forward-looking information and 
statements within the meaning of applicable securities laws and are based on 
the expectations, estimates and projections of management of Petromanas and 
Gallic as of the date of this news release unless otherwise stated. The use of 
any of the words "expect", "anticipate", "continue", "estimate", "objective", 
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" 
and similar expressions are intended to identify forward-looking information 
or statements. More particularly and without limitation, this press release 
contains forward-looking information and statements concerning the timing of 
the delisting of the class A shares of Gallic and the drilling of certain 
wells in Albania and France. 
In respect of the forward-looking information and statements, Petromanas and 
Gallic have provided such in reliance on certain assumptions that it believes 
are reasonable at this time, including assumptions as to the ability of 
Petromanas and Gallic to receive, in a timely manner, the necessary stock 
exchange approval in respect of the delisting of the Gallic shares, as well as 
expectations and assumptions concerning the success of operations and 
exploration and development activities; the availability of capital to fund 
planned expenditures; prevailing regulatory, tax and environmental laws and 
regulations; and the ability to secure necessary personnel, equipment and 
Since forward-looking information and statements address future events and 
conditions, by their very nature they involve inherent risks and 
uncertainties. Actual results could differ materially from those currently 
anticipated due to a number of factors and risks. These include, but are not 
limited to, risks associated with the inability to secure necessary stock 
exchange approval in the time assumed or the need for additional time to 
satisfy other conditions related to the delisting of the Gallic shares, and, 
in respect of forward-looking information relating to operational matters, 
risks associated with the oil and gas industry in general, such as: risks and 
liabilities inherent in oil, natural gas liquids and natural gas exploration, 
development and operations; general economic conditions in Canada, the United 
States, France, Australia, Albania and globally; competition for, among other 
things, capital, equipment, resources, undeveloped lands and skilled 
personnel; incorrect assessments of the value of acquisitions and exploration 
and development programs; geological, technical, drilling and processing 
problems and other difficulties in indentifying, developing and producing 
resources and reserves; actions by governmental authorities, the availability 
of capital on acceptable terms; and fluctuations in foreign exchange or 
interest rates and stock market volatility. 
Accordingly, readers should not place undue reliance on the forward-looking 
information and statements contained in this press release. 
Additional information on other factors that could affect the operations or 
financial results of Petromanas are included in reports on file with 
applicable securities regulatory authorities, including but not limited to; 
Petromanas' Annual Information Form for the year ended December 31, 2011 which 
may be accessed on Petromanas' SEDAR profile at 
The forward-looking information and statements contained in this press release 
are made as of the date hereof and Petromanas undertakes no obligation to 
update publicly or revise any forward-looking information or statements, 
whether as a result of new information, future events or otherwise, unless so 
required by applicable securities laws. 
Neither TSXV nor its Regulation Services Provider (as that term is defined in 
the policies of the TSXV accepts responsibility for the adequacy or accuracy 
of this release. 
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  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 
SOURCE: Petromanas Energy Inc. 
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CO: Gallic Energy Ltd.
ST: Alberta
-0- Dec/31/2012 22:55 GMT
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