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.
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.
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 www.sedar.com.
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 Email:email@example.com
Website:www.petromanas.com 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 firstname.lastname@example.org
SOURCE: Petromanas Energy Inc.
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CO: Gallic Energy Ltd.
NI: OIL MNA
-0- Dec/31/2012 22:55 GMT
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