Petromanas provides update on drilling of Shpirag-2 well

CALGARY, March 14, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the 
"Company") (TSXV: PMI) today provided an update on the drilling of its 
Shpirag-2 well. 
Following the sidetrack announced on February 11, 2013, the Company took a 
number of additional steps to mitigate instability in the lower flysch shale 
zone above the target carbonate reservoir. Petromanas believes these measures 
contributed to improved hole stability and afforded a period of solid drilling 
progress that saw the well reach a depth of approximately 5,275 metres in the 
upper carbonate zone. Subsequently, the bit became stuck and additional hole 
instability was experienced. During drilling, and prior to the loss of 
circulation, the Company observed indications of the presence of oil and gas 
in the drilling cuttings from the upper carbonate. 
On this basis, the Company is sidetracking the well at a depth of 
approximately 4,810 metres. After the well re-enters the upper carbonate 
section, the Company intends to set casing from the previous casing depth of 
approximately 4,750 metres to put the lower zone of unstable flysch shale 
behind pipe. 
"We have seen positive early indications with respect to the presence of 
hydrocarbons but still face challenges with the very complex and active 
geology of the region, which continues to cause instability in the open 
portion of the hole," said Mr. Glenn McNamara, CEO of Petromanas. "While our 
preference was to drill through the carbonate with a larger hole, we feel it 
is prudent at this point to put the entire flysch shale zone behind casing so 
that we can avoid further instability above the target and focus on 
penetrating the carbonate zone to a sufficient depth to complete a better 
assessment of its potential. Shell continues to actively participate in our 
initiatives on Blocks 2-3 and brings extensive carbonate drilling and 
completions experience to the project gathered from operations both regionally 
and around the world." 
Once the Shpirag-2 well reaches total depth the Company plans to log, complete 
and flow test the well. Planning and logistics in preparation for well 
completion and test operations have been finalized. Total costs to drill the 
well to this point are approximately US$53 million or approximately US$14 
million net to Petromanas. Management estimates the total costs to drill the 
well to the target depth of 5,800-6,000 metres at approximately $67 million 
About Petromanas Energy Inc. 
Petromanas Energy Inc. is an international oil and gas company focused on the 
exploration and development of its assets in Albania. 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 Blocks A, B, D, and E and a 50% working interest in 
Blocks 2 and 3 that comprise more than 1.4 million gross acres across 
Albania's Berati thrust belt. Petromanas also holds exploration assets in 
France and Australia. For further information please contact: 
Forward-Looking Information 
This press release contains forward-looking information within the meaning of 
applicable securities laws and are based on the expectations, estimates and 
projections of management of Petromanas 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. More particularly and without 
limitation, this press release contains forward-looking information concerning 
the future performance of the Company, including but not limited to the 
timing, costs and drilling of the Shpirag-2 well, the costs of drilling, the 
ability of the Company to address technical, geological and operational 
challenges in the drilling, logging, completion and testing of the Shpirag-2 
well, the presence of hydrocarbons and the Company's current exploration 
activities. In respect of the forward-looking information concerning the 
future performance of the Company, Petromanas has provided such in reliance on 
certain assumptions that it believes are reasonable at this time, including 
assumptions as to the timing and drilling of wells, the planned seismic 
program and the Company's ability to meet its operational commitments, the 
ability of Petromanas to receive, in a timely manner, the necessary regulatory 
and governmental operational approvals; and expectations and assumptions 
concerning, among other things: commodity prices and interest and foreign 
exchange rates; planned synergies, capital efficiencies and cost-savings; 
applicable tax laws; the sufficiency of budgeted capital expenditures in 
carrying out planned activities; and the availability and cost of labour and 
services. Accordingly, readers should not place undue reliance on the 
forward-looking information contained in this press release. 
Since forward-looking information 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 the risks 
associated with the industries in which Petromanas operates in general such as 
operational and exploration risks; delays or changes in plans with respect to 
growth projects or capital expenditures; delays in obtaining governmental 
approvals, permits or financing or political risks in the completion of 
development or construction activities; access to drilling rigs, seismic 
equipment and operational personnel; costs and expenses; political risks; 
title disputes; health, safety and environmental risks; commodity price, 
interest rate and exchange rate fluctuations; environmental risks; 
competition; ability to access sufficient capital from internal and external 
sources; and changes in legislation, including but not limited to tax laws and 
environmental regulations. There is a specific risk that the Company may be 
unable to complete the drilling, completion and testing of the Shpirag-2 well 
at costs estimated and in the manner described in this press release or at 
all. If the Company is unable to drill, complete and test the Shpirag-2 well 
at costs estimated and in the manner described in this press release or at all 
there could be a material adverse impact on the Company and on the value of 
the Company's securities. 
Readers are cautioned that the foregoing list of factors is not exhaustive. 
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 contained in this press release is made as of 
the date hereof and Petromanas undertakes no obligation to update publicly or 
revise any forward-looking information, whether as a result of new 
information, future events or otherwise, unless so required by applicable 
securities laws. 
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. 
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  
Nick Hurst The Equicom Group 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. 
To view this news release in HTML formatting, please use the following URL: 
CO: Petromanas Energy Inc.
ST: Alberta
-0- Mar/14/2013 11:00 GMT
Press spacebar to pause and continue. Press esc to stop.