Petromanas Energy Inc. announces filing of year end results; Provides
CALGARY, April 1, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas", or the
"Company") (TSXV:PMI) today announced that it has filed its financial
statements and related Management's Discussion and Analysis ("MD&A") for the
year ended December 31, 2012 on SEDAR. The financial statements and MD&A will
be available on the Company's website or at www.SEDAR.com.
Petromanas today also announced that it has successfully kicked off the
previously announced sidetrack of the Shpirag-2 well at a depth of
approximately 4,810 metres and is currently drilling ahead above the upper
carbonate section at a depth of approximately 5,000 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 and continue drilling ahead into the
target carbonate zone.
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.
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
drilling and casing of the Shpirag-2 well 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 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 www.sedar.com.
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
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 Email:firstname.lastname@example.org
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.
NI: OIL ERN
-0- Apr/01/2013 11:00 GMT
Press spacebar to pause and continue. Press esc to stop.