Petromanas Energy Inc. Announces Change to Senior Management Team
CALGARY, April 11, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas", or the
"Company") (TSXV:PMI) today announced that its Chief Operating Officer (COO),
Mr. Hamid Mozayani, is retiring from the Company effective April 11, 2013. The
Company has initiated a search for a suitable replacement for Mr. Mozayani who
will serve as an executive advisor and interim COO to the Company following
his retirement to support an orderly transition to his replacement.
"I want to sincerely thank Hamid on behalf of the board and management team
for his significant contribution to Petromanas over the last three years and
wish him well in his retirement," said Mr. Glenn McNamara, Chief Executive
Officer of Petromanas.
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 re 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
appointment of a suitable replacement and the duration of the Company's
consulting arrangement with the retiring Chief Operating Officer. 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 identify a suitable replacement for the Chief Operating Officer in a
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 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
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.
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-0- Apr/11/2013 21:00 GMT
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