Petromanas updates Albanian exploration activities

CALGARY, June 6, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas", or the 
"Company") (TSXV: PMI) today provided an update on current and planned 
exploration initiatives onshore Albania. 
Albania Blocks 2-3 
The Shpirag-2 well continues to drill ahead in the target carbonate reservoir 
at a depth of approximately 5,500 metres. Petromanas intends to drill the well 
to a target depth of approximately 5,800 metres. 
The Company today also announced it has received notification that the 
Albanian government has approved construction permits for road and lease 
construction at the Molisht-1 drilling location and two other drilling 
locations located along the Shpirag structure in Blocks 2-3. Following the 
drilling of the Shpirag-2 well, the Company intends to mobilize the rig to the 
Molisht-1 location. Construction of the road and lease will commence in the 
next two weeks. 
"Securing construction permits for three additional drilling locations on 
Blocks 2-3 will help minimize rig downtime and related costs as we move 
between drilling locations," said Mr. Glenn McNamara, CEO of Petromanas. "In 
the near term our exploration program remains focused on multiple targets in 
Blocks 2-3." 
Albania Blocks A-B 
In December 2012, following the drilling and logging of the Juban-1 well, 
Petromanas completed its work commitments under the second of three phases 
outlined in the Production Sharing Contract covering Blocks A-B. 
Based on the information gathered during the logging operations at the Juban-1 
well, which indicated the presence of negligible quantities of hydrocarbons, 
the Company has elected to not enter the third exploration phase on Blocks 
A-B. The Company will relinquish the approximate 346,000 acre land position in 
Blocks A-B. Prior to relinquishing the Blocks, the Company expects to 
remediate the Juban drilling location at an anticipated cost of $295,000, 
which was fully provided for in the March 31, 2013 financial statements. In 
conjunction with the relinquishment, the Company will expense its carrying 
value of Blocks A-B, which is approximately $19 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 two Production Sharing Contracts ("PSCs") with 
the Albanian government. Under the terms of the PSCs, Petromanas has a 100% 
working interest in Blocks D and E and a 50% working interest in Blocks 2 and 
3 that comprise more than 1.1 million gross acres across Albania's Berati 
thrust belt. Petromanas also holds exploration assets in France and 
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 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 construction 
activities, 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, completion 
equipment, 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 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- Jun/06/2013 11:00 GMT
Press spacebar to pause and continue. Press esc to stop.