Petromanas Announces Appointment of New Director, Joint Venture Process for
Australian Assets, and Filing of Q3 2013 Financial Results
CALGARY, Nov. 18, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the
"Company") (TSXV: PMI) today announced the appointment of Wesley K. Clark,
General, US Army (ret.) to its board of directors.
General Clark serves as Chairman and CEO of Wesley K. Clark & Associates, a
strategic consulting firm; Co-Chairman of Growth Energy; senior fellow at
UCLA's Burkle Center for International Relations; Advisor at the Blackstone
Group; Director of International Crisis Group; Chairman of City Year Little
Rock/North Little Rock; Chairman of UGR Inc., a banking and strategic advisory
firm; as well as numerous corporate boards. General Clark has authored three
books and serves as a member of the Clinton Global Initiative's Energy &
Climate Change Advisory Board, and ACORE's Advisory Board.
Clark retired a four star general after 38 years in the United States Army. He
graduated first in his class at West Point and completed degrees in
Philosophy, Politics and Economics at Oxford University (B.A. and M.A.) as a
Rhodes Scholar. While serving in Vietnam, he commanded an infantry company in
combat, where he was severely wounded and evacuated home on a stretcher. He
later commanded at the battalion, brigade and division level, and served in a
number of significant staff positions, including service as the Director
Strategic Plans and Policy (J-5). In his last assignment as Supreme Allied
Commander Europe he led NATO forces to victory in Operation Allied Force,
saving 1.5 million Albanians from ethnic cleansing.
His awards include the Presidential Medal of Freedom, Defense Distinguished
Service Medal (five awards), Silver star, bronze star, purple heart, honorary
knighthoods from the British and Dutch governments, and numerous other awards
from other governments, including award of Commander of the Legion of Honor
"General Clark brings substantial regional and industry specific expertise to
his new role on our board of directors," said Mr. Verne Johnson, Chairman of
Petromanas. "We look forward to benefitting from his unique perspective as we
advance the development of our portfolio of European assets."
On his appointment to the board, General Clark was granted 2,000,000 stock
options pursuant to the Corporation's approved stock option plan. The options
are exercisable at a price of$0.12per share and vest immediately. All
options expire onNovember 15, 2018.
Australian Joint Venture Process
The Company today also announced that it has engaged Macquarie Capital Markets
Canada Ltd. as a financial advisor in connection with a marketing initiative
to support discussions with potential joint venture partners with respect to
its Australian assets. The data room is now open with bids expected in January
Filing of Q3 2013 Financial Results
The Company has filed its financial statements and related Management's
Discussion and Analysis ("MD&A") for the three months endedSeptember 30,
2013on SEDAR at www.SEDAR.com. The financial statements and MD&A will be
available on the Company's website and atwww.petromanas.com.
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 25% working interest in Blocks 2-3
that comprise more than 1.1 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 is 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 of the receipt of bids, if any, under its Australian joint venture
marketing initiative. 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 addresses future events and conditions, by
its very nature it involves 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; risks of litigation; 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 not receive any acceptable bids under
its Australian joint venture marketing initiative or be able to complete a
joint venture for its Australian assets in the timeframe estimated in this
press release or at all.
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.
SOURCE Petromanas Energy Inc.
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 Email:firstname.lastname@example.org
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-0- Nov/18/2013 22:59 GMT
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