Petromanas supports investment agreement between Canadian and Albanian governments CALGARY, Nov. 28, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) today announced its support for a foreign investment and protection agreement (FIPA) concluded between the Canadian and Albanian governments and announced by the Honourable Ed Fast, Minister of International Trade. "Conclusion of this investment treaty will help strengthen the bonds between our governments and should support improved opportunities for Canadian companies, like Petromanas, with operations in Albania," said Glenn McNamara, CEO of Petromanas. A FIPA is a treaty designed to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices, and by enhancing the predictability of a market's policy framework, a FIPA gives businesses greater confidence in investing. Once in force, the agreement with Albania is expected to facilitate investment flows between the two countries, thereby contributing to job creation and economic growth in both countries. About Petromanas 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. For further information please contact: 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 anticipated effects of the FIPA, including improved business opportunities for the Company, facilitating investment flows between Albania and Canada, and contributing to job creation and economic growth in both countries. In respect of this forward-looking information, Petromanas has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of the FIPA to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. 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. 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, 2012 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 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. 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:firstname.lastname@example.org Website:www.petromanas.com The Equicom Group Nick Hurst 300 5th Avenue SW, 10th Floor Calgary, Alberta Canada T2P 3C4 Tel: +1 403 218 2835 Fax: +1 403 218 2830 email@example.com To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2013/28/c5934.html CO: Petromanas Energy Inc. ST: Alberta NI: OIL -0- Nov/28/2013 17:59 GMT
Petromanas supports investment agreement between Canadian and Albanian governments
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