Petromanas supports investment agreement between Canadian and Albanian
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
"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.
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
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
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
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CO: Petromanas Energy Inc.
-0- Nov/28/2013 17:59 GMT
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