Petromanas provides update on Molisht-1 drilling

CALGARY, May 20, 2014 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the 
"Company") (TSXV: PMI) today provided an update on the drilling of the 
Molisht-1 well onshore Albania. The well is located on Blocks 2-3, in which 
the Company holds a 25% working interest and is the operator with Shell 
holding the remaining 75% interest. 
The Company has drilled Molisht-1 through the flysch shale sequence and to the 
objective carbonates; the well was cased and cemented at 4,174 metres, putting 
approximately 900 metres of the unstable flysch shale behind pipe, prior to 
drilling ahead. The Molisht-1 well is currently drilling ahead at a depth of 
approximately 4,400 metres and Petromanas expects to drill the well to a total 
depth of approximately 5,500 metres. Data acquisition and testing is planned 
to follow reaching total depth. 
"Based on the technical work conducted on Blocks 2-3 we interpret the target 
zone as having been encountered approximately 300 metres higher than 
originally anticipated and are very encouraged by this development," said Mr. 
Glenn McNamara, CEO of Petromanas. "Taking the lessons learned from Shpirag-2, 
we have to this point been able to avoid many of the issues encountered on our 
last well. We are now drilling ahead with a larger hole with the ultimate goal 
of increasing the potential for well productivity by having the wellbore 
intersect as many of the naturally occurring fractures in the target carbonate 
as possible." 
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 
planned drilling operations of the Molisht-1 well. 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, 
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 or the failure to 
obtain 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 be unable to complete the drilling, 
completion and testing of the Molisht-1 well in the manner described in this 
press release or at all.  If the Company is unable to drill, complete and test 
the Molisht-1 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, 2013, 
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.

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 
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 
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CO: Petromanas Energy Inc.
ST: Alberta
-0- May/20/2014 21:57 GMT
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