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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 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:info@petromanas.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:nhurst@tmxequicom.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/20/c9175.html  CO: Petromanas Energy Inc. ST: Alberta NI: OIL FIELD  
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