Petromanas Announces AGM Voting Results, Filing of Q1 2014 Financial Results and Update on Blocks D-E Onshore Albania

 Petromanas Announces AGM Voting Results, Filing of Q1 2014 Financial Results  and Update on Blocks D-E Onshore Albania  CALGARY, May 22, 2014 /CNW/ - Petromanas Energy Inc. ("Petromanas", or the  "Company") (TSXV:PMI) today announced the results of voting at its Annual  General Meeting of shareholders, the filing of its financial results for the  first quarter of 2014, and an update on Blocks D-E onshore Albania.  AGM Voting Results  The Company is pleased to announce that each of Glenn McNamara, Verne Johnson,  Wesley Clark, Frank Giustra, Gordon Keep, Gerard Protti, and Jeffrey Scott  were elected as directors of the Company at its Annual General Meeting of  shareholders held today.  The Company has posted the presentation that was  provided to shareholders after the Annual General Meeting of Shareholders on  its corporate website as well as a video discussing some of its Albanian  operations.  Filing of Q1 2014 Financial Results  The Company has filed its financial statements and related Management's  Discussion and Analysis ("MD&A") for the three months ended March 31, 2014 on  SEDAR. The financial statements and MD&A will be available on the Company's  website or at  Blocks D-E  On May 15, 2014, the Albanian National Agency of Natural Resources formally  refused the Company's request to enter into the third exploration period for  Blocks D-E with a reduced financial commitment. The Company has until August  11, 2014, to provide a bank guarantee for USD $6.3 million or relinquish the  blocks. As a result, the Company recorded an impairment expense of its  carrying value of Blocks D-E of approximately USD $23 million in the first  quarter and considers it unlikely that it will provide the requested  guarantee. Due to the high risk and limited prospectivity of Blocks D-E, the  Company has chosen to allocate the capital to Blocks 2-3, where Petromanas has  formally announced a discovery to the Albanian government.  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  appraisal, assessment and commerciality of the Shpirag discovery, the use of  the Company's capital resources and the implications that may result if the  Company decides to enter into a third exploration period under the terms of  the PSC governing Blocks D-E. 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 capital and 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 appraisal of the Shpirag-2 discovery will not provide  results which support commercial development of the Shpirag discovery.  If the  appraisal program at Shpirag-2 does not support commercial development of the  discovery, there could be a material adverse impact on the Company and on the  value of the Company's securities.  If the Company elects not to enter the  third exploration phase under the terms of the PSC governing Blocks D-E there  is a specific risk that the Company may be required to relinquish Blocks D-E.  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  To view this news release in HTML formatting, please use the following URL:  CO: Petromanas Energy Inc. ST: Alberta NI: OIL ERN  
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