Petromanas Provides Q1 2013 Financial & Operational Update

Petromanas Energy provided on 27 May an update on its international exploration program and announced the results of voting at its Annual General Meeting of shareholders, the appointment of a new addition to the Company’s management team and the filing of its financial results for the first quarter of 2013.

Operational Update

Albania Blocks 2-3

The Shpirag-2 well is currently drilling ahead in the target carbonate reservoir at a depth of approximately 5,400 metres. Total costs to drill the well to this point are approximately US $65 million or US $20 million net to Petromanas. Management estimates the total costs to finish drilling the well to the target depth of 5,800 metres at approximately US $75 million gross, or US $25 million net to Petromanas. Logistical planning and equipment sourcing for the Shpirag-2 completion and testing program is in the final stages and the equipment is expected to be mobilized as the well approaches total depth.

“Drilling of Shpirag-2 continues to progress in the slim hole,” said Mr. Glenn McNamara, CEO of Petromanas. “The well is drilling deviated to intersect as many fractures as possible as we drill into the carbonate reservoir. We continue to observe indications of the presence of oil and gas in the drilling cuttings in the target carbonate section of the hole.”

Recording has been completed on the first line of the Company’s 2013 2D seismic program covering up to 400 kilometres in Blocks 2-3, and is progressing on the second planned line.

Australia / France

On May 14, 2013 the Government of Western Australia Department of Mines and Petroleum awarded the Company the Petroleum Exploration Permit with a six-year term for the L10-1 Block. Petromanas is currently completing a full technical review of the L10-1 and EP-464 Blocks. A similar technical review is underway on the Company’s French assets to fully evaluate the potential in both the shallow and deep plays.

AGM Voting Results

The Company is pleased to announce that each of Glenn McNamara, Verne Johnson, Heinz Scholz, Gordon Keep, Jeffrey Scott, Gerard Protti, Hans Werner Ladwein and Frank Giustra were elected as directors of the Company at its Annual General Meeting of shareholders held May 23, 2013. Shareholders also approved the appointment of KPMG LLP, Chartered Accountants as auditors of the Company, and the amended stock option plan of the Company.

Addition to Management Team

Petromanas is also pleased to announce the appointment of Mr. Peter Sider as Vice President Operations/Engineering and Business Development. Mr. Sider will have overall responsibility for the execution of the Company’s drilling and completion activities and oversee any resulting production. He will report directly to Mr. Glenn McNamara, Chief Executive Officer.

“We are pleased to welcome an individual with Peter’s specific international experience to our senior team,” said Mr. McNamara. “He has extensive European operational expertise, which includes overseeing producing assets in France, the Netherlands and Ireland, and will play an important role in the management of operations, logistics, staffing and capital expenditures related to our ongoing drilling activities.”

Mr. Sider has more than 30 years of domestic and international oil and gas experience with a strong background in production operations. He was most recently Vice President, European Operations with Vermillion Energy Inc., a Calgary-based international oil and gas producer with assets in Canada, France, the Netherlands, Ireland and Australia. He joined Vermillion in 2006 and was previously the Managing Director, Netherlands and Regional Director, Europe. Prior to that, he was a venture capitalist and consultant involved in the start-up of a number of oil and gas companies. Between 1981 and 1997, he held a number of progressively senior operational roles with Amoco Canada Petroleum Company. He holds a B.Sc. in Chemical Engineering from the University of Calgary.

Filing of Q1 2013 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, 2013 on SEDAR. The financial statements and MD&A will be available on the Company’s website or at www.SEDAR.com. The Company has also posted the presentation that was provided to shareholders after the Annual General Meeting of Shareholders on its corporate website.

energjia.al, 28.05.2013