Petromanas Updates Albanian Exploration Activities

Petromanas Energy Inc. (“Petromanas”, or the “Company”) (TSXV: PMI) today provided an update on current and planned exploration initiatives onshore Albania.

Albania Blocks 2-3

The Shpirag-2 well continues to drill ahead in the target carbonate reservoir at a depth of approximately 5,500 metres. Petromanas intends to drill the well to a target depth of approximately 5,800 metres.

The Company today also announced it has received notification that the Albanian government has approved construction permits for road and lease construction at the Molisht-1 drilling location and two other drilling locations located along the Shpirag structure in Blocks 2-3. Following the drilling of the Shpirag-2 well, the Company intends to mobilize the rig to the Molisht-1 location. Construction of the road and lease will commence in the next two weeks.

“Securing construction permits for three additional drilling locations on Blocks 2-3 will help minimize rig downtime and related costs as we move between drilling locations,” said Mr. Glenn McNamara, CEO of Petromanas. “In the near term our exploration program remains focused on multiple targets in Blocks 2-3.”

Albania Blocks A-B

In December 2012, following the drilling and logging of the Juban-1 well, Petromanas completed its work commitments under the second of three phases outlined in the Production Sharing Contract covering Blocks A-B.

Based on the information gathered during the logging operations at the Juban-1 well, which indicated the presence of negligible quantities of hydrocarbons, the Company has elected to not enter the third exploration phase on Blocks A-B. The Company will relinquish the approximate 346,000 acre land position in Blocks A-B. Prior to relinquishing the Blocks, the Company expects to remediate the Juban drilling location at an anticipated cost of $295,000, which was fully provided for in the March 31, 2013 financial statements. In conjunction with the relinquishment, the Company will expense its carrying value of Blocks A-B, which is approximately $19 million.

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 50% working interest in Blocks 2 and 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.

energjia.al, 07.06.2013