Petromanas Announces Sale Of Shares By DWM and Purchase by Officers and Directors

Petromanas Energy announced on 06 November that a group of investors, including existing shareholders and certain directors and officers of the Company, has purchased common shares of the Company which were divested by Petromanas’ largest shareholder, DWM Petroleum AG (“DWM” or the “Vendor”). DWM disposed of 46 million shares through the facilities of the TSX Venture Exchange at market prices. Certain of the Company’s directors and officers acquired an aggregate of 15,669,500 of these common shares. Following the disposition, DWM retains 50 million common shares of Petromanas or approximately 7% of the Company’s issued and outstanding shares. DWM has agreed that no further share sales will take place for a period of 60 days.

“We understand DWM required funding for other business opportunities,” said Mr. Glenn McNamara, CEO of Petromanas. “We believe this overhang on the stock was effectively absorbed by the market and the participation of senior management and the Board is a reflection of our confidence in the Company and the Shpirag-2 test results.”

Consistent with its reduced shareholding in the Company, and based on their desire to focus on other commitments, all of DWM’s representatives have resigned from Petromanas’ board of directors as previously announced.

energjia.al, 06.11.2013