Manas Petroleum Announces that Canadian Petromanas Energy Inc. has begun Seismic Programs in Albania
Baar, Switzerland, July 21, 2010
Manas Petroleum Corporation (OTCBB:MNAP) ("Manas" or the "Company") is pleased to announce that Petromanas Energy Inc. (TSXV:PMI) ("Petromanas") has begun seismic programs in Albania. Manas, through its subsidiary DWM Petroleum AG as previously announced, owns approximately 32.36% of the issued and outstanding shares of Petromanas.
Petromanas recently announced that it has begun seismic operations on Blocks D-E and Blocks 2-3 in Albania as planned and on schedule, and that it plans to complete these operations by October 2010. Petromanas reports that it has received all operating licences and permits and that its contractor's personnel and equipment are on site. This program includes 250 km of 2D seismic survey including 105 km which is part of the license's required work commitments.
Manas Adriatic GmbH, a wholly owned subsidiary of Petromanas Energy Inc., has signed two agreements for Land Seismic Services with the Italian company Geotec S.p.A, on May 27, 2010, one each for Blocks D-E and Blocks 2-3 which are onshore Production Sharing Contracts in Albania. Geotec S.p.A. has extensive experience in the hydrocarbon exploration industry performing seismic work in Albania in conjunction with international oil and gas companies for many years.
The majority of the seismic work will be carried out with heliportable rigs and the remainder through conventional shallow drilling rigs.
This seismic survey is being carried out to improve the quality of the existing prospect data, and hence increase the chances of success of the exploratory wells to be drilled upon completion and interpretation of the new seismic data. The first well is anticipated to be drilled in early 2011.
About Manas Petroleum Corp.
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in south-eastern Europe, Central Asia and Mongolia. In Albania, Manas participates in a 1.7 million acre exploration project through its equity interest in Petromanas Energy Inc., a Canadian public company. In Kyrgyzstan, Manas has signed a US $54 million farm-out agreement with Santos International Holdings Pty Ltd., a subsidiary of Australia's third largest oil and gas company. In addition to the development of its Kyrgyzstan project, Santos is developing the company's neighboring Tajikistan license under an option farm out agreement. Manas is also developing its Mongolian project, where it has begun a major 2D-seismic program; this project is located adjacent to one of China's (Sinopec) largest producing oilfields.
For further information please contact:
Roger Jenny
Corporate Secretary
Tel: +41 44 718 10 30
Fax: +41 44 718 10 39
Website: www.manaspetroleum.com
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about Petromanas' plans to complete its seismic operations by October, 2010, that the results of this work will improve the quality of the existing prospect data and enhance the chances of success of the exploratory wells to be drilled after completion of the seismic operations, and that the first well is anticipated to be drilled in early 2011. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of Manas' business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks presented by field conditions and the risks described in Manas periodic disclosure documents filed on SEDAR and EDGAR, copies of which are also available on the company's website at http://www.manaspetroleum.com/s/FinancialReports.asp. Any of these risks could cause Manas' or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Except as required by applicable law, including the securities laws of the United States and Canada, Manas does not intend to update any of the forward-looking statements to conform these statements to actual results.