Petromanas provides operational update; announces AGM voting results and filing of Q1 2013 financial results

CALGARY, May 27, 2013 /CNW/ - Petromanas Energy Inc. ("Petromanas", or
the "Company") (TSXV:PMI) today provided 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
Sphirag-2 completion and testing program is in the final stages and the
equipment is expected to be mobilized as the well approaches total
"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
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 The Company has also posted the presentation that was provided to
shareholders after the Annual General Meeting of Shareholders on its
corporate website.