Petromanas begins seismic programs in Albania

TIRANA, July 20 – International oil and gas company Petromanas Energy Inc. (“Petromanas”) (TSX-V:PMI) has announced the start up of seismic operations on Blocks D-E and Blocks 2-3 in Albania as planned and on schedule, and is anticipated to be completed by October 2010. All operating licences and permits have been received and the contractor’s personnel and equipment are on site, said the company in a statement. This program includes 250 km of 2D seismic survey including 105 km which is part of the licences required work commitments.
Manas Adriatic GmbH, a wholly owned subsidiary of Petromanas Energy Inc., 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.
Petromanas, through its wholly-owned subsidiary, holds three Production Sharing Contracts (“PSCs”) with the Albanian government. Under the terms of the PSCs, Petromanas has a 100% working interest in six onshore blocks (Blocks A, B, D, E, 2 and 3) that comprise more than 1.7 million acres across Albania’s Berati thrust belt.