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I forgot about the high outstanding share # I would almost rather have kept it that way.
its because of the share float. over 693 million
Yea, I can't believe the volume while the rise is so low.
http://finance.yahoo.com/news/petromanas-announces-positive-well-test-220000983.html
Still holding my shares, glad to see some positive results from the drilling.
WHOOO. Mir Brama. Shiptar property must be Schumir.
Some very JUICY info in today's PR!
http://ih.advfn.com/p.php?pid=nmona&article=59333210
This just keeps heading up on HUGE volume! This one is firing on all cylinders right now, and they have not released results from Shpirag yet. This will be seeing 20's soon based on successful testing and 30's with Molishti news.
Definitely BIG volume today for PMI. Looks like that news release came out early for some institutional investors. If Molisht hits and they can correlate the reservoir to Shpirag then we will be off to the races. There are certainly a different set of rules in Albanian drilling vs. what we see in western Canada. My cousin said that it usually takes 3-4 weeks to drill a well to 5000m in Alberta (he works with Neighbors drilling). Nine months is a long haul, but Shell is carrying most of the cost and they learned many valuable lessons from drilling Shpirag.
Analysts have a $.30 target on PMI so there is a lot of profits to be had.
Yee haw!
An interesting bit of dd for everyone that I picked up on vacation in Italy ( still there). Stayed at a b&b and the guy was a mechanical engineer for an oil and gas contractor. We spoke about the reserves in italy and albania and he was pretty certain that albania was going to have a lot more than the Italian reservoirs. Hope there is good news for us after testing is finished and the seismic leads to the next Ghawar.
Ya I listened to it. It was a good look at what their plans are for Albania, Australia and France. Of course Albania is what everyone is paying attention to, but the other prospects look good too. It is certainly worth a listen if you are new to PMI.
There are a lot of institutional investors up in Canada that own this stock. The partnership with Shell was a large draw, and will help Petromanas be succesful in the field. The stock is starting to show real signs of life too. If good news comes and we re at .12 or .13 then this will really lift off.
They managed to drill and case 400m of the well in three weeks. As of the 22 they were at 5200m of 5800m. They should reach TD this week or early next, and then they will start testing. Initial tests will take another month or so to get PR'd, and the final flow tests will come about 2 months after that.
So we are a month away from knowing if they struck oil, 2 months away from knowing production numbers and 4 months away from resevior estimates. Of course once the insiders get wind of the black stuff the prices here will be a memory.
Tick tock
Big boost of confidence today from the investing world. Nice gains on big volume. This sleepy giant is waking up.
Lol, make a prediction and get a PR confirmation 4 hours later. They re in 5200 meters and going for 5800 total. Their commitment to this hole must say something about its potential.
Going off of the previous PR, we should be well into the reservoir by now. The company learned many lessons on drilling in this geography so I be the next well will be less expensive and faster to depth. Another month or so should tell us whether we re rich or searching for a new target. If the price drops much more I am going to buy some more!
I thought so; not rock bottom, but I needed to see some more about operations. That came today and we should hear results in a month or two.
Two weeks to set casing, two more weeks to get to 5800m and a month to perf and log. Hopefully they hit big. With success this stock will double at least.
Well you got a great price! I'm thinking about doubling down soon. Not that I'm down very much.
Finally bought some today. Shpirag is just looking too promising to wait any longer!
I came across this stock when I heard about it on BNN. They suggested that it was very undervalued based on the potential of their Albanian properties and the cost sharing with Shell. It is also a huge advantage to have Shell's experts on the project as well.
This will give my portfolio some decent oil exposure where it can be sold at high prices (Europe)
Analysts' coverage.
I saw this blip doing some searching.
Petromanas Energy Inc.
Raymond James analyst Rafi Khouri upgraded Petromanas Energy to “outperform” from “market perform,” citing the stock’s recent price depreciation and working capital levels that should allow the company to comfortably fund its drilling program for the foreseeable future. “While PMI remains a higher risk exploration story, we believe that investors seeking exposure to a fully funded high impact drilling name should add shares following this recent pullback,” he said.
Upside: Mr. Khouri raised his price target by a nickel to 25 cents.
Saw Canaccord had a 12 month target of .95c but it's since passed the target date. I saw another at .39c that was recent. Either way considering Petromanas has the money to fund this project for quite some time current levels are too low. This isn't much different than owning a biotech coming up on FDA results. It should being to ramp up the closer they get to drilling results.
Petromanas announces Shell as JV Partner for Albanian assets
This is 1 year old almost to the day, but I didn't see it included in this forum. Probably the most legitimizing news that Petromanas has had. It's my understanding that Shell really wanted in on this and initially Petromanas turned them down seeking another partner, but in the end they could not turn down the $$ Shell was offering. Hopefully any one glancing at the forum will notice it.
February 09, 2012
Petromanas announces Shell as JV Partner for Albanian assets
CALGARY, ALBERTA, February 09, 2012 -- Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) today announced it has entered into a definitive farm out agreement (the "Agreement") with a wholly owned subsidiary of Royal Dutch Shell plc ("Shell"), whereby Shell will farm into the Company's rights on onshore exploration Blocks 2-3 (the "Blocks") comprising approximately 852,000 acres onshore Albania. Under the terms of the Agreement, Shell will acquire a 50% participating interest in the Blocks in exchange for payments and carried costs up to US$50.3 million. Petromanas will continue to act as operator of the Blocks.
"We are very pleased to have Shell as a joint venture partner. They bring exceptional technical capabilities and substantial resources to our new relationship," said Mr. Glenn McNamara, CEO of Petromanas. "We believe that partnering with a global leader like Shell provides a validation of the potential of our Albanian assets and the exploration work we have completed to date. Our 2012 drilling program remains unchanged and is moving ahead as planned from a position of enhanced strength and we expect the addition of a further seismic program to accelerate the exploration and development of the Blocks."
Under the terms of the Agreement, Shell would carry Petromanas on the following items: a work program up to US$22.5 million in the first exploration period and subject to entering into the second exploration period, a second exploration well. Any potential excess costs of the work program over the carried amounts shall be jointly paid by both parties in proportion to their participating interest. In addition, Shell will pay a cash consideration for a total amount of US$16.3 million, of which US$11 million is refundable to Shell should Petromanas secure a partner for the other Petromanas blocks during the current exploration period.
The Agreement is subject to customary closing conditions including the receipt of all necessary regulatory and government approvals.
About Shell
Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam and New York stock exchanges. Shell companies have operations in more than 90 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects. For further information, visit www.shell.com.
About Petromanas Energy Inc.
Petromanas 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 three Production Sharing Contracts ("PSCs") with the Albanian government. Under the terms of the PSCs, Petromanas has a 100% working interest in blocks A, B, D, and E and a 50% working interest in blocks 2 and 3 that comprise more than 1.4 million gross acres across Albania's Berati thrust belt.
For further information please contact:
Glenn McNamara, CEO
Hamid Mozayani, COO
Bill Cummins, CFO
Petromanas Energy Inc.
Suite 1720, 734 -- 7th Avenue SW
Calgary, Alberta
Canada T2P 3P8
Tel: +1 403 457 4400
Fax: +1 403 457 4480
Email: info@petromanas.com
Website: www.petromanas.com
The Equicom Group
Nick Hurst
300 5th Avenue SW, 10th Floor
Calgary, Alberta
Canada T2P 3C4
Tel: +1 403 218 2835
Fax: +1 403 218 2830
nhurst@equicomgroup.com
Broxterman at RBC still recomends a buy on this for 2013 as a spec pick. No link, sorry.
Petromanas Energy completes acquisition of Gallic Energy
Date : 12/31/2012 @ 5:54PM
Source : PR Newswire (Canada)
Stock : Petromanas Energy Inc. (PMI)
http://ih.advfn.com/p.php?pid=nmona&article=55649045
Anyone who comes through, listen to this. http://www.petromanas.com/s/News_Releases.asp?ReportID=558976
Wow, stock ghost town. Hopefully anyone from 2010 got out of their position. I think there is real potential here. Shell must agree as well.
Manas Petroleum Announces Petromanas Energy Inc. Results of AGM and Geophysical & Geological Resource Assessment Update
BAAR, SWITZERLAND, Aug 30, 2010 (MARKETWIRE via COMTEX) -- Manas Petroleum Corporation (MNAP 0.46, 0.00, 0.00%) ("Manas" or the "Company") is pleased to announce that Petromanas Energy Inc. ("Petromanas") has held their Annual General Meeting on August 24, 2010 in Calgary, Canada. Manas, through its subsidiary DWM Petroleum AG as previously announced, owns approximately 32.36% of the issued and outstanding shares of Petromanas.
Petromanas Energy Inc. ("Petromanas") recently announced that at their Annual General Meeting the management slate of Verne Johnson, Jeffrey Scott, Gerard Protti, Michael Velletta, Peter-Mark Vogel, Heinz Scholz and Gordon Keep were elected as directors. BDO Canada LLP, Chartered Accountants, were appointed as auditors of Petromanas. Their Shareholders also re-approved Petromanas' rolling 10% stock option plan.
Petromanas has granted Mr. Keep options to purchase an aggregate of 1,750,000 shares at an exercise price of $0.40 per share expiring August 24, 2020.
The financial statements of Petromanas for the six months ended June 30, 2010 have been filed on SEDAR and are available by clicking on Petromanas profile at www.sedar.com.
Petromanas continues on schedule with exploration analysis and work directed towards commencing drilling operations in 2011. Seismic acquisition is underway, geophysical and geological analysis ("G&G") is advancing, drill planning has begun, and the new executive team of Glenn McNamara, CEO, Bill Cummins, CFO, and Hamid Mozayani, COO, all world class industry executives with extensive oil and gas experience, has been recruited
The planned seismic program will shoot 245 km of 2D seismic at a cost of $15 million on Blocks E, 2 and 3 and is expected to be completed by early 4th quarter of 2010. Interpretation will be undertaken through year end to incorporate this new data with the previous seismic data and the other geological data which Petromanas acquired with the block licenses.
Exploration analysis is proceeding, led by Petromanas international experts headed by Mark Cooper, Senior Exploration Advisor and the team in Albania. The focus of the G&G work is to precisely define drilling prospects and prepare the exploration risk assessment of each prospect. This will refine the resource estimates from the unrisked estimates in the report by Gustavson Associates LLC ("Gustavson") to risked prospect resource estimates on which drilling decisions can be made and which will also be the basis of Petromanas' future farmout strategy.
In conjunction with the G&G work, Petromanas is re-evaluating the unrisked resource assessment which was prepared on December 15, 2009 by Gustavson on the basis of the seismic, geology and limited well data which was available at the time. In the normal course of the current G&G work, the risked resource potential will also be evaluated and, as a result of incorporating risk assessments and new data, will be lower than the unrisked resource potential numbers which were presented in the Gustavson report. It is anticipated that the G&G analysis will be concluded through year end as the new seismic data becomes available; the risked resource estimates cannot be finalized until all of this work is completed. It is anticipated that an updated independent resource evaluation report will be prepared at that time. Further updates to resource estimates are expected to be prepared as Petromanas acquires new data from seismic programs and drilling operations.
The geological work which has been conducted by the Petromanas team to date has further confirmed the significant potential of the Petromanas acreage and the exploration prospectivity of both the shallow and deep prospects. Once Petromanas has the necessary data, it is anticipated that some of the deep target plays will be farmed out to industry partners.
Petromanas remains on schedule for the planned completion of the seismic program in 2010 leading to a drilling campaign in 2011. Petromanas is confident the new management team is well qualified to advance the exploration activities of the six blocks in Albania.
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.
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 4th quarter of 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.
For further information please contact:
Roger Jenny
Corporate Secretary
Tel: +41 44 718 10 30
Fax: +41 44 718 10 39
www.manaspetroleum.com
SOURCE: Manas Petroleum Corp.
http://www.manaspetroleum.com
Bought today (PENYF) @ .59. Have an order at .56 for the gap fill just below if it hits.
That last post was taken off the MNAP board.
Posted by: brooklyn137 Date: Monday, March 22, 2010 2:56:16 PM
In reply to: None Post # of 1113
new Article from Vanguard,
I saw a reference to a new Vanguard article on Stockhouse. It sheds light on Petromanas plans.
http://www.vanguardsolutions.ca/i/pdf/10-03-16%20PMI%20Winston's%20REVISED.pdf
Since Vanguard is paid by Petromanas, the article should reflect management's intentions.
The say there may be three wells drilled by the first quarter of next year, one each in A and B; D and E; and 2 and 3. They mention the Jubani target as the likely target in A and B since it is a shallow target that shows considerable potential. It is only 1300 to 1400 meters deep and will only cost about 3.5 million dollars.
In D and E they mention two promising projects which are 3900 to 4000 meters deep. They say the cost of these projects would be 20 million.
In 2 and 3 they mention Spiragu and the well previous drilled by Oxy which the abandoned for technical reasons. They said management believes they can salvage the well, a claim I had heard before, but I wonder. If so, it is up to a billion barrels P50 reserve. The cost, they say will be 22 million.
They did not mention the 12/25/10 deadline, and unless renegotiated, PMI will have to drill one well in A and B by that time. I assume that will be the shallow well, with the Spiragu well to follow shortly after.
Should be an interesting year end.
Petromanas Energy completes acquisition of Albania Oil & Gas assets
Press release
Published 2/25/2010
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Petromanas Energy Inc. ("Petromanas" or the "Company") has completed the acquisition from DWM Petroleum AG ("DWM"), a wholly-owned subsidiary of Manas Petroleum Corporation, of all of the issued and outstanding securities of Manas Adriatic GmbH ("Manas Adriatic"). The common shares will commence trading under the name "Petromanas Energy Inc." (symbol PMI.V) on the TSX Venture Exchange on February 25, 2010. Manas Adriatic is the owner of three onshore oil and gas production sharing contracts containing six licenses (the "Licenses") located in Albania. As consideration for the acquisition, Petromanas has paid DWM $2,000,000 issued 100,000,000 common shares to DWM and reimbursed DWM approximately U.S.$9,500,000 for loans previously made by DWM to Manas Adriatic and its predecessors in title to the Licenses.
Petromanas will issue an additional 150,000,000 common shares to DWM as follows:
100,000,000 common shares on the earlier of June 23, 2011 and the completion of the first well on the Licenses by Manas Adriatic;
25,000,000 common shares upon receipt of a report prepared pursuant to National Instrument 51-101 confirming that the Licenses have 2P reserves of not less than 50,000,000 barrels of oil equivalent ("boe"); and
upon Manas Adriatic being in receipt of a report prepared pursuant to National Instrument 51-101 confirming that the Licenses have 2P reserves in excess of 50,000,000 boe, for each 50,000,000 boe over and above the initial 50,000,000 boe, an additional 500,000 common shares will be issued to a maximum of 25,000,000 common shares.
In connection with the completion of the acquisition, the Company changed its name from WWI Resources Ltd. to Petromanas Energy Inc.
Petromanas has also closed a private placement of 100,000,000 units at a price of $0.25 per unit for gross proceeds of $25,000,000. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase a further common share at a price of $0.45 per share for a period of 5 years expiring February 23, 2015. A cash fee of 5% of the funds raised was paid on closing of the private placement. The common shares and warrants are subject to a hold period expiring June 25, 2010.
The management and board of directors of Petromanas are as follows:
Erik Herlyn , President and CEO. Mr. Erik Herlyn is a mechanical and production engineer (Trinity University Dublin, University of Bremen). Erik Herlyn has extensive experience in the finance and hydrocarbon industries. He has held several managerial positions with large international business consulting firms such as KPMG, BearingPoint and Capgemini Consulting. His specialization lies in a process optimization method which he developed over many years using synergies from different industries. Mr. Herlyn was supporting major oil companies in the Americas and Arabic countries in strategic, technical and financial projects.
Ari Muljana , CFO. Ari Muljana is a Master of Science in Computer Science (University of Zurich) with a major in Financial Statement Analysis and Artificial Intelligence. He began his career in the Risk Management department at Deloitte, where he audited and advised within the oil and commodity trading industry. He is also specialized in the area of SOX consulting, where he implemented financial and risk management processes for multinational companies to comply with SEC regulations. Mr. Muljana also worked at Capgemini Consulting as a strategic consultant, focusing on controlling and performance measurement topics in various industries.
Verne Johnson , Chairman and Director. Mr. Johnson is an engineer who received his engineering degree from the University of Manitoba. He worked for Imperial Oil and Exxon until the early 1980's and then went into the independent oil business. Mr. Johnson has been involved with a number of companies in the Canadian oil and gas industry, including ELAN Energy which was sold in 1997. Since 2002 he has been an independent investor through a family company, KristErin Resources. Mr. Johnson has been a director of many public and private companies in the energy business over the past 20 years. He is currently a director of Gran Tierra Energy, Chairman of Fort Chicago Energy Partners LP, and some private companies. He has also been a member of the board of Calgary Opera for 10 years.
Heinz Juergen Klaus Scholz , Co-Chairman and Director. Mr. Heinz Juergen Klaus Scholz is a Physicist and Engineer. In the 1980s Mr. Scholz built factories and telecommunication networks in the Former Soviet Union. After the German Reunification he also advised Soviet Ministries regarding the negotiations on the sale of Russia's East German telecommunication network to Deutsche Telecom. He has worked in collaboration with scientific institutes in the Russian Federation. Mr. Scholz plays a critical role in targeting, appraising and subsequently acquiring the rights to major oil and gas assets in the Former Soviet Union and its satellite countries.
Jeffrey Scott , Director. Mr. Scott is President of Postell Energy Co. Ltd., a 30 year old private oil company operating in Saskatchewan. He is the founder and Chairman of Gran Tierra Energy Inc., an international oil and gas exploration and production company. Mr. Scott has extensive mergers and acquisitions and public company experience. Over the last 15 years he has been involved in a variety of capacities from founder to officer and/or director of numerous publicly traded companies. He was a co-founder and director of Saxon Energy Services Inc., an international drilling company. Mr. Scott is currently also a director of Essential Energy Services Trust, Tuscany International Drilling Inc. and chairman of NuCoal Energy Corp., a private clean-coal company. Mr. Scott holds a Bachelor of Arts degree from the University of Calgary and a Masters of Business Administration from California Coast University.
Michael J. Velletta , Director. Mr. Velletta became a practicing lawyer in British Columbia, Canada in 1990. Mr. Velletta's private practice with the law firm of Velletta & Company, focuses on corporate and commercial law, and commercial litigation. He is a Governor of the Trial Lawyers Association of British Columbia, and is a member of the Canadian Bar Association, Association of International Petroleum Negotiators and the International Institute of Business Advisors. Mr. Velletta serves on the Board of Directors of several corporations.
Peter-Mark Vogel , Director. Mr. Vogel received his Degree in Business Administration and Economics from the University of Zurich, Switzerland in 1992. He received his MBA from the University of Chicago, Booth Business School in March 2003. Mr. Vogel was employed as a CFA, senior financial analyst at Bank Sal Oppenheim, Zurich, Switzerland from 2000 to July 2005. He was Vice President of the HSBC Research Department in Guyerzeller, Zurich, Switzerland from 1999 to 2000. From 1998 to 1999 he was Vice President of the Research Department of Orbitex Finance. He was a Portfolio Manager and Assistant to the Bank's Executive Committee of Societe Generale from 1995 to 1998. From 1993 to 1995 he was the Finance and Regulatory Associate and Regulatory Analyst at Merrill Lynch Capital Markets. He has been a member of the Swiss CFA Society, formerly Swiss Society of Investment Professionals, since 1999 and a member of the CFA Institute, formerly Association of Investment Management and Research, since 1999. Mr Vogel brings extensive knowledge in structuring financial transactions. Mr. Vogel serves on the Board of Directors of several companies.
Gerard Protti , Director. Gerard Protti is Executive Advisor at Cenovus Energy, Chairman of the Board of FT Services, and a board member of Sub-One Technology and Alberta Innovates Technology Futures. Mr. Protti has 35 years of experience in the private and public energy sectors. This includes 14 years in several executive officer roles at PanCanadian Petroleum and EnCana Corporation including marketing, operations, new ventures, offshore and international development and corporate relations. He is past Chairman of the Canadian Association of Petroleum Producers and the Canadian Chamber of Commerce. He has graduate and undergraduate degrees in economics from the University of Western Ontario and University of Alberta respectively.
Gordon Keep , Secretary. Gordon Keep has extensive business experience in investment banking and creating public natural resource companies. Mr. Keep currently is Executive Vice-President of Fiore Financial Corporation, a private boutique merchant banking firm. He also serves as an officer and/or director for several natural resource companies. From January 2001 to July 2007, Mr. Keep was Managing Director of Corporate Finance at Endeavour Financial Corporation, September 1997 until March 2004, he was Senior Vice President and a director of Lions Gate Entertainment Corp., and from April 1987 until October 1997, he was Vice President, Corporate Finance in the Natural Resource group of Yorkton Securities Inc.
Manas Adriatic holds three Production Sharing Contracts (PSCs) for onshore Blocks in Albania that comprise 1.7 million net acres with a 100% working interest. The PSCs encompass Blocks A, B, D, E in which there have been nine large structures already identified and Blocks 2 and 3 which contain three large structures. Block 2 is geographically located within the area where Banker Petroleums' (BNK:TO) current shallow oil well is derived. Manas has the rights to explore for and produce oil from the deeper targets in this area.
The proceeds of the unit financing will be used for the setup of a bank guarantee, seismic works, reprocessing of acquired seismic data and other geological and geophysical expenditures, overhead costs and other general and administrative expenditures and a first drilling of a well.
Petromanas has issued 23,500,000 options to directors, officers, employees, consultants and charities at a price of $0.30 expiring on February 24, 2020. Petromanas has also issued 4,000,000 common shares to Endeavour Financial pursuant to their mandate agreement and a further 4,000,000 common shares to Overseas Financial Group as a finders' fee, which are subject to a hold period expiring June 25, 2010.
Raymond James Ltd. has agreed to act as sponsor in connection with the acquisition of Manas Adriatic and will be paid a sponsorship fee of $25,000 plus GST.
The Company has entered into an investor relations agreement with Vanguard Shareholder Solutions Inc. ("Vanguard") dated February 1, 2010 pursuant to which Vanguard has agreed to provide investor relations services to the Company in consideration for the sum of $11,500 per month and options to purchase 500,000 common shares at a price of $0.30 per share exercisable on or before February 24, 2015.
The Company now has 328,231,466 common shares issued and outstanding (572,281,466 common shares fully diluted).
Effective February 24, 2010, Deloitte & Touche LLP of Vancouver, B.C. have resigned as auditors of the Company and BDO AG of Zurich, Switzerland have been appointed as auditors of the Company.
Additional information on the Company and the Licenses is available in the Company's filing statement dated February 19, 2010 and in reports prepared pursuant to National Instrument 51-101 all of which are available on the SEDAR website at www.sedar.com.
Early Warning Requirements
Pursuant to the Manas Adriatic acquisition, DWM has ownership and control over 100,000,000 common shares of the Company and the right to acquire a further 150,000,000 common shares of the Company. The 100,000,000 common shares represent 30.47% of the issued and outstanding common shares of the Company. Assuming DWM acquired the additional 150,000,000 common shares it would hold 250,000,000 common shares representing 52.28% of the partially diluted issued and outstanding shares of the Company.
The Company understands that DWM does not act jointly or in concert with any other person and that DWM acquired the securities for investment purposes. The Company understands that DWM has no present intention to acquire further securities of the Company, although they may in the future acquire or dispose of securities of the Company through the market, privately or otherwise, as circumstances or market conditions warrant.
A copy of the Early Warning Report filed with the applicable securities regulators regarding the transaction is available on SEDAR ( www.sedar.com). A copy of the Early Warning Report and further information may also be obtained by contacting Gordon Keep, Secretary of the Company, at (604) 609-6110.
http://www.resourceinvestor.com/News/2010/2/Pages/Petromanas-Energy-completes-acquisition-of-Albania-Oil--Gas-assets.aspx
Petromanas Energy adds onshore sharing contracts
Richard Reinhard
Published 3/4/2010
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Overview
Petromanas Energy Inc. has acquired 100% interest in three Albanian onshore oil and gas production sharing contracts containing six licence areas. Similar to Bankers Petroleum, the Endeavour Financial group is behind the formation of this Albania-located deal. Bankers and its shareholders enjoyed significant success with their Albanian oil field reworks, and while a very different type of play, Petromanas also has an exceptional risk-reward profile.
Petromanas' acquisition is in a major onshore exploration area with P50 recoverable resources of 6.1 billion barrels net to Petromanas proved by drilling of a deep well by Occidental Petroleum, seismic exploration and independent, NI 51-101 compliant valuations. Petromanas paid less than 5 cents per recoverable barrel Market Valuation.
Petromanas is the newly-minted name for former shell WWI Resources (WWI-TSXv), about which we sent out a heads-up on December 4th. On February 25th the common shares came off their acquisition-pending regulatory "halt" and commenced trading under the symbol PMI on the TSX Venture Exchange, after announcing the closing of their transactions.
The Deal
Petromanas acquired 100% of Manas Adriatic GmbH ("Manas Adriatic") from DWM Petroleum ("DMW"), a wholly-owned subsidiary of Manas Petroleum. As consideration for the acquisition, Petromanas paid $2.0 million, issued 100,000,000 common shares and paid off approximately US$8.5 million in loans previously taken out by Manas Adriatic to acquire the Licenses.
In addition, Petromanas will issue 150,000,000 common shares to DWM as follows:
100,000,000 common shares on the earlier of June 23, 2011 or the completion of the first well on the Licenses held by Manas Adriatic;
25,000,000 common shares upon receipt of a report prepared pursuant to NI 51-101 confirming that the Licenses have 2P reserves of not less than 50,000,000 boe; and
upon receipt of a NI 51-101 compliant report confirming 2P reserves in excess of 50,000,000 boe, for each additional 50,000,000 boe 500,000 common shares will be issued, to a maximum of 25,000,000 common shares.
The Financing
Petromanas has closed a private placement funding of 100,000,000 units at a price of $0.25 per unit for gross proceeds of $25,000,000. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase a further common share at a price of $0.45 per share for a period of 5 years expiring February 23, 2015. The common shares and warrants are subject to a hold period expiring June 25, 2010. We participated in the company's financing as previously disclosed.
The Assets
The Petromanas strategy is to focus on an established petroleum province. Albania offered the best opportunity to acquire a large portfolio of giant oil and gas assets, and to diversify with large, deep underthrust and shallow plays in a proven production area.
Under previous communist control, Albania was virtually closed to international expertise until the 1990's, offering a compelling opportunity for leading edge, aggressive developers. Albania has an established petroleum system and with Patos Marinza the largest onshore field in Europe. Patos Marinza is located in selected exclusion zones within Manas Adriatic`s block 2 and 3. Manas Adriatic has the rights to explore for and produce oil from the deeper targets in this area.
Manas Adriatic holds three Production Sharing Contracts (PSCs) for onshore Blocks in Albania that comprise 1.7 million net acres with a 100% working interest. The PSCs encompass Blocks A, B, D, E in which there have been eleven large structures already identified and Blocks 2 and 3 which contain three large structures.
Petromanas' acquisition covers 6.1 billions of barrels net to Petromanas recoverable resources (P50) proved by around 4300 km seismic exploration, drilling and independent 51-101 compliant valuations (Gustavson Associates LLP).
Petromanas finalized a 189 km 2-D seismic program in 2009. Additional 105 km 2D seismic acquisition (Can $ 4.8 million) and drilling of maximum two wells with each maximum 3000 m (Can $ 8.85 million) is planned during the next twelve months.
Occidental Petroleum drilled on block 2 a 5,333 m deep well in 2001. Oxy declared an oil discovery and the Shpiragu field has a 600 m source rock column of light oil (around 37° API). There are additional large exploration targets ready to drill south of the Shpiragu discovery in blocks 2 and 3 and additional deep and shallow targets in blocks A, B, D and E.
Additional information on Petromanas and the Licenses is available in the filing statement dated February 19, 2010 and in reports prepared pursuant to National Instrument 51-101, all of which are available on SEDAR (www.sedar.com).
Options, Fees and Legal Matters
Petromanas has issued 23,500,000 options to directors, officers, employees, consultants and charities at a price of $0.30 expiring on February 24, 2020. Petromanas has also issued 4,000,000 common shares to Endeavour Financial pursuant to their mandate agreement and a further 4,000,000 common shares to Overseas Financial Group as a finders' fee, which are subject to a hold period expiring June 25, 2010.
As a result of the Manas Adriatic acquisition, DWM has ownership and control over 100,000,000 common shares of Petromanas and the right to acquire a further 150,000,000 common shares. The 100,000,000 common shares represent 30.47% of the issued and outstanding common shares of Petromanas, making DWM an insider. Assuming DWM acquired the additional 150,000,000 common shares it would hold 250,000,000 common shares representing 52.28% of the partially diluted issued and outstanding shares of the Petromanas.
A copy of the Early Warning Report filed with the applicable securities regulators regarding the transaction is available on SEDAR ( www.sedar.com).
http://www.resourceinvestor.com/News/2010/3/Pages/Petromanas-Energy-adds-onshore-sharing-contracts.aspx
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