MNP Petroleum Corp. (MNAP)

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MNAP NEWS --- Nov 25, 2009 7:40:00 AM MST
Vancouver energy junior WWI Resources Ltd acquires Albania oil and gas assets (WWI-Resources)



VANCOUVER _ WWI Resources Ltd. (TSXV:WWI), a Vancouver-based oil and gas junior, says it has struck a binding letter of intent with Manas Petroleum Corporation to acquire that company´s Albanian assets, which include three onshore oil and gas production sharing contracts containing six licences.

The pricetag of the deal, announced Tuesday, is $2 million in cash and 100 million common shares of WWI. In addition, WWI will issue another 150 million shares depending on certain conditions such as reserves thresholds and well completions on the Albanian energy properties.

Albania is a former communist country in the Balkans, along the east coast of the Adriatic Sea.

If the full 250 million shares are issued to Manas, the cash and share transaction would have a value of about $77 million based on the value of WWI shares Tuesday.

The transaction is subject to a $25 million share and warrant financing, the companies said in separate releases.

Since WWI currently has only 120 million shares outstanding, the transaction would give Manas shareholders control of the Vancouver company.

"We believe this is an excellent transaction for Manas as it will significant shareholder value moving forward," Eric Herlyn, CEO of the Swiss company, said in a separate release from Switzerland..

"This transaction is consistent with Manas´ core strategy of acquiring high impact oil and gas licences and then limiting the financial burdens and risks associated with the exploration and development."

In trading Tuesday on the TSX Venture Exchange, WWI shares were unchanged at 30 cents.

Read more: http://www.oilweek.com/news.asp?ID=25110#ixzz0XtpwF5A8