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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: [phone]
Fax: [phone]
Email: [e-mail]
Website: www.petromanas.com

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