BAAR, SWITZERLAND, Apr 22, 2010 -- Petromanas Energy Inc. ("Petromanas") (TSX-V: PMI) is pleased to announce that it has appointed Mr. Mark Cooper as Senior Exploration Advisor. Erik Herlyn, CEO comments, "Mark Cooper is one of the world's leading structural geologists exploring in fold and thrust belts and has been associated with numerous oil discoveries including the foothills of BC and Colombia. We are delighted that now Mr. Cooper is committed to successfully find oil in Petromanas' 6 blocks in Albania".
About Mark Cooper:
Mark Cooper graduated with a B.Sc. geology degree from Imperial College, London in 1974 and with a Ph.D. from Bristol University in 1977. He taught geology at University College Cork prior to joining BP in 1985 to work on structurally complex basins based in London. Mark moved to BP Canada, Calgary in 1988 where he worked on exploration in the foothills including the successful Sukunka-Bullmoose gas play in NE British Columbia. Mark also worked for BP in Colombia on the team that drilled the discovery wells on the Cupiagua, Volcanera and Florena Fields. In 1994 he joined PanCanadian and worked on the BC foothills, western Newfoundland, Quebec, the Gulf of Mexico, the Scotian Shelf and various international projects. He worked on frontier and international projects in Oman, Qatar, Yemen, Eastern Europe and Greenland after the merger that created EnCana in 2002, managing the Middle East and Global New Ventures groups for EnCana. Mark retired from EnCana as VP Middle East and Global New Ventures at the end of 2007 and now has his own consulting practice specializing in International Exploration and Structural Geology. He has published over 50 papers, co-edited a book on Inversion Tectonics and has served as an advisory editor for the Journal of the Geological Society. He was a co-winner of the CSPG Link Award in 1997, served as an AAPG Distinguished Lecturer for 1999-2000 and was a co-winner of the AAPG Matson Award in 2002. Mark is involved with both the Canadian Society of Petroleum Geologists and the AAPG serving on committees in both organizations over the last 10 years.
About Petromanas:
Petromanas Energy Inc. ("Petromanas" or the "Company") is an international oil and gas company focused on the exploration and development of its assets in Albania that possess world-class resource potential. The Company’s shares are listed on the TSX Venture Exchange under the symbol "PMI".
Through its wholly-owned subsidiary, Petromanas 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 & 3) that comprise more than 1.7 million acres across Albania’s Berati thrust belt.
Petromanas’ acreage lies within a proven hydrocarbon system. In fact, there are nine existing oil fields within Blocks 2 & 3, including the largest onshore oil field in Europe, Patos-Marinza, discovered in 1928 and currently operated by Bankers Petroleum Ltd. The existing fields are excluded from the area covered by Petromanas’ PSCs.
Petromanas was the fist company to accumulate and merge over 5,700 kilometers of historic and reprocessed 2D seismic with newly acquired 2D seismic and well data to develop a comprehensive picture of the geological trend and associated structures. To-date the Company has identified 14 conventional exploration prospects targeting sub-thrust hydrocarbon accumulations.
In 2001, Occidental Petroleum drilled the Shpiragu-1 well on Block 2 and penetrated a 600 meter column of light oil proving the geological model of the existence of a sub-thrust related structure under the Berati thrust belt. Shpiragu-1 produced intermittently up to 400 barrels per day of light, 37° degree API oil, before the well test was terminated due to the choke freezing from hydrates which caused flow problems.
Gustavson Associates LLC ("Gustavson") of Boulder, Colorado prepared Resource and Economic Evaluation Reports (dated December 15, 2009) according to Canadian NI 51-101 standards on all six of Petromanas’ Albanian Blocks. Based on the reports prepared by Gustavson, the 14 prospects identified on Blocks A,B,D,E,2 & 3 are estimated to contain 24.9 billion barrels of P50 oil-in place and 6.1 billion barrels of P50 prospective oil resource.
The Company is planning to shoot 105 kilometers of 2D seismic on Blocks E and 125 kilometers of 2D seismic on Blocks 2 &3 prior the end of the year. Petromanas will process and interpret the new seismic and continue to mature its drillable exploration prospect inventory. A multi-drilling program is expected to commence in the first quarter of 2011.
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Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
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