Sale Price Increased to Include Overriding Royalty Interest
Houston, Texas – November 17, 2010 -- Houston American Energy Corp. (NYSEAmex: HUSA) today announced that it has closed the previously announced sale to Plains Exploration & Production Company of oil and gas properties in the Eagle Ford oil and gas condensate windows in Karnes County, Texas.
As part of the transaction Houston American Energy agreed to sell all of its working and overriding royalty interest. The final purchase and sale price of the interests sold by Houston American was approximately $4.1 million gross, which amount is subject to customary post-closing adjustments and withholdings related to the transaction.
About Houston American Energy Corp.
Based in Houston, Texas, Houston American Energy Corp. is an independent energy company with interests in oil and natural gas wells and prospects. The company's business strategy includes a property mix of producing and non-producing assets with a focus on Colombia, Texas and Louisiana. Additional information can be accessed by reviewing our Form 10-Q and other periodic reports filed with the Securities and Exchange Commission which can be found on our website at www.houstonamericanenergy.com.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
Wednesday, November 17, 2010
CTi & Desmet Ballestra Expand Worldwide Exclusive Technology License & Distribution Arrangement and Announce Roll-Out of New Technology
LOS ANGELES, Nov. 17, 2010-- Cavitation Technologies, Inc. (CTi) (OTC Bulletin Board:CVAT.ob - News). CTi announced today that n.v. Desmet Ballestra Group s.a. (Desmet) and CTi have entered into a new global technology license, marketing and collaboration agreement with respect to CTi's proprietary Nano Reactor™ technology. The new agreement replaces the worldwide license and distribution agreement signed by the parties in January 2010 and substantially expands the license and authority that Desmet will have in marketing CTi's nano reactor technology in the field of vegetable oil treatment, processing and refining.
The new agreement follows months of testing and evaluating "pilot" nano reactor systems installed by CTi and Desmet at U.S. vegetable oil refining facilities. This program confirmed the potential value of CTi's Nano Neutralization™ process, a new commercial application of CTi's technology geared to certain vegetable oil refining processes.
According to Roman Gordon, CTi's CEO, "Data from our pilot program allowed us to measure the economic benefits Nano Neutralization can generate for oil refiners. Based on these results, we realized immediately the importance of expanding our relationship with Desmet in order to make our technology available to the vegetable oil refining industry on a worldwide basis. We believe that, as one of the world's leading engineering firms in the design and construction of processing and refining systems in the natural oils and fats industry, Desmet is uniquely positioned to assist CTi in developing and marketing our nano reactor technology in this area."
Under the new agreement, Desmet has been granted a worldwide exclusive license to design, install and integrate into vegetable oil refineries nano reactor systems that will deploy the Nano Neutralization™ process and other liquid processing solutions developed for the oils and fats industry. CTi and Desmet are currently in the process of rolling out a marketing program that will make the Nano Neutralization™ process available to vegetable oil refiners in the U.S., Europe and in South and America.
CTi is a technology research and development company engaged primarily in the development of environmentally clean Nano Reactor™ technologies and liquids processing applications and solutions in various fields and industries, including natural plant (vegetable) oil processing and refining; renewable fuels; petroleum refining and petrochemicals; water and wastewater treatment; and the food and beverage industries. For additional information please visit: www.ctinanotech.com.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
The new agreement follows months of testing and evaluating "pilot" nano reactor systems installed by CTi and Desmet at U.S. vegetable oil refining facilities. This program confirmed the potential value of CTi's Nano Neutralization™ process, a new commercial application of CTi's technology geared to certain vegetable oil refining processes.
According to Roman Gordon, CTi's CEO, "Data from our pilot program allowed us to measure the economic benefits Nano Neutralization can generate for oil refiners. Based on these results, we realized immediately the importance of expanding our relationship with Desmet in order to make our technology available to the vegetable oil refining industry on a worldwide basis. We believe that, as one of the world's leading engineering firms in the design and construction of processing and refining systems in the natural oils and fats industry, Desmet is uniquely positioned to assist CTi in developing and marketing our nano reactor technology in this area."
Under the new agreement, Desmet has been granted a worldwide exclusive license to design, install and integrate into vegetable oil refineries nano reactor systems that will deploy the Nano Neutralization™ process and other liquid processing solutions developed for the oils and fats industry. CTi and Desmet are currently in the process of rolling out a marketing program that will make the Nano Neutralization™ process available to vegetable oil refiners in the U.S., Europe and in South and America.
CTi is a technology research and development company engaged primarily in the development of environmentally clean Nano Reactor™ technologies and liquids processing applications and solutions in various fields and industries, including natural plant (vegetable) oil processing and refining; renewable fuels; petroleum refining and petrochemicals; water and wastewater treatment; and the food and beverage industries. For additional information please visit: www.ctinanotech.com.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
Tuesday, November 16, 2010
CTi Receives 'CE' Marking Certificate Paving Way for Company's Expansion to EU
LOS ANGELES, Nov. 16, 2010 Cavitation Technologies, Inc. (CTi) (OTC Bulletin Board: CVAT; Frankfurt/Berlin/Stuttgart: WTC): CTi has received a Certificate and Declaration of Conformity of CE Marking from European based Barclay-Phelps, creating another important milestone for CTi and allowing the company to market its nano reactor in the European Union (EU). With the award of the prestigious "CE" marking, CTi's five different models of its NanoReactors(TM) comply with European Economic Area (EEA) requirements. The Certificate classifies the reactors within a European Directive that will allow CTi to bypass multiple local approvals in each EU member state, making it easier for CTi to access EU markets. The EU market has a spending power that has been reputed to be greater than that of the United States or Japan.
CTi and Desmet Ballestra Group S.A (www.desmetgroup.com) greeted the news with enthusiasm. On January 20, 2010, Desmet Ballestra, a European based conglomerate and worldwide leader in the design and delivery of advanced processing systems for vegetable (edible) oil extraction and refining facilities throughout the world, has entered into a worldwide licensing and distribution agreement with CTi. The Certificate is seen as yet another positive development that will accelerate the commercialization of CTi's NanoReactor(TM) technology in Europe and allow CTi and Desmet to make Nano Neutralization(TM) available to the vegetable oil refining industry on a worldwide basis.
CTi's Certificate notes that its five approved NanoReactors(TM) conform with test results confirmed by the U.S.-based laboratory's testing facility. F-Squared Laboratories, which conducted the tests, claims to have a management team with over 100 years of combined experience in EMC/Safety testing, RF, quality, design, and certifications. The Certificate was signed by CTi's CEO Roman Gordon on November 10th.
About CTi
CTi (OTCBB: CVAT; Frankfurt, Berlin & Stuttgart: WTC) is a technology research, development and technology company engaged primarily in the development of environmentally clean NanoReactor(TM) technologies and liquid process applications and solutions in various fields and industries, including vegetable oil processing and refining; renewable fuels; petroleum refining and petrochemicals; water and wastewater treatment; and the food and beverage industries.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
CTi and Desmet Ballestra Group S.A (www.desmetgroup.com) greeted the news with enthusiasm. On January 20, 2010, Desmet Ballestra, a European based conglomerate and worldwide leader in the design and delivery of advanced processing systems for vegetable (edible) oil extraction and refining facilities throughout the world, has entered into a worldwide licensing and distribution agreement with CTi. The Certificate is seen as yet another positive development that will accelerate the commercialization of CTi's NanoReactor(TM) technology in Europe and allow CTi and Desmet to make Nano Neutralization(TM) available to the vegetable oil refining industry on a worldwide basis.
CTi's Certificate notes that its five approved NanoReactors(TM) conform with test results confirmed by the U.S.-based laboratory's testing facility. F-Squared Laboratories, which conducted the tests, claims to have a management team with over 100 years of combined experience in EMC/Safety testing, RF, quality, design, and certifications. The Certificate was signed by CTi's CEO Roman Gordon on November 10th.
About CTi
CTi (OTCBB: CVAT; Frankfurt, Berlin & Stuttgart: WTC) is a technology research, development and technology company engaged primarily in the development of environmentally clean NanoReactor(TM) technologies and liquid process applications and solutions in various fields and industries, including vegetable oil processing and refining; renewable fuels; petroleum refining and petrochemicals; water and wastewater treatment; and the food and beverage industries.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
Manas Operational Update
BAAR, SWITZERLAND, November 16, 2010.
Manas Petroleum Corp. (“Manas”) (OTCBB: MNAP) is pleased to report that it has filed on EDGAR and on SEDAR its quarterly report on Form 10-Q for the third quarter of 2010. The complete document can be viewed at either www.sedar.com or www.sec.gov.
Results of Operations
Net income for the nine month period ended September 30, 2010 was $65,530,401 as compared to a net loss of $18,792,985 for the comparable period ended September 30, 2009. This increase is basically attributable to three components. Firstly, Manas realized a gain from the sale of its subsidiary in Albania of $57,850,918. Secondly, the value of Manas investment in associate, i.e. Petromanas Energy Inc., increased during this reporting period by $13,635,118. Thirdly, Manas had a charge of $10,592,637 during the nine months period ended September 30, 2009 due to changes in the fair value of warrants. For the nine month period ended September 30, 2010, Manas reported a gain of $533,223 due to changes in the fair value of warrants.
Operating expenses for the nine month period ended September 30, 2010 decreased to $6,099,437 from $7,426,013 reported for the same period in 2009. This is a decrease of 18% or $1,326,576. This decrease is mainly attributable to lower personnel costs and lower administrative costs.
Liquidity and Capital Resources
The company’s cash balance as of September 30, 2010 was $3,318,465. Total current assets as of September 30, 2010 amounted to $3,986,616 and total current liabilities were $428,543 resulting in a net working capital of $3,558,073. In addition, of the 200,000,000 common shares of Petromanas Energy Inc. held by Manas, 25,000,000 were freely tradable as of September 30, 2010. On September 30, 2010, the market value of these freely tradable shares was $8,750,000.
Going Concern
The consolidated financial statements have been prepared on the assumption that we will continue as a going concern.
For the three and nine month periods ended September 30, 2010, Manas had net income of $9,618,213 and $65,530,401, respectively. The net income for the three months period ended September 30, 2010 was mainly attributable to an increase in the fair value of the company’s investment in Petromanas Energy Inc. which accounted for $10,700,583. For the nine months period ended September 30, 2010 net income was mainly attributable to the gain from sale of a subsidiary of $57,850,918 and the subsequent increase in fair value of this investment of $13,653,118.
Accumulated net loss since inception until September 30, 2010 was $218,475. Accumulated cash flows used in operating activities from inception until September 30, 2010 amounted to $30,706,027. The cash balance as of September 30, 2010 was $3,318,465. Total current assets as of September 30, 2010 amounted to $3,986,616 and total current liabilities were $428,543 resulting in a net working capital of $3,558,073.
Management has projected that Manas will need $8,280,000 to fund its projected operations over the next 12 months and that, between net working capital and its shares of Petromanas, it does not expect that it will need additional funding from external sources to cover its commitments until October 2011. However, in order to continue operations beyond October 2011 and execute on its strategy to develop its assets, Manas believes that it will require further funds.
Recent Developments
Albania
During the first nine months of 2010, Petromanas Energy Inc., in which Manas holds a 32.29% interest, continued its exploration activities in Albania:
The technical seismic acquisition of 105 km in block E in Albania was completed on November 10, 2010. This was to further determine the structural definition of the West Rova, Rova and Papri prospects and adds to around 1,300 km of existing seismic previously acquired by Albpetrol and Coparex and partially reprocessed by DWM Petroleum AG. The new seismic fulfils the minimum work commitment of the first exploration period of the production sharing contract for blocks D and E.
In addition Petromanas Energy has prepared a seismic program for blocks 2 and 3 in order to further determine the structural definition of the South Shpiragu 1, South Shpiragu 2 prospects and the Krasi lead.
The new seismic in blocks 2 and 3 will be tied to the existing Shpiragu well in order to allow a timedepth
correlation of the South Shpiragu prospects.
Kyrgyz Republic
The closed Joined Stock Company “South Petroleum Company”, in which Manas holds a 25% participating interest, continued its geological studies within its five license areas. During the third quarter 2010 technical interpretation work was focused on:
-DANK Tuzluk reprocessing and integration of 2010 seismic acquisition, and mapping in the Chkalovsk and North Auchi prospect areas
-Regional mapping of the Tajik acreage, with overlap into the Tuzluk permit area
The highlights of the activity in the Bishkek office during the third quarter 2010 include:
-No health and safety incidents
-Ongoing work on administration of SPC offices both in Bishkek and Jalalabat;
-Communication with Ministry of Geology and Governor of Batken oblast;
-Contracted DANK LLC for reprocessing of seismic data (Tuzluk and Soh permits);
-Digitizing old geological data: old drilling reports and seismic data;
-Integration of present geological and geophysical data;
-Drilling planning:
-Reviewing all previous services and supply contracts for conformity and use in the year 2011;
-Working through the supply routes: Kazakhstan, China to Kyrgyzstan, etc.;
-Customs clearance processes and procedures requirements;
-Reviewing and commenting on the new draft laws on Subsoil, Licensing, Somon Oil PSA, etc.;
-Reviewing tax legislation and applicability to SPC operations;
-Support in preparation of the draft PSA for Somon-Tajik;3
-Support in meetings held in Dushanbe on the PSA: translation of documents and meetings;
-General overview and analysis of the current political situation in the Kyrgyz Republic;
-Registered all SPC license agreements with the local Land Registrar offices. Precautious measure;
-Preparing letters and submittals to the Ministry of Geology for deferral of SPC work commitments for 2010 due to instability in the country;
-Commenced preparation of SPC’s annual report to the Ministry of Geology on all of SPC’s license areas
-Management of 2010 drilling suspension, chiefly related to cost control of in-country drilling management consultancies Tajikistan Somon Oil, in which Manas Petroleum holds a 90% interest, continued its activities during the third quarter 2010. These activities include:
Tajikistan
Somon Oil, in which Manas Petroleum holds a 90% interest, continued its activities during the third quarter 2010. These activities include:
-Safety: Zero lost time injuries
-Technical database compilation and integration ongoing.
-Draft Production Sharing Agreement finalized and forwarded to Tajik Government
-Meetings held with the Tajik Ministry of Energy and the Geology Agency.
-No seismic acquisition activity
-Processing of complete 468.6 km, 40% completed
-Processing project included reprocessing of ~120km 2007-2008 seismic into 2010 dataset in southern license area is ongoing.
-Interpretation and integration of new seismic into Mapping proceeding; completion of final mapping and prospect and lead definition scheduled for end October
-2011 Seismic Project discussions held with potential operators and survey specifications being discussed
-Chkalovsk technical description provided to Somon Oil for drilling.
-Project synthesis in Dushanbe
-Scouting of Proposed Drill Locations (Chkalovsk #1, North Auchi #1, Macatau #1)
-Drill well planning for Chkalovsk #1 (prop), North Auchi #1 (prop):
o Geological and Geophysical Prognosis
o Preliminary Engineering Well Design
o Preliminary Well Budget
Seismic data quality is generally good to excellent. Objectives relating to definition (to drill ready status) of the Chkalovsk and North Auchi prospects is likely to be met following final processing and mapping, on current indications.
Objectives relating to lead definition in the West Digmai area appear disappointing at this stage, however, the same part of the dataset is encouraging with respect to the Yangiabad - Maiti areas (additional prospectively). Lines additional to the initial program in the northwest license area are of very good quality (field data and initial stacks) and have been highly valuable in terms of the contribution to understanding of the technical issues and prospectively in the area.
Chile
Pursuant to an agreement dated January 29, 2010, we agreed to assign our interest in our Chilean project in exchange for a return of all of the operational costs that we have invested in this project to date and relief from all currently outstanding and future obligations in respect of the project. The transfer of our participation in this Chilean project to the new owners has been approved by the Chilean ministry and is now subject to approval by the new parties.
Mongolia
A team of geologists and geophysicists from the company’s Ulan Bator office has initiated the reinterpretation
of existing geological data and is planning an upcoming gravity survey. This is to further define the location of lines for the seismic campaign on blocks 13 and 14 which will consist of around 300 linear km. A plan for environmental protection and restoration to be approved by the Ministry of Environment is currently being prepared.
Data from total 451 existing wells drilled in Zuunbayan and Tsagaan Els oil fields area and in prospects were collected. All well data was translated from Russian and Mongolian into English for analysis by international experts.
On November 10, 2010, Manas announced the completion of the 2010 seismic acquisition program for block 13 and 14. The company intends to use the additional 300 km of 2D seismic data to improve its technical database and its chance of drilling a successful exploration well. After interpretation of the full dataset, it intends to decide whether it is ready to drill one or more exploration wells or acquire 3D seismic to define the drill prospects in better detail. Depending on this decision, Manas hopes to spud the first well in 2011.
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. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for
others.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
Manas Petroleum Corp. (“Manas”) (OTCBB: MNAP) is pleased to report that it has filed on EDGAR and on SEDAR its quarterly report on Form 10-Q for the third quarter of 2010. The complete document can be viewed at either www.sedar.com or www.sec.gov.
Results of Operations
Net income for the nine month period ended September 30, 2010 was $65,530,401 as compared to a net loss of $18,792,985 for the comparable period ended September 30, 2009. This increase is basically attributable to three components. Firstly, Manas realized a gain from the sale of its subsidiary in Albania of $57,850,918. Secondly, the value of Manas investment in associate, i.e. Petromanas Energy Inc., increased during this reporting period by $13,635,118. Thirdly, Manas had a charge of $10,592,637 during the nine months period ended September 30, 2009 due to changes in the fair value of warrants. For the nine month period ended September 30, 2010, Manas reported a gain of $533,223 due to changes in the fair value of warrants.
Operating expenses for the nine month period ended September 30, 2010 decreased to $6,099,437 from $7,426,013 reported for the same period in 2009. This is a decrease of 18% or $1,326,576. This decrease is mainly attributable to lower personnel costs and lower administrative costs.
Liquidity and Capital Resources
The company’s cash balance as of September 30, 2010 was $3,318,465. Total current assets as of September 30, 2010 amounted to $3,986,616 and total current liabilities were $428,543 resulting in a net working capital of $3,558,073. In addition, of the 200,000,000 common shares of Petromanas Energy Inc. held by Manas, 25,000,000 were freely tradable as of September 30, 2010. On September 30, 2010, the market value of these freely tradable shares was $8,750,000.
Going Concern
The consolidated financial statements have been prepared on the assumption that we will continue as a going concern.
For the three and nine month periods ended September 30, 2010, Manas had net income of $9,618,213 and $65,530,401, respectively. The net income for the three months period ended September 30, 2010 was mainly attributable to an increase in the fair value of the company’s investment in Petromanas Energy Inc. which accounted for $10,700,583. For the nine months period ended September 30, 2010 net income was mainly attributable to the gain from sale of a subsidiary of $57,850,918 and the subsequent increase in fair value of this investment of $13,653,118.
Accumulated net loss since inception until September 30, 2010 was $218,475. Accumulated cash flows used in operating activities from inception until September 30, 2010 amounted to $30,706,027. The cash balance as of September 30, 2010 was $3,318,465. Total current assets as of September 30, 2010 amounted to $3,986,616 and total current liabilities were $428,543 resulting in a net working capital of $3,558,073.
Management has projected that Manas will need $8,280,000 to fund its projected operations over the next 12 months and that, between net working capital and its shares of Petromanas, it does not expect that it will need additional funding from external sources to cover its commitments until October 2011. However, in order to continue operations beyond October 2011 and execute on its strategy to develop its assets, Manas believes that it will require further funds.
Recent Developments
Albania
During the first nine months of 2010, Petromanas Energy Inc., in which Manas holds a 32.29% interest, continued its exploration activities in Albania:
The technical seismic acquisition of 105 km in block E in Albania was completed on November 10, 2010. This was to further determine the structural definition of the West Rova, Rova and Papri prospects and adds to around 1,300 km of existing seismic previously acquired by Albpetrol and Coparex and partially reprocessed by DWM Petroleum AG. The new seismic fulfils the minimum work commitment of the first exploration period of the production sharing contract for blocks D and E.
In addition Petromanas Energy has prepared a seismic program for blocks 2 and 3 in order to further determine the structural definition of the South Shpiragu 1, South Shpiragu 2 prospects and the Krasi lead.
The new seismic in blocks 2 and 3 will be tied to the existing Shpiragu well in order to allow a timedepth
correlation of the South Shpiragu prospects.
Kyrgyz Republic
The closed Joined Stock Company “South Petroleum Company”, in which Manas holds a 25% participating interest, continued its geological studies within its five license areas. During the third quarter 2010 technical interpretation work was focused on:
-DANK Tuzluk reprocessing and integration of 2010 seismic acquisition, and mapping in the Chkalovsk and North Auchi prospect areas
-Regional mapping of the Tajik acreage, with overlap into the Tuzluk permit area
The highlights of the activity in the Bishkek office during the third quarter 2010 include:
-No health and safety incidents
-Ongoing work on administration of SPC offices both in Bishkek and Jalalabat;
-Communication with Ministry of Geology and Governor of Batken oblast;
-Contracted DANK LLC for reprocessing of seismic data (Tuzluk and Soh permits);
-Digitizing old geological data: old drilling reports and seismic data;
-Integration of present geological and geophysical data;
-Drilling planning:
-Reviewing all previous services and supply contracts for conformity and use in the year 2011;
-Working through the supply routes: Kazakhstan, China to Kyrgyzstan, etc.;
-Customs clearance processes and procedures requirements;
-Reviewing and commenting on the new draft laws on Subsoil, Licensing, Somon Oil PSA, etc.;
-Reviewing tax legislation and applicability to SPC operations;
-Support in preparation of the draft PSA for Somon-Tajik;3
-Support in meetings held in Dushanbe on the PSA: translation of documents and meetings;
-General overview and analysis of the current political situation in the Kyrgyz Republic;
-Registered all SPC license agreements with the local Land Registrar offices. Precautious measure;
-Preparing letters and submittals to the Ministry of Geology for deferral of SPC work commitments for 2010 due to instability in the country;
-Commenced preparation of SPC’s annual report to the Ministry of Geology on all of SPC’s license areas
-Management of 2010 drilling suspension, chiefly related to cost control of in-country drilling management consultancies Tajikistan Somon Oil, in which Manas Petroleum holds a 90% interest, continued its activities during the third quarter 2010. These activities include:
Tajikistan
Somon Oil, in which Manas Petroleum holds a 90% interest, continued its activities during the third quarter 2010. These activities include:
-Safety: Zero lost time injuries
-Technical database compilation and integration ongoing.
-Draft Production Sharing Agreement finalized and forwarded to Tajik Government
-Meetings held with the Tajik Ministry of Energy and the Geology Agency.
-No seismic acquisition activity
-Processing of complete 468.6 km, 40% completed
-Processing project included reprocessing of ~120km 2007-2008 seismic into 2010 dataset in southern license area is ongoing.
-Interpretation and integration of new seismic into Mapping proceeding; completion of final mapping and prospect and lead definition scheduled for end October
-2011 Seismic Project discussions held with potential operators and survey specifications being discussed
-Chkalovsk technical description provided to Somon Oil for drilling.
-Project synthesis in Dushanbe
-Scouting of Proposed Drill Locations (Chkalovsk #1, North Auchi #1, Macatau #1)
-Drill well planning for Chkalovsk #1 (prop), North Auchi #1 (prop):
o Geological and Geophysical Prognosis
o Preliminary Engineering Well Design
o Preliminary Well Budget
Seismic data quality is generally good to excellent. Objectives relating to definition (to drill ready status) of the Chkalovsk and North Auchi prospects is likely to be met following final processing and mapping, on current indications.
Objectives relating to lead definition in the West Digmai area appear disappointing at this stage, however, the same part of the dataset is encouraging with respect to the Yangiabad - Maiti areas (additional prospectively). Lines additional to the initial program in the northwest license area are of very good quality (field data and initial stacks) and have been highly valuable in terms of the contribution to understanding of the technical issues and prospectively in the area.
Chile
Pursuant to an agreement dated January 29, 2010, we agreed to assign our interest in our Chilean project in exchange for a return of all of the operational costs that we have invested in this project to date and relief from all currently outstanding and future obligations in respect of the project. The transfer of our participation in this Chilean project to the new owners has been approved by the Chilean ministry and is now subject to approval by the new parties.
Mongolia
A team of geologists and geophysicists from the company’s Ulan Bator office has initiated the reinterpretation
of existing geological data and is planning an upcoming gravity survey. This is to further define the location of lines for the seismic campaign on blocks 13 and 14 which will consist of around 300 linear km. A plan for environmental protection and restoration to be approved by the Ministry of Environment is currently being prepared.
Data from total 451 existing wells drilled in Zuunbayan and Tsagaan Els oil fields area and in prospects were collected. All well data was translated from Russian and Mongolian into English for analysis by international experts.
On November 10, 2010, Manas announced the completion of the 2010 seismic acquisition program for block 13 and 14. The company intends to use the additional 300 km of 2D seismic data to improve its technical database and its chance of drilling a successful exploration well. After interpretation of the full dataset, it intends to decide whether it is ready to drill one or more exploration wells or acquire 3D seismic to define the drill prospects in better detail. Depending on this decision, Manas hopes to spud the first well in 2011.
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. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for
others.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
Wednesday, November 10, 2010
Manas Petroleum Corp. announces the completion of seismic acquisition on block 13 & 14 in Mongolia
BAAR, SWITZERLAND, November 10, 2010
Manas Petroleum Corporation (OTCBB: MNAP) ("Manas") is pleased to announce that the seismic acquisition on blocks 13 & 14 has been completed without incident. The Chinese contractor DQE International Tamsag (Mongol) LLC acquired 300 km of 2D seismic, representing 100% of the total seismic program 2010 on blocks 13 & 14. Manas expects that the processing of the data will be completed by the end of December 2010.
Manas intends to use the additional 2D seismic data to improve its technical database and its chance of drilling a successful exploration well. After interpretation of the full dataset, Manas will decide whether it is ready to drill one or more exploration wells or that it needs to acquire 3D seismic to define the drilling prospects in better detail. Depending on this decision, Manas hopes to spud the first well in 2011.
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. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly‐owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for others. Manas Petroleum is the largest shareholder of Petromanas. DWM, a wholly owned subsidiary of Manas Petroleum now has ownership and control over 200,000,000 common shares of Petromanas and the right to acquire a further 50,000,000 common shares of Petromanas. The 200,000,000 common shares represent 32.36% of the issued and outstanding common shares of Petromanas. Assuming DWM acquired the additional 50,000,000 common shares it would hold 250,000,000 common shares representing 37.42% of the partially diluted issued and outstanding shares of Petromanas.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
Manas Petroleum Corporation (OTCBB: MNAP) ("Manas") is pleased to announce that the seismic acquisition on blocks 13 & 14 has been completed without incident. The Chinese contractor DQE International Tamsag (Mongol) LLC acquired 300 km of 2D seismic, representing 100% of the total seismic program 2010 on blocks 13 & 14. Manas expects that the processing of the data will be completed by the end of December 2010.
Manas intends to use the additional 2D seismic data to improve its technical database and its chance of drilling a successful exploration well. After interpretation of the full dataset, Manas will decide whether it is ready to drill one or more exploration wells or that it needs to acquire 3D seismic to define the drilling prospects in better detail. Depending on this decision, Manas hopes to spud the first well in 2011.
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. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly‐owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for others. Manas Petroleum is the largest shareholder of Petromanas. DWM, a wholly owned subsidiary of Manas Petroleum now has ownership and control over 200,000,000 common shares of Petromanas and the right to acquire a further 50,000,000 common shares of Petromanas. The 200,000,000 common shares represent 32.36% of the issued and outstanding common shares of Petromanas. Assuming DWM acquired the additional 50,000,000 common shares it would hold 250,000,000 common shares representing 37.42% of the partially diluted issued and outstanding shares of Petromanas.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
Monday, November 8, 2010
Olathe Police Department Chooses ICOP
LENEXA, KS--(11/08/10) - ICOP Digital, Inc., (NASDAQ:ICOP - News), an industry-leading company engaged in advancing digital surveillance technology solutions, today announced that it has been awarded of an initial order for 16 ICOP units from the Olathe Police Department, through one of its key strategic channel partners. Olathe is the fourth largest city in the State of Kansas, located 20 miles southwest of Kansas City. The Olathe Fire Department is a long-standing customer of ICOP's.
ICOP was chosen after an extensive selection process, including a public bid, oral presentations, and a six-month trial period, during which the systems of the two vendor finalists were evaluated by the agency. The deployment includes the ICOP 20/20 VISION™ in the patrol vehicles. At the end of each shift, the officers will connect via Ethernet, to upload the recorded video to the Police Department server for storage, using ICOP's backend software. It is the intent of the agency to deploy the ICOP solution fleet-wide over the next couple of years, replacing their current in-car video systems.
"We are delighted to be of service to the Olathe Police Department, a prominent local community. It is an honor for us to be of service to both the Olathe Fire Department, and the Olathe Police Department," said Laura Owen, President and Chief Operating Officer at ICOP.
About ICOP Digital, Inc.
ICOP Digital, Inc. (NASDAQ:ICOP - News) is a leading provider of in-car video and mobile video solutions for Law Enforcement, Fire, EMS, Military, and Homeland Security markets worldwide. ICOP solutions help the public and private sectors mitigate risks, reduce losses, and improve security through the live streaming, capture and secure management of high quality video and audio. www.ICOP.com
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
ICOP was chosen after an extensive selection process, including a public bid, oral presentations, and a six-month trial period, during which the systems of the two vendor finalists were evaluated by the agency. The deployment includes the ICOP 20/20 VISION™ in the patrol vehicles. At the end of each shift, the officers will connect via Ethernet, to upload the recorded video to the Police Department server for storage, using ICOP's backend software. It is the intent of the agency to deploy the ICOP solution fleet-wide over the next couple of years, replacing their current in-car video systems.
"We are delighted to be of service to the Olathe Police Department, a prominent local community. It is an honor for us to be of service to both the Olathe Fire Department, and the Olathe Police Department," said Laura Owen, President and Chief Operating Officer at ICOP.
About ICOP Digital, Inc.
ICOP Digital, Inc. (NASDAQ:ICOP - News) is a leading provider of in-car video and mobile video solutions for Law Enforcement, Fire, EMS, Military, and Homeland Security markets worldwide. ICOP solutions help the public and private sectors mitigate risks, reduce losses, and improve security through the live streaming, capture and secure management of high quality video and audio. www.ICOP.com
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
Manas Petroleum
BAAR, SWITZERLAND, November 8, 2010.
Manas Petroleum Corporation (OTCBB:MNAP) (“Manas” or the “Company”) is pleased to announce that Petromanas Energy Inc. (“Petromanas”) has completed the 2D seismic operations on Blocks D and E of its Albanian exploration project without incident. Manas, through its subsidiary DWM Petroleum AG as previously announced, owns approximately 32.36% of the issued and outstanding shares of Petromanas.
The 105 km of 2D seismic acquired on Blocks D and E fulfills the work commitments for the first exploration phase on those blocks. The interpretation of this new data and correlation with existing data should improve the quality of the existing prospect inventory and allow the Petromanas geoscience team to reduce the exploration risk and high grade its exploration prospects.
Petromanas continues as planned with its seismic operations on Blocks 2 and 3, which it anticipates will be completed by early 2011. All operating licences and permits have been received, surveying and drilling operations for seismic shots are underway. This program includes 140 km of 2D seismic survey and will provide valuable data near the Spiragu discovery which was drilled in 2001. The majority of the seismic work will be carried out with heliportable rigs and the remainder through conventional shallow drilling rigs.
In conjunction with the seismic work, Petromanas has announced that it is re‐evaluating the unrisked resource assessment which was prepared on December 15, 2009 by Gustavson Associates LLC based on the seismic, geology and limited well data that was available at the time. In the normal course of the current geophysical and geological (“G&G”) work, Petromanas intends to evaluate the risked resource potential which, as a result of incorporating risk assessments and new data, it expects will be lower than the un‐risked resource potential numbers presented in the 2009 Gustavson report.
Petromanas plans to conduct the G&G analysis through year end as the new seismic data becomes available. It anticipates that an updated independent resource evaluation report will be prepared early in 2011. It also intends to update resource estimates as it acquires new data from seismic programs and drilling operations.
Petromanas has also announced that the geological work conducted 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 has announced that it anticipates 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 leading to a drilling campaign in 2011.
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. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly‐owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for others. Manas Petroleum is the largest shareholder of Petromanas. DWM, a wholly owned subsidiary of Manas Petroleum now has ownership and control over 200,000,000 common shares of Petromanas and the right to acquire a further 50,000,000 common shares of Petromanas. The 200,000,000 common shares represent 32.36% of the issued and outstanding common shares of Petromanas. Assuming DWM acquired the additional 50,000,000 common shares it would hold 250,000,000 common shares representing 37.42% of the partially diluted issued and outstanding shares of Petromanas.
About Petromanas Energy Inc.
Petromanas is an international oil and gas company focused on the exploration and development of its assets in Albania that possess world-class resource potential. 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. Recently, George Soros – a billionaire investor, Endeavour Mining Corp – with a merchant bank division, Peninsular Merchant Bank and Columbia Wanger Asset Management have all made big investments. Together they own about 25% of the company. Manas Petroleum, being the largest shareholder of Petromanas, currently holds 200,000,000 shares or 32.6% of the company.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
Manas Petroleum Corporation (OTCBB:MNAP) (“Manas” or the “Company”) is pleased to announce that Petromanas Energy Inc. (“Petromanas”) has completed the 2D seismic operations on Blocks D and E of its Albanian exploration project without incident. Manas, through its subsidiary DWM Petroleum AG as previously announced, owns approximately 32.36% of the issued and outstanding shares of Petromanas.
The 105 km of 2D seismic acquired on Blocks D and E fulfills the work commitments for the first exploration phase on those blocks. The interpretation of this new data and correlation with existing data should improve the quality of the existing prospect inventory and allow the Petromanas geoscience team to reduce the exploration risk and high grade its exploration prospects.
Petromanas continues as planned with its seismic operations on Blocks 2 and 3, which it anticipates will be completed by early 2011. All operating licences and permits have been received, surveying and drilling operations for seismic shots are underway. This program includes 140 km of 2D seismic survey and will provide valuable data near the Spiragu discovery which was drilled in 2001. The majority of the seismic work will be carried out with heliportable rigs and the remainder through conventional shallow drilling rigs.
In conjunction with the seismic work, Petromanas has announced that it is re‐evaluating the unrisked resource assessment which was prepared on December 15, 2009 by Gustavson Associates LLC based on the seismic, geology and limited well data that was available at the time. In the normal course of the current geophysical and geological (“G&G”) work, Petromanas intends to evaluate the risked resource potential which, as a result of incorporating risk assessments and new data, it expects will be lower than the un‐risked resource potential numbers presented in the 2009 Gustavson report.
Petromanas plans to conduct the G&G analysis through year end as the new seismic data becomes available. It anticipates that an updated independent resource evaluation report will be prepared early in 2011. It also intends to update resource estimates as it acquires new data from seismic programs and drilling operations.
Petromanas has also announced that the geological work conducted 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 has announced that it anticipates 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 leading to a drilling campaign in 2011.
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. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly‐owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for others. Manas Petroleum is the largest shareholder of Petromanas. DWM, a wholly owned subsidiary of Manas Petroleum now has ownership and control over 200,000,000 common shares of Petromanas and the right to acquire a further 50,000,000 common shares of Petromanas. The 200,000,000 common shares represent 32.36% of the issued and outstanding common shares of Petromanas. Assuming DWM acquired the additional 50,000,000 common shares it would hold 250,000,000 common shares representing 37.42% of the partially diluted issued and outstanding shares of Petromanas.
About Petromanas Energy Inc.
Petromanas is an international oil and gas company focused on the exploration and development of its assets in Albania that possess world-class resource potential. 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. Recently, George Soros – a billionaire investor, Endeavour Mining Corp – with a merchant bank division, Peninsular Merchant Bank and Columbia Wanger Asset Management have all made big investments. Together they own about 25% of the company. Manas Petroleum, being the largest shareholder of Petromanas, currently holds 200,000,000 shares or 32.6% of the company.
Undiscovered Equities is currently offering a trial subscription. For more information please call 1-800-404-8982 or visit our website at www.undiscoveredequities.com
Sincerely,
Kevin McKnight
101 Plaza Real South, Suite 212
Boca Raton, FL 33432
1-800-404-8982
www.undiscoveredequities.com
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