CALGARY, May 21, 2015 /CNW/ - Petromanas Energy Inc.
("Petromanas", or the "Company") (TSXV:PMI) today announced the
results of its Annual General Meeting of shareholders ("AGM") and
the filing of its financial results for the first quarter of
2015.
AGM Results
The Company is pleased to announce that each of Glenn McNamara, Verne Johnson, Wesley Clark, Frank
Giustra, Gordon Keep,
Gerard Protti, and Jeffrey Scott were elected as directors of the
Company at its AGM held today. Shareholders also approved
resolutions relating to confirmation of the Company's Incentive
Stock Option Plan and the ratification of the adoption of By-law
No.2 of the Company providing advance notice requirements for the
nomination of directors, which had been previously adopted by the
Board of Directors.
The Company has posted its presentation that was provided to
shareholders following the AGM on its corporate website
www.petromanas.com.
Blocks 2-3
As previously announced, the Company has engaged a financial
advisor to assist in the identification and review of options to
support the financial requirements of a longer-term appraisal and
development of Blocks 2-3. The Company expects that further
information on the outcome of this process will be available in
late Q2 or early Q3.
Filing of Q1 2015 Financial Results
The Company also announces that it has filed its financial
statements and related Management's Discussion and Analysis
("MD&A") for the three months ended March 31, 2015 on SEDAR. The financial statements
and MD&A will be available on the Company's website or at
www.sedar.com.
About Petromanas Energy Inc.
Petromanas Energy Inc. 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 a Production Sharing Contract
("PSC") with the Albanian government. Under the terms of the
PSC, Petromanas has a 25% working interest in Blocks 2-3 that
comprises approximately 638,0000 gross acres across Albania's Berati thrust belt. Petromanas also
holds exploration assets in France
and Australia.
This press release contains forward-looking information within
the meaning of applicable securities laws and is based on the
expectations, estimates and projections of management of Petromanas
as of the date of this news release unless otherwise stated. The
use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information. More particularly
and without limitation, this press release contains forward-looking
information concerning the future performance of the Company,
including but not limited to securing additional funding to support
the financial requirements of its activities in Albania. In respect of the forward-looking
information concerning the future performance of the Company,
Petromanas has provided such in reliance on certain assumptions
that it believes are reasonable at this time, including assumptions
as to the Company's ability to meet its capital and operational
commitments, the ability of Petromanas to receive, in a timely
manner, necessary regulatory and governmental operational
approvals; and expectations and assumptions concerning, among other
things: commodity prices and interest and foreign exchange rates;
planned construction activities, capital efficiencies and
cost-savings; applicable tax laws; the sufficiency of budgeted
capital expenditures in carrying out planned activities; and the
availability and cost of labour and services. Accordingly,
readers should not place undue reliance on the forward-looking
information contained in this press release.
Since forward-looking information addresses future events and
conditions, by its very nature it involves inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to the risks associated with the
industries in which Petromanas operates in general such as
operational and exploration risks; delays or changes in plans with
respect to growth projects or capital expenditures; delays in
obtaining or the failure to obtain governmental approvals, permits
or financing or political risks in the completion of development or
construction activities; access to drilling rigs, completion
equipment, seismic equipment and operational personnel; costs and
expenses; political risks; risks of litigation; title disputes;
health, safety and environmental risks; commodity price, interest
rate and exchange rate fluctuations; environmental risks;
competition; ability to access sufficient capital from internal and
external sources; and changes in legislation, including but not
limited to tax laws and environmental regulations. There is a
specific risk that the Company may not be able to secure a funding
solution for the longer term appraisal and development of Blocks
2-3 on acceptable commercial terms, or at all. If the Company is
unable to secure such a funding solution in the manner described in
this press release, or at all, there could be a material adverse
impact on the Company and on the value of the Company's
securities.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on other factors that could
affect the operations or financial results of Petromanas are
included in reports on file with applicable securities regulatory
authorities, including but not limited to; Petromanas' Annual
Information Form for the year ended December
31, 2014, which may be accessed on Petromanas' SEDAR profile
at www.sedar.com.
The forward-looking information contained in this press release
is made as of the date hereof and Petromanas undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Petromanas Energy Inc.