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Manas Petroleum Corp.

Manas Petroleum Corp.: Albanian Production Sharing Contract for Blocks 2 and 3 Approved

Baar, Switzerland (ots)

Manas Petroleum Corp. (MNAP.OB) (Manas)
Manas Petroleum Corp., a Baar,
Switzerland based company, today announces its wholly owned
subsidiary, DWM Petroleum AG, has signed a Production Sharing
Contract (PSC) for Blocks 2 and 3 in Albania. The blocks cover
approximately 3,400 km2 (approximately 850,000 acres). The Albanian
government was represented by Mr. Genc Ruli the Minister of Economy,
Trade and Energy and Manas & DWM by Chairman Heinz J. Scholz. Formal
ratification of the PSC by Albania's council of ministers is expected
in the near future.
Blocks 2 and 3 were explored by Occidental Petroleum and the
Albanian National Petroleum Company "Albpetrol". In December 2001
Occidental Petroleum's Shpiragu-1 well (Block 2) was declared an oil
discovery (TD= 5333 Meters; 17500 feet). Shpiragu-1 demonstrated the
presence of Light 37-40 API gravity oil with 2.3% sulfur at average
rate 400-1200 bpd oil and associated gas with minor CO2 and H2S with
GOR between 2000-5000scf/bbl from the Eocene-Cretaceous carbonate
subthrust sheet. The flow rates were achieved despite severe
reservoir damage due to drilling mud invasion into the formation. The
Shpiragu closure was initially mapped with an areal extent of 31.8
km2. Offset wells on the producing Cakran Field have penetrated a
600-700m thick reservoir sequence while from the outcrop the
thickness of Ionian reservoir sequence (Eocene-Upper Triassic) can
reach up to 2500-2800m. Out of 800-1000m thickness of the expected
net pay in Shpiragu, only 400m of the Ionian reservoir was
intersected in the Shpiragu-1 well. Typical recovery factors in
similar reservoirs in Albania are 25%-35%.
During the drilling of Shpiragu the operator encountered some well
stability problems and the use of additional casing strings forced a
reduction of the drill string diameter. To plan for upcoming drilling
Manas-DWM has contracted renowned consultants JRS Petroleum Research
(Adelaide Australia) to analyze in-situ stress data in order to
optimize the design and in particular the mud-system - wellbore
stability for the planned drilling campaign. Manas plans to deviate
the well trajectory in the reservoirs section in order to maximize
intersection of open fracture sets.
As the existence of oil is proven, DWM intends appraising the
Shpiragu reservoir by drilling an appraisal well in Phase I. Manas
secured drill rigs for possible drilling campaigns in Q2 2009 by
signing a Letter Of Intent with Croatia's Crosco and a Memorandum of
Understanding with the Russian Company JSC "SPC" Nedra, respectively.
Crosco drilled several deep wells in Albania, including Occidental
Petroleums discovery well in Blocks 2 and 3. JSC "SPC" Nedra are deep
drilling experts, recently completing an 8.2km gas producer in
Siberia. Blocks 2 and 3 require no further seismic acquisition,
however, existing high resolution 2D seismic data suggests
significant potential for additional structures which have been
mapped by the Manas Albanian project team.
Description of the company:
Manas Petroleum is an international oil and gas company with
primary focus on exploration and development in south-eastern Europe,
Central Asia and South America. In Albania Manas has developed a
giant exploration project with a total resource potential (P50) of
2.9 billion barrels (independent resource evaluation, Gustavson,
2008). In Kyrgyzstan Manas has signed a US $54 million farm-out
agreement with Santos a large independent Australian oil and gas
producer covering its 1.2 billion barrels in place, light oil play
(independent resource evaluation Scott Pickford, 2006). The
development of the company's neighboring Tajikistan license is now
covered by an option farm out agreement also with Santos. In Chile
Manas and US partner IPR farmed out a large natural gas exploration
project to a consortium of local operators. Manas is currently
maturing its enormous resource potential by acquiring seismic prior
to drilling. Manas Petroleum Corporation is currently listed on the
NASDAQ OTC board (MNAP.OB).
Disclaimer
This Press Release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. The Company has tried, whenever possible, to identify these
forward-looking statements using words such as "anticipates",
"believes", "estimates", "expects", "plans", "intends", "potential"
and similar expressions. These statements reflect the Company's
current beliefs and are based upon information currently available to
it. Accordingly, such forward looking statements involve known and
unknown risks, uncertainties and other factors which could cause the
Company's actual results, performance or achievements to differ
materially from those expressed in or implied by such statements. The
Company undertakes no obligation to update or advise in the event of
any change, addition or alteration to the information catered in this
Press Release including such forward looking statements.

Contact:

Bahnhofstr. 9, P.O. Box 155
CH-6341 Baar
Switzerland
Phone: +41/44/718'10'30
Fax: +41/44/718'10'39
E-Mail: info@manaspete.com
Internet: www.manaspete.com

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