Baar (ots) - At a board meeting on April 15th 2008 management of
Manas Petroleum Corporation reported that all projects reached their
milestones on time and are within the budget.
Albania (Blocks A, B, D and E; Manas working interest: 100%)
Geoscientists of the Tirana, Albania office of DWM (a 100% Manas
subsidiary) are finalizing the design of a 400 KM 2-D seismic program
to refine 9 identified prospects in the Albanian fold thrust belt
targeting the prolific Ionian play. An independent volumetric report
by Gustavson Associates (Denver, CO) assigns P50 prospective
resources of 3.030 billion barrels with 3.056 trillion cubic feet of
associated gas (oil with associated gas case). Seismic lines
previously acquired by Shell, Occidental Petroleum and Coparex are
currently reprocessed by Denver based GeoConcept; 70% of the 350 km
reprocessing program is completed. An environmental study, a
pre-requisite to perform seismic exploration work, is finished by
environmental consulting firm Walsh. Manas sees Albania as a key
asset and presently intends to retain a 100% interest in the project
whilst also evaluating further onshore opportunities in the country.
Chile (Tranquillo Block; Manas working interest: 50%)
Representatives of Manas and Independent Petroleum Resources (IPR),
the 50% Partner and operator will sign on April 29th a contract for
Exploration and Exploitation (CEOP) for the Tranquillo Block. This
signing ceremony in Puntas Arenas, Chile will be chaired by the
Chilean President Mrs Bachelet.
Kyrgyz Republic (Manas working interest: 25%, 6 exploration
licenses) Farm out Partner Santos has so far acquired around 200 km
of 2D seismic (total of the program is 1500 KM). Drilling activities
are currently planned for Q3/4 2008.
Tajikistan (Manas working interest: 100%, 1 block, option farm out
agreement with Santos signed) Discussions to sign the farm out
agreement are underway. Santos has begun seismic acquisition as part
of their activities in the prolific Fergana basin.
On April 10, 2007 Manas Petroleum Corp. has completed a private
placement of 10,330,152 Units priced at $1 per unit. Each "Unit"
consists of one share of Company common stock, 50% warrant coverage
in Series A warrants which are exercisable for one share of common
stock at $2 per share for two years, and 50% warrant coverage for
Series B warrants which are exercisable for one share of common stock
at $4 per share for three years. These shares became eligible for
sale on April 16, 2008. Pursuant to that transaction a further 3.5
million shares held by previous investors became eligible for sale.
The average amount paid per share by these investors is $1.41. The
release for trading of these shares increases the approximate number
of shares not held by management or insiders that are tradable (the
share float) to approximately 34 million. Manas Petroleum's
management continues to hold 66,428,483 ((includes shares underlying
options set between "$2.10 and $5.50" that have vested and not been
exercised and shares underlying options set between "$2.10 and $5.50"
that will vest within the next 60 days) or 56.8% of the company.
Description of the company:
Manas Petroleum Corp. is in the business of exploring for oil and
gas, primarily in Central Asia and the Balkans. In particular, the
company focuses on the exploration of large under-thrust light oil
prospects in areas where, though there has often been shallow
production, their deeper potential has yet to be evaluated. Upon
discovery of sufficient reserves of oil or gas, the company intends
to exploit such reserves. The company either carries out operations
directly or through a participation in a venture with a larger and
more established oil and gas company to whom the projects has been
farmed out. We currently have or are involved in projects in the
Kyrgyz Republic, Albania, Chile and Tajikistan and are looking to
undertake projects in other areas as well. Manas Petroleum
Corporation is an OTC listed company (MNAP.OB).
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.
ots Originaltext: Manas Petroleum Corp.
Manas Petroleum Corp.
Bahnhofstr. 9, P.O. Box 155