Baar (ots) - Manas Petroleum Corporation (MNAP.OB) today announces
that its wholly owned subsidiary, Manas Energia Chile Limitada
farmed-out interest in the Tranquilo block in the Magallanes Basin,
Chile to a local group exploring and producing in the basin.
Erik Herlyn, Chief Operating Officer of Manas Petroleum Corp.:
"This farm-out is consistent with our core strategy of acquiring
major oil and gas licenses for highly prospective under thrust
structures and then limiting the financial burdens and risks
associated with their exploration and development. Similar to our
Kyrgyz and Tajik projects we have reduced our costs while enjoying
the benefit of having a highly capable partner."
Manas and IPR won the tender for the Tranquilo block on November
15, 2007 and signed a Special Operating Contract (CEOP) with the
Chilean ministry on April 30, 2008. The final ratification of the
CEOP is expected during Q2 2008. The farm-out-agreement is effective
after the final ratification of the CEOP and the necessary approvals
for licensee status of the farminee through the appropriate Chilean
Description of the company:
Manas Petroleum is an international oil and gas exploration
company with assets in Eastern Europe, Central Asia and South
America. The company focuses on the exploration of large under thrust
light oil prospects, in particular in areas where the deeper
potential has been historically identified but remains to be
evaluated. From our beginnings in the Kyrgyz Republic, we recently
expanded into Albania, Tajikistan and Chile. The company either
carries out operations directly or through joint ventures with larger
oil and gas companies. Projects in the Kyrgyz Republic are farmed out
to Santos, who also signed a farm-out option agreement for our
licenses in Tajikistan. Farm out agreements have also been signed in
Chile. Manas is sole owner of its Albanian assets. Manas Petroleum
Corporation is currently listed on the NASDAQ OTC board (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.
Bahnhofstr. 9, P.O. Box 155