MANAS CEO Dr Becker Wall Street Reporter Interview

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MANAS ANNOUNCES THAT SHELL JOINS PETROMANAS ENERGY INC. IN
ALBANIA
BAAR, SWITZERLAND, February 9, 2012.
Manas Petroleum Corp. (“Manas”) (TSX‐V: MNP; OTCBB: MNAP) today announced that on February
9, 2012 Petromanas Energy Inc. has secured Shell as JV partner for selected Albanian assets.
Manas, through its subsidiary DWM Petroleum AG owns 31.7% of the issued and outstanding shares
of Petromanas.
Petromanas Energy Inc. (“Petromanas” or the “Company”) today announced it has entered into a
definitive farm out agreement (the “Agreement”) with a wholly owned subsidiary of Royal Dutch
Shell plc (“Shell”), whereby Shell will farm into the Company’s rights on onshore exploration Blocks 2‐
3 (the “Blocks”) comprising approximately 852,000 acres onshore Albania. Under the terms of the
Agreement, Shell will acquire a 50% participating interest in the Blocks in exchange for payments and
carried costs up to US$50.3 million. Petromanas will continue to act as operator of the Blocks.
“We are very pleased to have Shell as a joint venture partner. They bring exceptional technical
capabilities and substantial resources to our new relationship,” said Mr. Glenn McNamara, CEO of
Petromanas. “We believe that partnering with a global leader like Shell provides a validation of the
potential of our Albanian assets and the exploration work we have completed to date. Our 2012
drilling program remains unchanged and is moving ahead as planned from a position of enhanced
strength and we expect the addition of a further seismic program to accelerate the exploration and
development of the Blocks.”
Under the terms of the Agreement, Shell would carry Petromanas on the following items: a work
program up to US$22.5 million in the first exploration period and subject to entering into the second
exploration period, a second exploration well. Any potential excess costs of the work program over
the carried amounts shall be jointly paid by both parties in proportion to their participating interest.
In addition, Shell will pay a cash consideration for a total amount of US$16.3 million, of which US$11
million is refundable to Shell should Petromanas secure a partner for the other Petromanas blocks
during the current exploration period.
The Agreement is subject to customary closing conditions including the receipt of all necessary
regulatory and government approvals..........................................

 

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