Petromanas announced that Mr. Steve C. Farner has been appointed as Vice President Exploration effective January 4, 2011.
Mr. Farner has over 28 years of experience in the oil and gas industry in Canada, United States, Australia, China, Mongolia and Papua New Guinea. Most recently, he was Chief Geophysicist at Sunwing Energy, prior to that President of PanAsian Petroleum and also VP Exploration at Kinloch Resources. He also held positions of increasing responsibility during his 21 years with Superior Oil, Mobil Oil, and ExxonMobil Canada.
Mr. Farner's career has been focused on exploration/exploitation and he has held technical and managerial positions in large, multinational petroleum companies and junior exploration companies. Mr. Farner is an experienced prospect generator with successful discoveries in several regions globally. Mr. Farner completed a Bachelor of Science degree in Geology and Geophysics from Michigan State University.
Mr. Glenn McNamara, Chief Executive Officer, stated "We are very pleased to have Mr. Farner join Petromanas. His extensive experience will be a valuable addition as we continue to build our management and technical team. In his role as Vice President Exploration, Steve will provide leadership to all aspects of Petromanas' Exploration program and has a clear mandate to realize and optimize the value from existing assets, integrate acquisitions and support the development of new business opportunities. "
Petromanas granted Mr. Farner options to purchase an aggregate of 2,000,000 shares at an exercise price of $0.40 per share for a period of ten years from the date of grant with vesting terms over a 3 year period.
Petromanas is confident Mr. Farner is well qualified to advance the exploration activities of the six blocks in Albania. Petromanas is currently acquiring seismic data prior to finalizing a drill program.
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