Seismic Ops Completed at Albania Blocks

Petromanas announced the completion of 2D seismic operations on Blocks 2&3 onshore Albania incident free.

The Blocks 2&3 program included the acquisition of 99 km of 2D seismic providing valuable data near the Shpiragu discovery drilled in 2001. The majority of the seismic work was carried out utilizing heliportable rigs and the remainder by conventional shallow drilling rigs. The Company is very pleased with both the quality of the new data and re-processing of existing data.

With the 2010 acquisition of 105 km of 2D seismic on Blocks D&E, Petromanas has acquired a total 204km of new seismic and reprocessed over 400 km of existing seismic data in the last year.

The Company has fulfilled all work commitments for the first exploration phase on Blocks A&B and D&E and has provided notification to the Albanian government that it will commence the second exploration phase on each of these Production Sharing Contracts (PSCs). The second exploration phase extends to December 2012 and includes commitments to drill two exploration wells. Petromanas has executed two letters of credit totalling US $12.6 million which constitute the Company's performance guarantees for these commitments.

The geoscience analysis is underway with the interpretation of this new data and correlation with existing data. This analysis will improve the Company's understanding of the prospect inventory and will enable the geoscience team to reduce exploration risk and high grade prospects.

Petromanas continues to re-evaluate the unrisked resource assessment which was prepared in 2009 by Gustavson Associates LLC based on the seismic, geology and limited well data available at that time. An updated independent resource evaluation report is expected to be completed in the first half of 2011 utilizing the new seismic data, the reprocessed data and the analysis which is currently underway by the technical team.

The geological work conducted to date has confirmed the significant potential of the Petromanas acreage and the exploration prospectivity of both the shallow and deep prospects. It is anticipated that some of the prospects will be farmed out to industry partners to reduce risk and permit the development of a multi-well drilling program. The Company remains on schedule for the planned completion of the technical studies leading to a drilling campaign in late 2011 and/or early 2012.


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