Petromanas Closes Private Placement Offering

Petromanas has closed its brokered private placement with a syndicate of agents co-lead by Raymond James and GMP Securities LP and including Canaccord Genuity Corp. and Macquarie Capital Markets Canada of 187,500,000 units at a price of $0.40 per Unit for aggregate gross proceeds of $75,000,000. Each Unit consists of one common share ("Common Share") and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.60 per share on or before May 26, 2012.

The Offering was over-subscribed and the Agents exercised their option to purchase an additional 37,500,000 Units. The Common Shares, Warrants and any common shares acquired on exercise of the Warrants are subject to a hold period expiring September 28, 2010. The Agents were paid a cash commission equal to 6% of the gross proceeds of the Offering.

Quantum Partners subscribed for 72,500,000 Units. Investment Funds managed by Columbia Wanger Asset Management subscribed for a total of 65,000,000 Units.

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