IPR-Manas Scores First Exploration Block in South America

A consortium between Improved Petroleum Recovery (IPR), a Texas Independent, with E&P operations in North America, North Africa, the Middle East, and Southwest Asia, in partnership with Manas Petroleum Corporation (Symbol: MNAP.OB), Swiss based with E&P operations in Central Asia and Eastern Europe, was awarded the onshore Tranquilo Block (1) by ENAP (Empresia Nacional del Petroleo-Chile) in the first exploration round in Chile. The block, the largest among the 10 exploration blocks offered (6,760 square kilometers), is situated in the Magallanes basin in the southern part of Chile, with high exploration potential acreage with fields and infrastructure nearby. The contract with the government of Chile will be finalized during the next 5 months, and is comprised of three exploration periods of 3, 2 and 2 years, respectively, and a production period of 25 years. The minimum exploration commitment by the IPR-Manas consortium in Phase I is US $14.36 million. IPR is the designated operator of the block.