Petromanas Posts Private Placement Offering

Petromanas has entered into an agreement with a syndicate of agents co-lead by Raymond James Ltd. and GMP Securities LP (the "Agents") to issue, on a private placement "commercially reasonable efforts" agency basis, up to $60,000,000 in units ("Units") at a price of $0.40 per Unit (the "Offering"). Each Unit will consist of one common share ("Common Share") and one-half of one common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.70 per share for a period of 24 months from closing of the Offering (the "Warrant Expiry Date"); provided, however, that in the event the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSX-V") exceeds $1.10 per Common Share for a period of 20 consecutive trading days following the closing of the Offering, the Corporation may, at its option, accelerate the Warrant Expiry Date by delivery of a notice (a "Warrant Acceleration Notice") to the holders of Warrants and issuing a press release announcing such acceleration (a "Warrant Acceleration Press Release"), and, in such case, the Warrant Expiry Date shall be deemed to be the 30th day following the later of (i) the date on which the Warrant Acceleration Notice is sent to the holders of the Warrants, and (ii) the date of issuance of the Warrant Acceleration Press Release.

The Agents shall have the option to purchase up to an additional 37,500,000 Units at the same price and terms as the Offering for additional gross proceeds of up to $15,000,000, exercisable in whole or in part and 24 hours prior to the closing of the Offering.

The Company intends to use the net proceeds of the Offering to fund its exploration and development programs in Albania, for working capital and general corporate purposes.

The Offering is expected to close on or about May 27, 2010 (or any such other date as agreed to by the Company and the Agents) and is subject to certain customary conditions and regulatory approvals, including the approval of the TSX-V, and the entering into by the Company and the Agents of an agency agreement.