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Petromanas Energy Inc. ("Petromanas") (TSXV:PMI) announces that it has appointed Mr. Glenn A. McNamara as Chief Executive Officer effective September 2010
Mr. Verne Johnson, Chairman comments "We are pleased that we have found Glenn McNamara, a world class industry executive, who has an exceptional track record in both international and domestic exploration and production. The addition of Mr. McNamara completes the assembly of a world class management team for Petromanas."
Mr. Johnson who has been acting as Interim Chief Executive Officer, will resign this position upon Mr. McNamara's appointment. Mr. Johnson remains the Chairman and a director of the Company.
Mr. McNamara joins Hamid Mozayani, COO and Bill Cummins, CFO who have been previously announced, to complete the senior executive team of the Company. Mark Cooper, Senior Exploration Advisor also announced previously, continues to apply his expertise in sub thrust exploration. They will lead the Company's strategy forward to realize on the remarkable exploration potential which has been assembled in Albania. The headquarters for the Company will be relocated to Calgary, Alberta.
Petromanas granted Mr. McNamara options to purchase an aggregate of 3,000,000 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 the new management team is well qualified to advance the exploration activities of the six blocks in Albania. Petromanas is currently acquiring seismic data on its blocks in Albania prior to finalizing a drill program.
About Petromanas Energy Inc.
Petromanas is an international oil and gas company focused on the exploration and development of its assets in Albania that possess worldclass resource potential.
Petromanas, through its whollyowned subsidiary, holds three Production Sharing Contracts ("PSCs") with the Albanian government. Under the terms of the PSCs,
Petromanas has a 100% working interest in six onshore blocks (Blocks A, B, D, E, 2 and 3) that comprise more than 1.7 million acres across Albania's Berati thrust belt.
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