Manas Petroleum ("Manas") (OTCBB: MNAP) is pleased to report that it and WWI Resources (a TSX-V listed company) have extended their arm's length binding Letter-Of-Intent (LOI) dated November 19, 2009 in order to allow Manas the necessary time to finalizing all administrative procedures as required and are a part of the closing of the transaction. Manas is moving forward diligently and quickly to complete all requirements.
At closing, the Albanian Subsidiary will hold three Production Sharing Contracts (PSCs) for on-shore Blocks in Albania that comprise 1.7 million net acres with 100% working interest.
The PSCs are for Blocks A, B, D, E and for Blocks 2 & 3. There have been nine large structures identified in Blocks A, B, D & E and three structures on Blocks 2 & 3. It is important to note that Block 2 is within the area where Bankers Petroleum's (BNK.TO) current shallow oil is derived. Manas has the right to explore and produce oil from the deeper targets.
In 2001, the Shpiragu-1 well was drilled by Occidental petroleum in Block 2. The Shpiragu-1 well averaged 400 -1,200 bbl/d of light oil; no reserve calculations were done at that time; however, the Shpiragu-1 confirmed that a deep active hydrocarbon system exists.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts","plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about the Letter of Intent and the possibility that it will enter into a formal agreement as contemplated in the Letter of Intent or that the transaction outlined in the Letter of Intent will proceed on any basis. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks that the parties cannot agree on the terms of a definitive agreement or obtain the necessary approvals therefore, that WWI will not be able to raise the $25,000,000 at or prior to closing, the risks inherent in the industry, poor capital markets and other risks identified by Manas in its periodic filings on EDGAR (which can be viewed at www.sec.gov). Any of these risks could cause Manas' or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of Manas' business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. Except as required by applicable law, including the securities laws of the United States and Canada, Manas does not intend to update any of the forward-looking statements to conform these statements to actual results.
At closing, the Albanian Subsidiary will hold three Production Sharing Contracts (PSCs) for on-shore Blocks in Albania that comprise 1.7 million net acres with 100% working interest.
The PSCs are for Blocks A, B, D, E and for Blocks 2 & 3. There have been nine large structures identified in Blocks A, B, D & E and three structures on Blocks 2 & 3. It is important to note that Block 2 is within the area where Bankers Petroleum's (BNK.TO) current shallow oil is derived. Manas has the right to explore and produce oil from the deeper targets.
In 2001, the Shpiragu-1 well was drilled by Occidental petroleum in Block 2. The Shpiragu-1 well averaged 400 -1,200 bbl/d of light oil; no reserve calculations were done at that time; however, the Shpiragu-1 confirmed that a deep active hydrocarbon system exists.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts","plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about the Letter of Intent and the possibility that it will enter into a formal agreement as contemplated in the Letter of Intent or that the transaction outlined in the Letter of Intent will proceed on any basis. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks that the parties cannot agree on the terms of a definitive agreement or obtain the necessary approvals therefore, that WWI will not be able to raise the $25,000,000 at or prior to closing, the risks inherent in the industry, poor capital markets and other risks identified by Manas in its periodic filings on EDGAR (which can be viewed at www.sec.gov). Any of these risks could cause Manas' or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of Manas' business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. Except as required by applicable law, including the securities laws of the United States and Canada, Manas does not intend to update any of the forward-looking statements to conform these statements to actual results.
