PresseBox
Press release BoxID: 310742 (MNP Petroleum Corporation)
  • MNP Petroleum Corporation
  • Bahnhofstraße 9
  • 6341 Baar
  • http://www.manaspete.com
  • Contact person
  • Erik Herlyn
  • +41 (44) 718-1030

Manas reports update on Albania transaction

(PresseBox) (Baar, ) Manas Petroleum Corporation ("Manas") (OTCBB: MNAP) is pleased to report that with respect to the Albanian project and the signed Letter of Intent between Manas and WWI resources ("WWI")(TSX) dated November 19, 2009, both parties have agreed to extend the due diligence period in order to complete all required legal and documentary work.

In conjunction with the above, Manas is further pleased to report that on December 4th, 2009 WWI made a good faith payment to Manas in an amount of approximately USD 1,000,000 in order to facilitate certain obligations on their part in connection with the project.

The final agreement is currently prepared and Manas believes that the transaction will be closed shortly.

We are currently updating our 51?101 compliant volumetric and economic reports on blocks A, B, D and E issued by Gustavson Associates in November 2008. In addition to that we are preparing similar reports on the discovery blocks 2 and 3.

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 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.