CALGARY, March 31, 2016 /CNW/ - Petromanas Energy Inc.
("Petromanas" or the "Company") (TSXV: PMI) is pleased to announce
closing of the previously announced sale of substantially all of
the assets of Petromanas Albania GmbH, Petromanas' wholly-owned
subsidiary, to Shell Upstream Albania B.V. ("Shell"), a
wholly-owned subsidiary of Royal Dutch
Shell plc, for US$45 million
(the "Transaction").
As previously announced, Petromanas intends to make a special
distribution to shareholders as a return of capital (the
"Distribution"). The Distribution will be funded primarily
from the net proceeds of the Transaction but will also include
approximately US$3 million of working
capital. Petromanas anticipates that an aggregate of up to
US$43 million will be available for distribution to
shareholders which, subject to currency exchange fluctuations,
would result in a distribution to Petromanas shareholders of
approximately CAD$0.08 to
CAD$0.085 per share based on
current exchange rates. The Company expects to confirm the
final amount of the Distribution in late April and announce the
record date for the Distribution in May following determination of
post-closing adjustments under the sale and purchase agreement
relating to the Transaction.
2015 Year-End Financial Results
The Company today also announced that it has filed its financial
statements and related Management's Discussion and Analysis
("MD&A") for the year ended December 31,
2015 on SEDAR. The financial statements and MD&A will be
available on the Company's website at www.petromanas.com or at
www.sedar.com.
About Petromanas Energy Inc.
Petromanas Energy Inc. is an international oil and gas company
with exploration assets in France,
including two exploration licenses (Ger and Ledeiux) totalling
169,790 net acres located in the gas-producing Acquitaine Basin,
and Australia.
This press release contains certain "forward-looking
information" or "forward-looking statements" (collectively referred
to herein as "forward-looking statements") within the meaning of
applicable securities laws. Such forward-looking statements
include, without limitation, the expectations, estimates and
projections of management of Petromanas as of the date of this news
release, unless otherwise stated. The use of any of the words
"expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify
forward-looking information. More particularly and without
limitation, this press release contains forward-looking information
concerning the future performance of the Company, including but not
limited to the use of the net proceeds from the Transaction, the
amount of the Distribution, payment of the Distribution, the record
date for the Distribution and currency exchange fluctuations. In
respect of the forward-looking information, Petromanas has provided
such in reliance on certain assumptions that it believes are
reasonable on the date the statements were made, including
assumptions as to the advantages of the Distribution by way of
return of capital, estimated exchange rate fluctuations, the
Company's ability to meet its capital and operational commitments,
the ability of Petromanas to receive, in a timely manner,
applicable regulatory and governmental approvals; and expectations
and assumptions concerning, among other things: commodity prices
and interest and foreign exchange rates; capital efficiencies and
cost-savings; applicable tax laws; the sufficiency of budgeted
capital expenditures in carrying out planned activities;
anticipated post-closing adjustments; and the availability and cost
of labour and services. No assurances can be given as to
future results, levels of activity and achievements and such
statements are not guarantees of future performance. Accordingly,
readers should not place undue reliance on the forward-looking
information contained in this press release.
Since forward-looking information addresses future events and
conditions, by its very nature it involves inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to the risks associated with the
industry in which Petromanas operates in general such as
operational and exploration risks; the variability of closing
adjustments; commodity price, interest rate and exchange rate
fluctuations; delays or changes in plans; delays in obtaining or
the failure to obtain regulatory approvals; costs and expenses;
political risks; risks of litigation; health, safety and
environmental risks; competition; ability to access sufficient
capital from internal and external sources; and changes in
legislation, including but not limited to tax laws and
environmental regulations. There is a specific risk that the
Company may be unable to complete the Distribution in the manner
described in this press release or at all.
Readers are cautioned that the foregoing list of factors is
not exhaustive. Additional information on other factors that could
affect the operations or financial results of Petromanas are
included in reports on file with applicable securities regulatory
authorities, including but not limited to Petromanas' Annual
Information Form for the year ended December
31, 2014, which may be accessed on Petromanas' SEDAR profile
at www.sedar.com.
The forward-looking information contained in this press
release is made as of the date hereof and Petromanas
disclaims any intention or obligation to update publicly
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Petromanas Energy Inc.