August 18, 2008
Manas Petroleum Commences Seismic Program in Albania
BAAR, Switzerland, August 18 /PRNewswire-FirstCall/ --
Manas Petroleum Corp. (MNAP.OB) Seismic acquisition commenced in Albania
Manas Petroleum Corporation today announces that it's wholly owned subsidiary DWM Petroleum AG has commenced the first part of a 600 KM 2-D seismic program in Albania.
The seismic crew from the Geological Institute of Israel (GII) has mobilized 5 vibrators to Albania and set up a camp close to Tirana (Albania). Today the first line was successfully shot. It is planned to acquire 183 KM of seismic using vibroseis technology in Blocks A, B and E during Q 3 2008. The seismic crew will continue the program using explosive sources in Blocks B, D and E in Q2 2009.
The seismic will refine the size and location of 8 identified prospects with 3 BBls of oil potential (P50 prospective resources) according to an independent evaluation of Gustavson and Associates.
Updates of the seismic program will be regularly released on Manas` website.
Description of the company:
Manas Petroleum is an international oil and gas company with primary focus on exploration and development in south-eastern Europe, Central Asia and South America.
In Albania Manas has developed a giant exploration project with a total resource potential (P50) of 2.9 billion barrels (independent resource evaluation, Gustavson, 2008). In Kyrgyzstan Manas has signed a US $56 million farm-out agreement with Santos a large independent Australian oil and gas producer covering its 1.2 billion barrels in place, light oil play (independent resource evaluation Scott Pickford, 2005). The development of the company's neighboring Tajikistan license is now covered by an option farm out agreement also with Santos. In Chile Manas and US partner IPR farmed out a large natural gas exploration project to a consortium of local operators.
Manas is currently maturing its enormous resource potential by acquiring seismic prior to drilling.
Manas Petroleum Corporation is currently listed on the NASDAQ OTC board (MNAP.OB).
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward looking statements.
Contact: Bahnhofstr. 9, P.O. Box 155 CH-6341 Baar Switzerland Tel: +41-44-718-10-30 Fax: +41-44-718-10-39 E-Mail: [email protected] Web: http://www.manaspete.com/
Manas Petroleum Corporation
CONTACT: Contact: Bahnhofstr. 9, P.O. Box 155, CH-6341 Baar,Switzerland, Tel: +41-44-718-10-30, Fax: +41-44-718-10-39, E-Mail:[email protected]