Corporate Responsibility

Sustainability Philosophy

Petromanas subscribes to the philosophy that a long-term approach to business sustains a profitable oil and gas exploration and development company. The oil and gas industry can be extremely volatile and inherently impacts local and regional economies, environments and invested social groups. By strictly adhering to sustainable development principles, Petromanas is investing in the long-term economic health of the company.

Petromanas' approach to business aims to leave a net positive imprint or, at the very least, a neutral impact on the geographic areas and lives touched by each of its projects. Petromanas' management consider financial feasibility, economic reward, stakeholder input, and environmental impacts, at all levels of exploration and development. And always, management strives to reconcile economic and social development opportunities with the need for biodiversity conservation and environmental protection.

Environmental

During exploration stages, environmental impacts typically net minimal or no long-term damage. Surface disturbance is negligible and includes vehicle use, and mapping and surveying. All activities meet area standards with regards to removing surface and drill samples for analysis. On occasion, site access is limited and a road must be built to obtain the data necessary for proper assessment. Often, the net effect of exploration is positive for the community, as roads and access may need improvement or stabilization. Regardless of the circumstance, Petromanas is proactive in addressing environmental issues, foreseeing potential problems and building consensus around the best possible solutions.

Petromanas incorporates incentives for local operators to build relationships and run environmentally and socially responsible operations. The company believes that it is always in the best interest of local communities, business partners and shareholders, to maintain the highest integrity throughout all stages of exploration and development. And further, that to compromise integrity at any point in the short-term, is to risk the company's long-term financial well-being.

At all times Petromanas adheres to and very often exceeds all required regulatory processes pertaining to economic, environmental and social aspects related to all projects.

Social

Company policy regarding social responsibility dictates that for each project, stakeholders are consulted early on, and throughout the exploration process. This inclusive policy is of mutual benefit; management gains valuable local insight into physical property characteristics, and stakeholder-specific interests are considered and assessed. This policy has proven successful to date, as much of the information gained during stakeholder dialogues benefit both parties. While stakeholders are always consulted with respect to development activities with possible local impacts, exploration activities are often speculative and may therefore not require consultation.
Petromanas's social policies are proactive in nature, with a focus on the timely release of accurate information, and on forgoing partnerships with stakeholders, local employees and contractors. The company has relationships built on trust, with a core crew of managers, and these managers oversee work on all exploration and development projects. By legislating a culture of honesty and integrity, management has kept training costs low by industry comparison.

During all stages of development, Petromanas hires and consults with local stakeholders and groups as individual projects dictate. Company management strives to positively impact the communities in which it does business.

Board of Directors Committee Charters

Audit Committee Charter

Compensation Committee Charter

Corporate Governance Committee Charter

Reserves Committee Charter