Petromanas Energy Inc. ("Petromanas" or the "Company") is a Calgary headquartered international oil and gas company focused on the exploration and development of assets in Albania that possess world-class resource potential. The Company's shares are listed on the TSX Venture Exchange under the symbol "PMI".
Through its wholly-owned subsidiary Petromanas Albania GmbH, Petromanas holds three Production Sharing Contracts ("PSCs") with the Albanian government. Under the terms of the PSCs, Petromanas operates six onshore blocks (Blocks A-B, D-E and 2-3) that comprise more than 1.4 million highly prospective gross acres across Albania's Ionian and Kruja Tectonic Zones. Petromanas holds a 100% working interest in Blocks A-B and D-E. PMI has signed agreements with Shell to farm out a 50% working interest in Blocks 2-3.
Petromanas' acreage lies within a proven hydrocarbon system. There are nine existing oil fields within Blocks 2-3, including the largest onshore oil field in Europe, Patos-Marinza, discovered in 1928. The existing fields are excluded from the area covered by Petromanas' PSCs.