Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI) today announced its support for a foreign investment and protection agreement (FIPA) concluded between the Canadian and Albanian governments and announced by the Honourable Ed Fast, Minister of International Trade.
"Conclusion of this investment treaty will help strengthen the bonds between our governments and should support improved opportunities for Canadian companies, like Petromanas, with operations in Albania," said Glenn McNamara, CEO of Petromanas.
A FIPA is a treaty designed to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices, and by enhancing the predictability of a market's policy framework, a FIPA gives businesses greater confidence in investing. Once in force, the agreement with Albania is expected to facilitate investment flows between the two countries, thereby contributing to job creation and economic growth in both countries.
About Petromanas
Petromanas Energy Inc. is an international oil and gas company focused on the exploration and development of its assets in Albania. Petromanas, through its wholly-owned subsidiary, holds two Production Sharing Contracts ("PSCs") with the Albanian government. Under the terms of the PSCs, Petromanas has a 100% working interest in Blocks D and E and a 25% working interest in Blocks 2-3 that comprise more than 1.1 million gross acres across Albania's Berati thrust belt. Petromanas also holds exploration assets in France and Australia. For further information please contact:
This press release contains forward-looking information within the meaning of applicable securities laws and is based on 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 anticipated effects of the FIPA, including improved business opportunities for the Company, facilitating investment flows between Albania and Canada, and contributing to job creation and economic growth in both countries. In respect of this forward-looking information, Petromanas has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of the FIPA to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release.
