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UPDATE: Petromanas Energy Flat, But Being Bid Lwr; Secures Drilling Rig For 2012 Drilling Program In Albania

Petromanas Energy Inc. (PMI.V) is unchanged at 9.5 cents but being heavily bid lower to 9 cents as it today announced that it has entered into a definitive agreement with KCA Deutag to secure a drilling rig for use in its 2012 drilling program. The initial contract is valued at approximately $14 million and has an initial term of 270 days. The company may extend the contract for two additional periods of 180 days.

The rig is expected to be mobilized to Albania in the first quarter of 2012.

Glenn McNamara, CEO of Petromanas, said the rig would allow Petromanas to drill all three of its wells planned for 2012 without the need to incur the cost and logistical effort of sourcing and mobilizing a second rig.

Petromanas has identified final drilling locations and is in the process of completing the site design at its three initial prospects. With the assistance of a third party consultant, the company has also completed the necessary environmental work on those blocks and expects to receive environmental permits before year-end for the first two drilling locations. Upon receipt of the environmental permits, the Company will apply for the required civil construction permits so that it can begin construction of access roads and well sites.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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