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UPDATE: PMI Shares Now Up 30%, Jumping Away From New Yr Lows; Follows Thursday's Drilling Update

Petromanas Energy Inc (PMI.V) shares are now up 30% with more than 5.5 million shares traded late Friday, taking it away from the year low 9 cents it was near at Thursday's close.

December 21, Petromanas 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, at its option, extend the contract for two additional periods of 180 days. Under the terms of the agreement, the rig is expected to be mobilized to Albania in the first quarter of 2012.

With respect to the Company's ongoing Joint Venture initiative, the bidding process has closed and management has reviewed and clarified the received bids. Discussions are underway with prospective partners with the goal of concluding a definitive Joint Venture agreement or agreements

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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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