ZURICH , Switzerland , April 12 /PRNewswire-FirstCall/ -- Manas Petroleum Corporation (Trading Symbol: MNAP) closes acquisition of DWM Petroleum AG.
Manas Petroleum Corporation is pleased to announce the share exchange as agreed in a letter of intent dated November 24th, 2006 between Manas Petroleum Corporation, a Nevada Corporation (formerly known as Express Systems Corporation) and DWM Petroleum AG, a Swiss corporation, has closed as of April 10th, 2007 . Simultaneously with the closing of the reverse transaction, and as a condition of its completion on April 10th, 2007 , the Company completed a private placement of 10,330,152 units at $1.00 per unit. Each 'Unit' consists of 1 share of Company common stock, 50% warrant coverage for Series A warrants which are exercisable for one share of common stock at $2 per share for 2 years, and 50% warrant coverage for Series B warrants which are exercisable for one share of common stock at $4 per share for 3 years.
For further information regarding this share exchange agreement please see our filings with the United States Securities Exchange Commission.
Also, as previously agreed in the letter of intent, the former Manas
Petroleum board of directors have resigned. Messrs. Heinz Scholz,
About Manas Petroleum
Manas Petroleum is an international oil and gas exploration and development company whose primary focus is under-thrust light oil prospects in Eastern Europe and Central Asia. It has a US $54 million farm-out agreement covering over three thousand square kilometers in the Kyrgyz Republic's Fergana oil basin where the United States Geological Survey estimates a produceable 3 billion barrels of oil remains. The approximately US $10 million that was raised is to fund its three thousand square kilometer under-thrust light oil prospect in Albania which, according to calculations by Shell and Corporex, has the potential to contain 820 million barrels (recoverable) of oil. Recent deep oil discoveries in Albania demonstrate these deeper sections can contain 30-35 API low sulfur oil. The primary exploration targets are sub- thrust fractured carbonate reservoirs similar to those discovered in the 1990s in the Appenines of Italy . The Company is also actively pursuing other large oil and gas prospects in Central Asia, Russia and Eastern Europe .
Safe Harbour notice
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as 'anticipates,' 'believes,' 'estimates,' 'expects,' 'plans,' 'intends,' 'potential' and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward looking statements.
For further information please see our website under www.manaspete.com
Corporate Headquarters Investment Information
Manas Petroleum Corporation Peter-Mark Vogel
Bahnhofstrasse 9 Bahnhofstrasse 9
6341 Baar, Switzerland 6341 Baar, Switzerland
Telephone: +41 (44) 718 10 30 Telephone: +41 (44) 718 10 30
Email:info@manaspete.com
SOURCE Manas Petroleum Corporation
