BAAR, Switzerland , November 20 /PRNewswire-FirstCall/ -- A consortium between Manas Petroleum Corporation (MANAS), Swiss based with E&P Operations in Central Asia and Eastern Europe , and Improved Petroleum Recovery (IPR), a Texas Independent, with E&P Operations in North America , North Africa , the Middle East , and Southwest Asia, was awarded the onshore Tranquilo Block by ENAP (Empresia Nacional DEL Petroleo-Chile) in the first exploration round in Chile . The block, the largest among the 10 exploration blocks offered (6,760 km2) is situated in the Magallanes Basin in the southern part of Chile , with high exploration potential acreage with fields and infrastructure nearby. The contract with the government of Chile will be finalized during the next 5 months, and comprises of three (3) exploration periods of 3, 2 and 2 years, respectively, and a production period of 25 years. The minimum exploration commitment by the Manas-IPR Consortium in Phase I is US$ 14.36 million. IPR is the designated operator of the block.

This Press Release contains 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.

    Contact:

    Manas Corp.
    Bahnhofstr. 9
    P.O. Box 155
    CH-6341 Baar
    Switzerland
    Phone: +41-44-718-10-30
    Fax: +41-44-718-10-39
    E-Mail: info@manaspete.com
    Internet: http://www.manaspete.com

SOURCE Manas Corp.