MoneyTec Traders Community Forum - View Single Post - MNAP.OB is the next giant oil sector growth story!!!!!!

pennytrader0214 · 19-12-2007, 15:19

Form 8-K for MANAS PETROLEUM CORP ffice

ffice" />>>

18-Dec-2007 >>
Entry into a Material Definitive Agreement >>

Item 1.01 Entry into a Material Definitive Agreement.
>>
On December 12, 2007, the Albanian Council of Ministers approved Decision No. 796 regarding the approval of production sharing contracts for exploration, development and production of hydrocarbons in onshore Albania, in Blocks A-B and D-E, between the Ministry of Economy, Trade and Energy, represented by the National Agency of Natural Resources (AKBN) and DWM Petroleum AG ("DWM") (the "Contracts"). DWM is the 100% subsidiary of Manas Petroleum Corporation (the "Corporation" and "We").
>>
The Contracts comprise four blocks that cover approximately 3,100 km2 (or approximately 766,000 acres).
>>
The Contracts covering the blocks set out minimum work and expenditure requirements for three phases that we must comply with to maintain the exploration rights for the different blocks. Failure to comply with the work and financial requirements in any one phase means that the exploration period will terminate and we will not be able to enter the other phases for the applicable blocks. Although one of the Contracts covers two blocks and the other covers the other two, the programs for each set of blocks are mostly identical. Under the Contracts, if the three phases are completed, they will take between seven and ten years to complete and will require a minimum expenditure of $15,620,000 for each of the two Contracts.
>>
We have three years from the date the Council of Ministers ratified the Contracts to complete the requirements in Phase 1. After Phase 1, we have the option either to continue pursuing or to relinquish the exploration rights. The Phase 1 Minimum Work and Financial Program requires the undertaking of a minimum of $400,000 in geological and geophysical studies, the re-processing of at least 200 kilometers of seismic data at a minimum cost of $120,000 and the acquisition and processing of either 300 kilometers of 2D seismic at a minimum cost of $2,500,000 or the drilling of an exploration well to a depth of at least 3,000 meters at a minimum cost of $6,000,000.
>>
We have two years from the completion of Phase 1 to complete the requirements in Phase 2. We may extend this phase at no additional cost for another year. The Phase 2 Minimum Work and Financial Program requires the undertaking of a minimum of $300,000 in geological and geophysical studies, and the drilling of an exploration well to a depth of at least 3,000 meters at a minimum cost of $6,000,000.
>>
We have three years from the completion of Phase 2 to complete the requirements in Phase 3. We may extend this phase at no additional cost for another two years, less any time by which we extended Phase 2. The Phase 3 Minimum Work and Financial Program requires the undertaking of a minimum of $300,000 in geological and geophysical studies and the drilling of an exploration well to a depth of at least 3,000 meters at a minimum cost of $6,000,000.
>>
The Corporation announced the approval of the Contracts in a press release on December 13, 2007, which is attached as Exhibit 99.1 and incorporated by reference into this Item 1.01. >>
>>

19-12-2007, 15:19	#4
pennytrader0214 level 1 Join Date: Sep 2007 Posts: 32 Downloads: 0 Uploads: 0 Rep Power: 1	Re: MNAP.OB is the next giant oil sector growth story!!!!!! Form 8-K for MANAS PETROLEUM CORP fficeffice" />>> 18-Dec-2007 >> Entry into a Material Definitive Agreement >> Item 1.01 Entry into a Material Definitive Agreement. >> On December 12, 2007, the Albanian Council of Ministers approved Decision No. 796 regarding the approval of production sharing contracts for exploration, development and production of hydrocarbons in onshore Albania, in Blocks A-B and D-E, between the Ministry of Economy, Trade and Energy, represented by the National Agency of Natural Resources (AKBN) and DWM Petroleum AG ("DWM") (the "Contracts"). DWM is the 100% subsidiary of Manas Petroleum Corporation (the "Corporation" and "We"). >> The Contracts comprise four blocks that cover approximately 3,100 km2 (or approximately 766,000 acres). >> The Contracts covering the blocks set out minimum work and expenditure requirements for three phases that we must comply with to maintain the exploration rights for the different blocks. Failure to comply with the work and financial requirements in any one phase means that the exploration period will terminate and we will not be able to enter the other phases for the applicable blocks. Although one of the Contracts covers two blocks and the other covers the other two, the programs for each set of blocks are mostly identical. Under the Contracts, if the three phases are completed, they will take between seven and ten years to complete and will require a minimum expenditure of $15,620,000 for each of the two Contracts. >> We have three years from the date the Council of Ministers ratified the Contracts to complete the requirements in Phase 1. After Phase 1, we have the option either to continue pursuing or to relinquish the exploration rights. The Phase 1 Minimum Work and Financial Program requires the undertaking of a minimum of $400,000 in geological and geophysical studies, the re-processing of at least 200 kilometers of seismic data at a minimum cost of $120,000 and the acquisition and processing of either 300 kilometers of 2D seismic at a minimum cost of $2,500,000 or the drilling of an exploration well to a depth of at least 3,000 meters at a minimum cost of $6,000,000. >> We have two years from the completion of Phase 1 to complete the requirements in Phase 2. We may extend this phase at no additional cost for another year. The Phase 2 Minimum Work and Financial Program requires the undertaking of a minimum of $300,000 in geological and geophysical studies, and the drilling of an exploration well to a depth of at least 3,000 meters at a minimum cost of $6,000,000. >> We have three years from the completion of Phase 2 to complete the requirements in Phase 3. We may extend this phase at no additional cost for another two years, less any time by which we extended Phase 2. The Phase 3 Minimum Work and Financial Program requires the undertaking of a minimum of $300,000 in geological and geophysical studies and the drilling of an exploration well to a depth of at least 3,000 meters at a minimum cost of $6,000,000. >> The Corporation announced the approval of the Contracts in a press release on December 13, 2007, which is attached as Exhibit 99.1 and incorporated by reference into this Item 1.01. >> >>