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Petromanas announces closing of sale of Albanian assets to Shell and filing of year-end 2015 results
Petromanas announces closing of sale of Albanian assets to Shell and filing of year-end 20...
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[{"type":"text","content":"\n\n\n\nPetromanas announces closing of sale of Albanian assets to Shell and filing of year-end 2015 results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPetromanas announces closing of sale of Albanian assets to Shell and filing of year-end 2015 results\nCanada NewsWire\nCALGARY, March 31, 2016\n\n\n\nCALGARY, March 31, 2016 /CNW/ - Petromanas Energy Inc. (\"Petromanas\" or the \"Company\") (TSXV: PMI) is pleased to announce closing of the previously announced sale of substantially all of the assets of Petromanas Albania GmbH, Petromanas' wholly-owned subsidiary, to Shell Upstream Albania B.V. (\"Shell\"), a wholly-owned subsidiary of Royal Dutch Shell plc, for US$45 million (the \"Transaction\").  \n\nAs previously announced, Petromanas intends to make a special distribution to shareholders as a return of capital (the \"Distribution\").  The Distribution will be funded primarily from the net proceeds of the Transaction but will also include approximately US$3 million of working capital.  Petromanas anticipates that an aggregate of up to US$43 million will be available for distribution to shareholders which, subject to currency exchange fluctuations, would result in a distribution to Petromanas shareholders of approximately CAD$0.08 to CAD$0.085 per share based on current exchange rates. The Company expects to confirm the final amount of the Distribution in late April and announce the record date for the Distribution in May following determination of post-closing adjustments under the sale and purchase agreement relating to the Transaction.\n\n2015 Year-End Financial Results\n\nThe Company today also announced that it has filed its financial statements and related Management's Discussion and Analysis (\"MD&A\") for the year ended December 31, 2015 on SEDAR. The financial statements and MD&A will be available on the Company's website at www.petromanas.com or at www.sedar.com.\n\nAbout Petromanas Energy Inc.\n\nPetromanas Energy Inc. is an international oil and gas company with exploration assets in France, including two explo...