Albanian Oil & Gas: PETROMANAS ENERGY INC (PMI.TSXV) UPDATE REPORT

By Richard Reinhard, Growth Stocks Weekly

Following in the Footsteps of Bankers Petroleum

Last month we issued an update on Petromanas, our favourite exploration stage oil and gas company. The company had just raised $75 million, issuing 187.5 million units at a price of $0.40 per unit. Quantum Partners (part of George Soros’ fund management empire) subscribed for 72.5 million units, and Columbia Wanger Asset Management subscribed for a total of 65 million units. They obviously like Petromanas for its focus on high impact exploration onshore Albania, and maybe the fact that fellow Albania-located Bankers Petroleum has been hugely successful in those same Albanian oil fields.

Interestingly, the similarity doesn’t end there, as investment banker / advisory Endeavour Financial Group was behind the formation of both Bankers and Petromanas, providing both deals with their initial publicly-traded shell and investment capital. Bankers has performed very well indeed over the last 6 years – a 10-bagger. We see so many similarities, that we wondered …is Petromanas capable of similar performance?

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