Petromanas Energy Inc. has entered into a Sale and Purchase Agreement with Shell Upstream Albania B.V., a wholly-owned subsidiary of Royal Dutch Shell plc, pursuant to which Shell has agreed to acquire all of Petromanas’ Albanian assets for aggregate gross proceeds of US$45 million (subject to closing adjustments).

The Proposed Transaction is expected to close on or about March 15, 2016 and is subject to customary closing conditions including applicable regulatory approvals, as well as Petromanas shareholder approval.