OilVoice - Manas Announces Management Reorganization

Manas Announces Management Reorganization

Wednesday, February 18, 2009

With the principal objective of streamlining management and minimizing G&A costs to ensure the company’s long-term viability Manas Petroleum Corp announces the reorganization of its Board and Management structure, effective as of February 1, 2009.

Thomas Flottman has resigned as CEO and will act as Technical Advisor to the Board; hence Manas continues to benefit from his extensive experience as a former Santos Manager and Geologist.

Erik Herlyn, Manas Petroleum’s current Chief Operating Officer has been appointed Chief Executive Officer. Mr. Herlyn managed Manas` operations in 5 countries since 2007 and most notably spear-headed our successful Chilean farm-out. Before Erik Herlyn joined Manas he was running major consulting assignments in the hydrocarbon and finance industries for KPMG, BearingPoint and Capgemini.

Peter-Mark Vogel, has resigned from his position of Executive Director, Finance, but will continue to act in an advisory capacity to the board.

Commenting on the recent reorganization Mr. Herlyn commented. “This reorganization is part of a dramatic cost cutting initiative which I am confident will improve considerably our long-term viability. I think it is important to emphasize that drilling is still expected to commence in Central Asia in the next quarter. In the meantime we will concentrating on farming out our Albania exploration assets and further develop our Mongolia project while the Tranquilo, Chile project is managed by our other very capable farm-out partners.”

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