• Operational and Financial Highlights 1st Quarter 2012

    15.05.2012

    Baar, Switzerland, May 15, 2012

    Manas Petroleum Corp. ("Manas") (TSX-V: MNP; OTCBB: MNAP) has filed its quarterly report on Form 10-Q for the quarter ended March 31, 2012 on EDGAR and on SEDAR. (www.sedar.com or www.sec.gov). The following provides you with a review of some of the highlights:

    Highlights Q1 2012

    • Tajikistan: Production Sharing Agreement ratified on May 7, 2012
    • Seismic continuing and drilling under preparation
    • Mongolia: Passive seismic started, contract for 2D seismic signed and contract for drilling under negotiation -- 2 back-to-back wells planned for 2012, spud In July due to rig availability 
    • Albania: Drilling preparation, spud first well in second quarter (rig arrived in the country beginning of May) 

    Operations Review

    Mongolia

    During the first quarter of 2012, our Mongolian subsidiary, Gobi Energy Partners LLC, continued with the integration and interpretation of seismic data acquired in 2011. Gobi is currently focusing on six areas with 15 prospects. A passive seismic campaign using low-frequency spectroscopy was started in April to assist in ranking the prospects. A 2D seismic campaign (vibroseis) to acquire 321 km is planned for June 2012; this seismic is partly detailed seismic over some prospects and the outstanding part in the eastern part of Block XIII, which could not be acquired anymore last year in November due to adverse seasonal weather conditions. The seismic will be acquired by the same contractor as 2011 and the contract has been signed. Mobilisation of the crew is planned for May. The drilling tender was closed and Gobi proposes to sign a contract in May. Spudding scheduled for July, subject to rig availability. Gobi intends to drill two wells back-to-back. The contract has an option for drilling additional wells 2013.

    Tajikistan

    Our Tajik subsidiary, Closed Joint Stock Company Somon Oil, continued with the compilation and integration of its technical database. As of March 31, 2012, a total of 793.6 km of 2D seismic has been recorded, and processing and interpretation are ongoing. Somon Oil finalized the acquisition of a total of 871 km 2D seismic subsequent to March 31, 2012. Drilling planning for the first two wells is ongoing. Preliminary well designs and well budgets have been prepared.
    On May 7, 2012 the Government of the Republic of Tajikistan ratified the Production Sharing Agreement with Somon Oil. Under the terms of the Production Sharing Agreement, Somon Oil is granted the exclusive right and authority to carry out all petroleum exploration, development and production activities in the contract area for a term of 30 years (with the right, under specified circumstances, to renew for up to two additional five year periods). The agreement provides for a framework within which exploration, development and production activities will be planned, conducted and paid for and it determines how funds invested by Somon Oil will be recovered and how profit oil will be shared between the government and Somon Oil.
    Santos International Ventures Pty Ltd ("Santos"), a wholly owned subsidiary of Santos Limited, holds an option pursuant to which it can acquire a 70% interest in Somon. The ratification of the PSA was the last step for Santos to exercise its option to farm in pursuant to the option agreement signed between DWM Petroleum AG, a 100% subsidiary of Manas, Santos and Anawak on December 10, 2007. The Santos option will expire if it is not exercised within three months of the award of the Agreement.

    Kyrgyzstan (25% interest in CJSC South Petroleum Company)

    During the first quarter of 2012, South Petroleum Company, in which we own a 25% minority equity interest, provided support for drilling planning and seismic operations in Tajikistan. South Petroleum Company recorded 24km of 2D seismic in the Tuzluk Block as part of the Tajik seismic survey. Unification and update of resource evaluation of all Kyrgyz prospects and leads are still ongoing.

    Albania (31.7 % equity interest in Petromanas Energy Inc.)

    Petromanas is entering the operational phase of its drilling program on its Albanian properties. A drilling contract has been signed with KCA Deutag and three wells are planned to be drilled this year. Due to availability of the rig, Petromanas plans to spud the first well in the second quarter. Petromanas farmed out 50% of its interest to Shell.
    More details on www.petromanas.com. 

    Financial Status at year end 2011

    Condensed Statement of Operations, USD Q1 2012 Q1 2011
    General & Administration 1'108'004 696'422
    - of which Personnel 695'415 367'002
    Consulting 413'796 259'682
    Exploration 277'515 253'540
    Total Operating Expense 1'799'315 1'209'644
         
    31.7% Shareholding in Petromanas    
    - Fair Value 45'135'883 29'366'063
    - Change in Fair Value 15'769'820 (8'620'257)

    Total operating expense increased in all segments. Personnel cost mainly increased due to higher stock-based compensation expense and additional technical employees. Consulting cost mainly increased due to investor relations activities and professional fees for tax advice. Exploration cost increased due to higher exploration activities in Mongolia.

    The increase in fair value of Petromanas (TSX-V: PMI) of $15,135,883 is mainly due to the share price appreciation from CAD 0.155 at the beginning of the year to CAD 0.23 at March 31, 2012.

    Net income for the three-month period ended March 31, 2012 was $13,992,917 as compared to net loss of $(9,876,323) for the same period in 2011.

    Liquidity and Capital Resources, USD 03.31.2012 12.31.2011
    Cash and Cash Equivalents 10'702'789  13'629'370
    31.7% Shareholding in Petromanas 45'135'883 29'366'063
    - Eligible for Resale 32'288'228 16'678'651
    Total Shareholders' Equity 55'952'711 41'621'337

    About Manas Petroleum Corp. 
    Manas Petroleum is an international oil and gas company with primary focus on exploration and development in South-Eastern Europe, Central Asia and Mongolia. In Albania, Manas participates in a 1.7 million acre exploration project through its equity interest in Petromanas Energy Inc., a Canadian public company. In the Kyrgyz Republic, Manas has signed a US$54 million farm-out agreement with Santos International Holdings Pty Ltd., a subsidiary of Australia's third largest oil and gas company. In addition to the development of its Kyrgyz Republic project, Santos is developing the company's neighboring Tajikistan licenses under an option farm out agreement. In Mongolia, Manas owns record title to the two Production Sharing Contracts covering Blocks XIII and XIV through its wholly-owned subsidiary DWM Petroleum AG, but 26% of the beneficial ownership interest in these blocks is held in trust for others. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

    For further information please contact: 
    Roger Jenny 
    Corporate Secretary 
    Manas Petroleum Corp. 
    Bahnofstr. 9, P.O. Box 155 
    CH-6341 Baar, Switzerland 
    Phone: +41 44 718 1030 
    Fax: +41 44 718 1039 
    Email: info@manaspete.com 
    Web: www.manaspete.com 

    Cautionary Note: Information provided in this Press Release pertaining to the exploration projects in the Kyrgyz Republic and Albania has been provided to Manas Petroleum Corporation by the operators of those projects, with which Manas Petroleum deals at arms length, and is included in this Press Release in an effort to share that information with the public. Although Manas Petroleum has no reason to doubt the accuracy of this information, it expressly disclaims responsibility therefor and makes no representation or warranty that it is complete or correct. Forward-Looking Statement Disclaimer This press release contains forward-looking statements. Forward-looking statements are projections of events, revenues, income, future economic performance or management's plans and objectives for future operations. In some cases you can identify forward-looking statements by the use of terminology such as "may", "should", "anticipates", "believes", "expects", "intends", "forecasts", "plans", "future", "strategy", or words of similar meaning. Forward-looking statements in this press release include statements about Manas' plans to acquire seismic data and drill in Mongolia, including its plans to spud the first of two back-to-back wells in July, its expectation that the ratification of the PSA in Tajikistan was the last step for Santos to exercise its farm-in option, and its expectations about Petromanas' plans to spud the first of three wells in the second quarter. While these forward-looking statements and any assumptions upon which they are based are made in good faith and reflect current judgment regarding the direction of Manas' business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this press release. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks presented by the market price and volume of trading in shares of Petromanas Energy Inc., field conditions and the risks described in Manas' periodic disclosure documents filed on SEDAR and EDGAR, copies of which are also available on the company's website at www.manaspetroleum.com. Any of these risks could cause Manas' or its industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Except as required by applicable law, including the securities laws of the United States and Canada, Manas does not intend to update any of the forward-looking statements to conform these statements to actual results.

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