Petromanas Energy Inc.

Corporate Presentation
November 30, 2010

TSX-V: PMI www.petromanas.com

Cautionary Notes
This Presentation includes and is based on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which Petromanas operates, regulatory developments in Italy and internationally and changes in oil prices and in the margins for Petromanas products. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", variations of such words, and similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Petromanas' businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Petromanas believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Presentation. Petromanas is not making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither Petromanas nor any of its directors, officers or employees will have any liability to the reader or any other persons resulting from the reader's use of the information in the Presentation. Petromanas undertakes no obligation to publicly update or revise any forward-looking information or statements in the Presentation. The reader should consult any further disclosures Petromanas may make in documents it files with the applicable securities regulators. The Presentation is intended for educational and informational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed are those of the participants individually. The reader should consult with a lawyer, accountant and other professionals in respect of contents hereof.

Investment Summary
World Class Resource Potential 100% working interest in 6 onshore blocks in Albania - 1.7 million acres Exposure to significant oil resource potential in a producing basin First to compile extensive 2D seismic database and integrate with well data 14 high impact exploration opportunities identified Prospects depth from 1,300 5,200 meters; one prospect has tested light oil 100% working interest provides flexibility with respect to development options (i.e. fund alone, farm-out or JV) Active hydrocarbon system, excellent access to European markets, stable political environment, and attractive fiscal terms Management and Board combine a unique blend of local and international experience and have a track record of value creation Currently valued at< C$0.04 per boe of P50 unrisked prospective resource

Early Stage Opportunity

Strategic Flexibility The Albania Factor Proven Track Record Compelling Valuation

Capitalization Snapshot
Exchange Symbol Current Share Price Basic Shares Outstanding Market Capitalization Warrants Options Fully Diluted Share Outstanding* Current Working Capital Q3 Warrant & Option Proceeds
(*)

TSX Venture PMI C$0.41 (as of November 26, 2010) 621 million C$253 million 261 million (weighted average exercise price of C$0.50) 33 million (weighted average exercise price of C$0.30) 913 million C$ 70 million C$116 million

Includes up to 50 million common shares of Petromanas will be issued to the Vendor based on the following performance milestones: 25 million common shares upon receipt of a report prepared pursuant to National Policy 51-101 confirming 2P reserves of not less than 50 million barrels of oil equivalent (boe); and for each 50 million boe over and above the initial 50 million boe, an additional 500,000 common shares will be issued to a maximum of 25 million common shares.

Management Team
Mr. McNamara has over 30 years of oil and gas exploration and production experience in Canada, the USA, South America, and the Asia Pacific region. He received his MBA from the University of Calgary in 1988, and a B.Sc. in Mining Engineering from the University of Alberta in 1976. Mr. McNamara is a Member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta and past Governor of the Canadian Association of Petroleum Producers. From August 2005 to August 2010, he was the President of BG Canada and responsible for all aspects of BG Canada's business, including developing a growth strategy for western/northern Canada as well as Alaska. Prior to that he held several senior executive positions with Exxon Mobil/Imperial Oil Resources, Exxon Mobil Canada Energy Ltd. and Mobil Oil Canada.

Glenn McNamara
Chief Executive Officer

Hamid Mozayani
Chief Operating Officer

Mr. Mozayani has over 38 years of increasingly responsible leadership experience relating to Exploration, Drilling, Completions, Production Engineering and Production Operations in Canada, USA, Europe, Far East and Middle East. In the past 25 years he held various technical, operational and managerial positions with Mobil Oil Canada and ExxonMobil Corporations including responsibility for ExxonMobil Joint Venture drilling operations around the globe, offshore and onshore. Mr. Cummins is a Chartered Accountant with over 20 years of experience. His international background has spanned 12 years, including nearly three years as CFO of a TSX listed oil and gas company and seven years as a senior financial executive of an international joint venture. From 2001 to 2007 Mr. Cummins was the Vice President, Corporate Finance and Director of an independently owned brokerage firm, were he focused on raising capital for public and private companies, primarily in the oil and gas sector. Mr. Cummins also provided advisory services which assisted in the evaluation and acquisition of petroleum exploration permits in various countries.

Bill Cummins

Chief Financial Officer

Malfor Nuri

General Manager, Albania

Malfor Nuri has 16 years experience in the hydrocarbon industry in Albania. He held positions with the Ministry of Industry, Mineral Resources and Energy, and OMV AG. With OMV, Malfor managed several large seismic acquisition programs, permitting, logistics, licensing and site construction for drilling of three deep wells.

Albania Overview
Hydrocarbon rich Home to the largest onshore oil field in Europe Multiple active oil fields Location, location, location Excellent access to European markets Stable political environment Constitutional Democracy since 1991 Member of WTO, regional and European trade organizations NATO member Currently undertaking key steps to become EU member Favourable economics Attractive terms 10% royalty 50% profit tax 100% cost recovery Hydrocarbon law allows 100% export of crude oil
6

Petromanas Albania Assets

3 6 100% 1.7 5,700+ 14 9

Production sharing contracts (PSCs) held by Petromanas Onshore blocks covered by the PSCs

Working interest in Blocks A,B,D,E,2 & 3

Million net acres

Kilometres of 2D seismic over the 6 Blocks Giant sub-thrust structures identified on Petromanas acreage Existing oil fields on blocks 2 & 3. Includes the largest onshore oil field in Europe (P50 OOIP: 5.7 billion barrels), Patos Marinza, operated by Bankers Petroleum Ltd.**

**Petromanas has the right to explore and produce oil below and adjacent to the existing oil fields.

Sub-thrust Reservoirs
Petromanas blocks cover an oil rich fold and thrust belt (FTB) known as the Kurveleshi Belt that trends from NW to SE Albania The primary exploration targets are conventional exploration targets involving sub-thrust fractured carbonate reservoirs similar to those discovered in the 1990s in the Apennines of Italy FTBs are estimated to contain 14% of known and undiscovered global hydrocarbons and 28% of the worlds giant fields have been found in FTBs Advances in seismic imaging, structural modelling and fracture characterisation are helping to mitigate the technical risks that held back FTB exploration in the past

Blocks 2 & 3 Summary

Most of the existing oil fields in Albania are located within blocks 2 & 3
These oil fields are located 10 to 12 kilometres west of the Petromanas prospects in Blocks 2 & 3

Occidental (Oxy) operated Blocks 2 & 3 from 1998 to 2005 Area: 851,031 acres Oxy Shpiragu-1 well tested light oil from the Eocene Upper Cretaceous fractured limestones of the Ionian zone in Block 2
The Shpiragu oil discovery verified the geological model

Blocks 2 & 3 contain 9 existing oil fields in the upperthrust sheets Seismic data:
2,200 km 2D (Albpetrol, 1975 1992) 156 km 2D (Oxy 1998) 220 km 2D (Oxy 2003)

First exploration period: July 31, 2009 July 30, 2012

Blocks 2 & 3 Prospects

Shpiragu-1 well (Oxy 2001) drilled to measured depth of 5,333 meters testing sub-thrust structure
Light oil with 37o API flowed to the surface intermittently at average daily rates of 400 bbl/d during testing The well test was terminated due to choke freezing from hydrates which caused flow problems The South Shpiragu targets are shallower (top of structures 2,800 3,000 meters) The Krasi lead is even shallower with top of structure 1,000 1,200 meters

Available data indicates the Shpiragu sub-thrust structure extends south over block 3

Petromanas is currently reprocessing available data and acquiring 128 km of new 2D seismic Expected drilling cost for a Shpiragu well is US$22-24 million Shpiragu-1 Well Site

10

Blocks A & B Summary

Block B previously licensed to Shell 1994 1999 Shell abandoned the PSC in reaction to the unrest in Albania and the conflict in neighboring Kosovo Area: Block A 233,020 acres Block B 192,989 acres Seismic data:
2,440 km 2D (Albpetrol 1975 1990) 860 km 2D (reprocessed by Shell 1996) 408 km 2D (Shell 1996) 328 km 2D (reprocessed by Petromanas 2008) 189 km 2D (Petromanas 2008)

First exploration period: December 26, 2007 December 25, 2010

Minimum work commitment completed

Second exploration period: December 26, 2010 December 25, 2012

PMI has notified The National Agency of its intent to enter the second exploration period
11

Blocks D & E Summary

Blocks D&E previously licensed to Coparex 1994-2002 Coparex abandoned the PSC after being acquired by Lundin oil and entering a new PSC in the offshore Durresi Block Area: Block D 194,225 acres Block E 160,618 acres Seismic data:
310 km 2D (Coparex 1996) 773 km 2D (reprocessed by Coparex 1996) 334 km 2D (reprocessed by Petromanas 2008) 105 km 2D (Petromanas 2010)

First exploration period: December 26, 2007 December 25, 2010

Minimum work commitment completed

Second exploration period: December 26, 2010 December 25, 2012

PMI has notified The National Agency of its intent to enter the second exploration period

12

Petromanas Prospect Portfolio

Petromanas is completing the merging of original, reprocessed and newly shot 2D seismic (2010) plus integrating well data to develop a comprehensive picture of the geological trend over the acreage The currently identified 14 conventional sub-thrust prospects are being re-evaluated and quantified

13

Blueprint for Value Creation

Next Steps Complete 128 km of 2D seismic on Blocks 2 & 3 targeting existing structures Complete interpretation of new and reprocessed seismic with all existing well data Complete an update of the resource quantification based on the new data and interpretation Finalize the prospects and well locations on all blocks Plan drilling programs, obtain licenses, and finalize drilling logistics Finalize well sequence: Drill a shallow prospect in A-B or drill block D-E Determine the best well plan for Block 2-3

Other Initiatives Consider farming-out working interest or taking on a joint venture partner on certain prospects to lower the upfront capital commitment while maintaining considerable upside upon success Pursue production and low risk development acquisition opportunities in the region Further investigate the shallow oil potential on Petromanas blocks

14

Petromanas: Positioned for Success

World Class Exploration Portfolio Petromanas holds 100% working interest in 6 onshore blocks in Albania comprising 1.7 million acres Inventory of 14 prospects (one prospect already tested light oil) ranging in depth from 1,300 5,200 meters Petromanas asset portfolio has exposure to significant oil resource High working interest provides flexibility with respect to development options (i.e. fund alone, farmout, joint venture or consider other strategic initiatives)

Pure-play Albanian Exploration Company Albania has an active hydrocarbon system, excellent access to European markets, stable political environment, and attractive fiscal terms

Compelling Valuation Currently valued at less than C$0.04 per boe of P50 prospective resource*

* Gustavson Associates, LLC independent audit according to NI 51-101, December 15, 2009.

15

APPENDIX
Additional Information

16

PSC Ownership Structure

Petromanas Energy Inc.

(TSX-V: PMI)

100%

Petromanas Albania GmbH

(Switzerland)

100%

100%

100%

PSC Blocks A & B

PSC Blocks D & E

PSC Blocks 2 & 3

17

Work Commitments
Blocks 2007 2008
Geology & Geophysics

2009
US$400,000 US$120,000 US$1,583,270 US$2,103,270

2010

2011
Geology & Geophysics 1 exploration well Total Commitment

2012
US$300,000 US$6,000,000 US$6,300,000

First Exploration Period (December 2007 December 2010)

2nd Exploration Period (Dec 2010 2012)

A&B

2D seismic processing 200 km 2D new seismic acquisition 189 km Total Commitment

Bank guarantee US$2.1MM provided and released First Exploration Period (December 2007 December 2010) Geology & Geophysics US$400,000 US$150,000 US$875,000 US$1,425,000

Bank guarantee US$6.3MM required 2nd Exploration Period (Dec 2010 2012) Geology & Geophysics 1 exploration well Total Commitment US$300,000 US$6,000,000 US$6,300,000

D&E

2D seismic processing 200 km 2D new seismic acquisition 105 km Total Commitment

Bank guarantee US$1.42MM provided and US$0.55MM released

Bank guarantee US$6.3MM required

First Exploration Period (July 2009 July 2012) Geology & Geophysics US$400,000 US$100,000 US$8,000,000 US$8,500,000

2&3

2D seismic processing 150 km 1 exploration well in Block 2 Total Commitment Bank guarantee US$8.5MM required

18

Block A Jubani prospect

The Jubani prospect was identified by integrating the old seismic, well data, surface geology and new seismic acquired during 2008. The Jubani prospect lies within the sub-thrust Kruja carbonates under the Krasta-Cukali tectonic zone Targeting Kruja platform carbonate
Top of structure: 1,300 - 1,400 meters Expected drilling costs: US$5-6 million

19

Blocks B Gjurica & West Gjurica Prospects

Gjurica and West Gjurica prospects (Ionian basin carbonates) identified on the new seismic under the Kruja platform carbonate sheet The Gjurica and West Gjurica structure are respectively: 8 km x 3 km and 8 km x 4 km Top of structure: Gjurica at TWT= 2.2 seconds or 3,600 meters and West Gjurica at TWT=2.6 seconds or 3,900 meters
Targeting Ionian carbonate Expected drilling costs: US$1519 million per well

20

Blocks B Rinasi Prospect

Rinasi (Ionian basin carbonates) identified from the existing and new seismic under the Kruja platform carbonate sheet The Rinasi structure is 10 km long and 2.5 km wide Top of structure: TWT= 2.0 seconds or 3,300 meters
Targeting Ionian carbonate Expected drilling costs: US$1519 million per well

21

Block E West Rova Prospect

West Rova prospect (Ionian basin carbonates) identified from the existing Albpetrol and Coparex seismic The West Rova structure is 7.5 km long and 2.3 km wide Top of structure: TWT= 1.9 seconds or 3,700 meters
Targeting Ionian carbonate Expected drilling costs: US$1519 million per well

22

Block E Papri Prospect

Papri prospect (Ionian basin carbonates) identified from the existing Albpetrol and Coparex seismic The Papri structure is 10 km long and 4 km wide Top of structure: TWT= 2.0 seconds or 3,900 meters
Targeting Ionian carbonate Expected drilling costs: US$15-19 million per well

23

Board of Directors
Verne Johnson
Chairman
Mr. Johnson was CEO and Director of a number of independent oil companies in Canada including ELAN Energy, Chairman of Fort Chicago Energy Partners, director of Gran Tierra, Excelsior Energy, as well as a number of private companies. He has also worked for Imperial Oil and Exxon Corp. Mr. Scholz is a Physicist and Engineer , Chairman of Manas Petroleum Corp. He is founder of a number of public and private entities in the resource industries worldwide and has developed strong relationships in the Former Soviet Union and its satellite countries. Mr. Scholz plays a critical role in acquiring and negotiating the rights for major oil and gas assets. Mr. Scott has 28 years of oil industry experience. He is currently President of Postell Energy and has served as a senior officer and/or director of various publicly traded companies. He is founder and Chairman of the Board of Gran Tierra, a Director of Essential Energy Services Trust, Excelsior Energy and Tuscany International Drilling Inc. Mr. Protti has 35 years of experience in the private and public energy sectors. This includes 14 years in several executive officer roles at PanCanadian Petroleum and EnCana Corporation including marketing, operations, new ventures, offshore and international development and corporate relations. He is past Chairman of the Canadian Association of Petroleum Producers and the Canadian Chamber of Commerce. Mr. Vogel held different senior positions for financial institutions such as Bank Sal. Oppenheim, HSBC, Orbitex Finance, Societe Generale, and Merrill Lynch. He is a founding partner, former Director and CFO of Manas Petroleum Corp. Mr. Velletta is a founding partner of the law firm of Velletta & Company, Barristers, Solicitors & Notaries. Mr. Velletta serves as a Governor of the Trial Lawyers Association of British Columbia, is a member of the Canadian Bar Association and the International Institute of Business Advisors and member of other public companies. Mr. Keep currently is Executive Vice-President of Fiore Financial Corporation and also serves as an officer and/or director of several natural resource companies. He obtained his B.Sc. in Geological Science from Queen's University in 1979 and his Master's of Business Administration from the University of British Columbia in 1983 and is a Professional Geologist in the province of British Columbia.

Heinz Jurgen Scholz

Co-Chairman

Jeffrey Scott
Director

Gerard Protti
Director

Peter-Mark Vogel
Director

Michael Velletta
Director

Gordon Keep
Director

24

Key Technical Team

Mr. Cooper is a specialist in International Exploration and Structural Geology and worked with BP in UK, Canada and Columbia before joining PanCanadian and later Encana companies. He worked on the BC foothills, Western Newfoundlands, Quebec, the Scotian Shelf, Gulf of Mexico, various international exploration projects in Oman, Qatar, Yemen, Eastern Europe and Greenland.

Mark Cooper

Senior Exploration Advisor

Prof. Vilson Bare

Senior Geophysicist

Professor Vilson Bare is a geophysicist and seismic exploration expert. Mr. Bare consulted for Coparex and Shell. He held senior positions within the Albanian National Petroleum Agency (NPA later AKBN).

Arben Arapi

Senior Petroleum Geologist

Mr. Arapi held managerial and technical positions with the Albanian National Petroleum Agency (NPA later AKBN). Mr. Arapi worked closely with Occidental Petroleum (Shpiragu 1 well), OMV, INA Naftaplin and Coparex. Mr. Arapi has extensive exploration experience in the Peri Adriatic Depression and Ionian Zone in Albania.

Agim Mesonjesi

Senior Petroleum Geologist

Mr. Mesonjesi has over 25 years of oil and gas industry experience in all phases of exploration. He has worked over 7 years as a geologist and geological advisor for Occidental Petroleum Albania where he was directly involved with the Occidental Sphiragu discovery well.

25

Contact Information
Glenn McNamara CEO Bill Cummins - CFO
Suite 1720, 734-7th avenue SW Calgary, Alberta Canada T2P 3P8 Phone: +1 403 457 4400 Fax: +1 403 457 4480 Email: info@petromanas.com Website: www.petromanas.com

26