Manas Petroleum
(“Manas”) (TSX-V: MNP; OTCBB: MNAP) announces that its subsidiary,
Gobi Energy Partners LLC., plans to spud its second well in Mongolia on September 20, 2012.

Although Gobi Energy had
originally planned to drill its first well – Ger Chuluu A1 – to a depth of
1,200 meters, it stopped drilling at a depth of 1098 meters without having
encountered any seal. Well costs should amount to approximately USD 1.1 million.  Gobi Energy had also planned to drill
its second well – East Sainshand A1 – in another sub-basin of the East Gobi
Cretaceous basin, which is located approximately 170 kilometers away from Ger
Chuluu, but management has decided to drill a second well in the Ger Chuluu
sub-basin before moving to  East Sainshand A1 .  Management believes
it is important to have a conclusive evaluation of the Ger Chuluu sub-basin and
a high degree of comfort that Gobi Energy is not leaving untapped potential
behind.

Goby Energy drilled
Ger-Chuluu A1 in an effort to prove the extent of the Zuunbayan sub-basin
petroleum system.  The well was based on detailed 2D seismic associated
with a passive seismic survey and was drilled on top of the structure. Both
Lower Cretaceous source rocks and reservoirs were documented in the vicinity by
outcrop studies. One of the key assumptions of the model was the continuity of
the source/seal formation (Zuunbayan formation) over the structure – as
indicated in outcrops. Unfortunately the inversion of the targeted anticline
proved to be higher than expected. Only a few meters of shale were encountered
by Ger Chuluu A1 and therefore the well-developed reservoirs of the Lower
Cretaceous Tsagaantsav formation were water bearing, although Gobi Energy did
find some indication of remnant oil.

In locating the second well
– Ger-Chuluu D1 – Gobi Energy has considered the lessons learned from
Ger-Ghuluu A1 and is targeting a mixed stratigraphic-structural trap on the
eastern flank.  Gobi Energy intends to drill this well to a total depth of
650 meters at a cost of approximately USD 0.7 million.

“To depart from the
Ger Chuluu sub-basin without having a conclusive test of its potential,
especially after considering the knowledge we gained from Ger Cherluu A1, would
not fit our Mongolian exploration strategy for the East Gobi Basin,” said Werner Ladwein, President of Manas Petroleum.

Gobi Energy”s plans to
drill East Sainshand A1, located 170 kilometers away, during the current year
will now depend mainly on a smaller seasonal window.

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 Kyrgyz Republic,
Manas has signed a US$54 million farm-out agreement with
Santos International, a subsidiary of one of Australia“s largest oil and gas companies. In addition to
the development of its Kyrgyz Republic
project, Manas participates in an oil and gas exploration project in
neighboring Tajikistan through its subsidiary
Somon Oil; Santos has exercised its option to farm in. In Mongolia, Manas owns 74% working interest in two
Production Sharing Contracts covering Blocks XIII and XIV through its
wholly-owned subsidiary Gobi Energy Partners GmbH.

Sept. 19, 2012
/PRNewswire/