Manas Petroleum Corp. (MNAP.OB) Posts Q1 Results

In the company’s news Friday,

Manas Petroleum Corp. reported net income of $83.0 million as compared to a net loss of $2.20 million for the first quarter of 2009. Manas Petroleum attributes the increase mainly to the $57.8 million gain from the sale of Manas Adriatic GmbH and a change in fair value of investment in associate of $28.8 million.

Manas’ operating expenses for the first quarter increased to $3.2 million as compared to $2.5 million for the same period in 2009. The company attributes the 29 percent increase to higher personnel costs and increased consulting fees.

Manas’ actual cash balance as of March 31, 2010 was $2.3 million.

The company has geological and geophysical commitments for the next year in Mongolia, amounting to $1.6 million; the company said it plans on spending $2.5 million for capital expenditures and Geological & Geophysical work.

Given the amount of cash and cash equivalents as of March 31, 2010, Manas said believes that it will be able to meet total cash requirements planned for the next 12 months.

The company also said its financial statements reflect its assumption that it would continue as a going concern, and that based on its estimated cash requirements, it believes that it has sufficient funds to continue its planned operations until April 2011.

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.