"Quantum Partners Ltd., a private investment fund managed by Soros Fund
Management, LLC, subscribed for 72,500,000 Units"

Interesting to see Soros in on Manas. Tiny posistion for him, but still great to have him backing our horse in this race. He has been betting big on E&P companies as of late.

"Quantum Partners Ltd., a private investment fund managed by Soros Fund Management, LLC, subscribed for 72,500,000 Units"

Interesting to see Soros in on Manas. Tiny posistion for him, but still great to have him backing our horse in this race. He has been betting big on E&P companies as of late.

BAAR, SWITZERLAND, May 28, 2010 (MARKETWIRE via COMTEX) -- Manas Petroleum Corporation /quotes/comstock/11k!mnap (MNAP 0.70, +0.12, +20.69%) ("Manas" or the "Company") is pleased to announce that Petromanas Energy Inc. ("Petromanas") has closed a brokered private placement of 187,500,000 units ("Units") at a price of $0.40 per Unit (the "Offering") for aggregate gross proceeds of $75,000,000. Each Unit consisted of one Petromanas common share ("Common Share") and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one additional common share of Petromanas at a price of $0.60 per share on or before May 26, 2012.

Quantum Partners Ltd., a private investment fund managed by Soros Fund Management, LLC, subscribed for 72,500,000 Units. Investment Funds managed by Columbia Wanger Asset Management subscribed for a total of 65,000,000 Units.

Pursuant to a share purchase agreement dated February 12, 2010, as amended May 25, 2010, Petromanas Energy has issued to DWM Petroleum AG ("DWM"), a wholly-owned subsidiary of Manas Petroleum, an additional 100,000,000 Petromanas common shares. DWM now has ownership and control over 200,000,000 common shares of Petromanas and the right to acquire a further 50,000,000 common shares of Petromanas. The 200,000,000 common shares represent 32.36% of the issued and outstanding common shares of Petromanas. Assuming DWM acquired the additional 50,000,000 common shares it would hold 250,000,000 common shares representing 37.42% of the partially diluted issued and outstanding shares of Petromanas.

From the going Concern section

"The company's cash and cash equivalents balance as of March 31, 2010 was $2,301,163. Based on its estimated cash requirements, it believes that it has sufficient funds to continue its planned operations until April 2011. In order to continue its operations beyond April 2011 and execute on its strategy to develop its assets, the company will require further funds and there can be no assurance that it will be able to source those funds or continue its operations."

This clearly isn’t a surprise, but it will be interesting to see how then intend to fund operations going forward. They clearly have more defined drilling prospects and resources than last year, so it will be interesting to see if they opt for debt as opposed to the usual dilution.

Also, I’m a bit annoyed that there was no mention of the political risks in the Kyrgyz Republic.I sold 2/3s of my shares when that mess started and haven’t repurchased my shares.I was hoping management might provide a little guidance on how they see that whole scenario shaking out.

O man I almost had a coronary when I looked down at my BlackBerry Bloomberg App and I see CLLZF down 87% to $.17. These markets are crazy. In hind sight I clearly missed the arbitrage opportunity of the century, but who can think that way in times of panic.

Anyways, I'm curious if anyone has a hedging strategy for dealing with CLL. As far as I know there are no derivative on the underlying security available OTC.

It would be nice to see a separation of the CEO and Chairmanship role. I think it would be beneficial to shareholders to see some real oversight over Gusella and board that exercises some real discretion with all these dilutive options.