petromanasGlenn McNamara's Petromanas Energy had its heaviest volume day in history Tuesday. Over 59 million PMI shares traded hands, closing at $.13, up 13%, after the company announced positive testing results at their Shpirag-2 well yesterday (Read: Petromanas and Shell strike oil deep in Albania).

Petromanas also announced this morning that Heinz J. Scholz and Werner Ladwein have resigned from PMI's board of directors, effective immediately, citing other commitments. Mr. Scholz and Mr. Ladwein are also officers of Manas Petroleum, which vended in PMI's Albanian assets in 2010.

Insider filings for Petromanas show that DWM Petroleum AG, a subsidiary of Manas, sold 46 million shares in Petromanas today (39 million shares at $.12, and another 7 million shares at $.13), leaving DWM with 50 million shares, according to data compiled by INK Research. DWM will not sell their remaining position for at least 60 days, according to a Petromanas news release. Additionally, certain PMI directors and officers acquired an aggregate of 15,669,500 shares on Tuesday.

“We understand DWM required funding for other business opportunities,” said Mr. Glenn McNamara, CEO of Petromanas.  “We believe this overhang on the stock was effectively absorbed by the market and the participation of senior management and the Board is a reflection of our confidence in the Company and the Shpirag-2 test results.”

Oil and Gas analysts appear to be encouraged by PMI's results in Albania. MGI Securities raised their 12 month price target on PMI from $.20 to $.45. Salman Partners indicated that the results give additional confidence to future drilling in the area. Salman maintained their SPECULATIVE BUY recommendation and $.50 price target on Petromanas.

The company is finishing up a 450km seismic survey, and is currently drilling the Molisht-1 well, with results from that well expected in Summer, 2014.

Here's the weekly PMI chart:

PMI.V_Weekly_11.5.2013 (1)

Click to enlarge.

Read more: petromanas.com

Disclaimer: Exploration stocks such as Petromanas Energy (PMI) are extremely risky. This is not advice or a recommendation to buy shares in any company. We own a position in PMI and are biased. Always do your own due diligence.