Today it was announced that a new research report has been issued on Manas Petroleum by Cohen Independent Research Group. In the 34-page research report, a “Buy” rating, $1.65 short term price target, $3.75 medium term price target, and $6.56 long term price target were given to the company.

Manas Petroleum Corp. is an oil and gas exploration and development company with a diversified and balanced portfolio of assets in Eastern Europe and Central Asia which were neglected or stranded by former exploration programs. The company’s oil & gas acreage in Albania, Mongolia, Kyrgyzstan, Tajikistan and Chile have seismically and through exploration drilling defined exploration prospects of more than 7.4 billion recoverable barrels of oil equivalent (boe).

Based on current resources and expected commercialization of Manas Petroleum’s prospects, Cohen Independent Research Group forecasts theoretical revenues of $2.1 million for FYE 2010 and in excess of $2.4 billion by 2018. The research firm believes the company’s strategy to farm-out its properties should enable Manas Petroleum to reach its projections with minimal capital expenditure.

“We expect significant growth potential from Manas’s prolific Kyrgyzstan project in the short term and Albania project in the mid-term,” stated the report. “The prospects of the Company have further brightened due to strong cash balances reported in its books. This should expedite the capital expansion and commercialization of its projects.

In conclusion, Cohen Research stated, “We believe the Company’s strong management, financial capabilities, robust revenue streams and growth potential in its marketplace makes the stock a valuable investment proposition. Manas Petroleum provides an exciting long term investment opportunity.”