Stubos Capital president George Stubos founded created Shaman Energy Inc. Stubos conducted over 20 expeditions to Mongolia building a relationship and working closely with the Mongolian government officials of MRAM (Mineral Resource Authority of Mongolia). Stubos spent much of this time in Ulaanbaatar but also traveled the countryside getting to know the people, culture and way of Mongolian life. This first hand, on the ground experience helped greatly in his business endeavors there. Parliament in association with the MRAM awarded Shaman Energy with a Production Sharing Contract (PSC) for Block XV1, which is home to the Nyalga Basin, in 2007. This unprecedented awarding of exploration rights was almost unheard of in Mongolia, not to mention to a small Canadian energy company.
Shaman Resources was renamed Panasian Petroleum Inc. Under Stubos leadership, successfully conducted a systemic program on Block XVI over the Nyalga Basin. In 2009 Ivanhoe Energy, backed by notable C.E.O Robert Friedland, acquired the entire company via corporate takeover.