Mr. Pradeep Kabra reports

SHAMARAN FILES PRELIMINARY SHORT-FORM PROSPECTUS FOR RIGHTS OFFERING

ShaMaran Petroleum Corp. has filed a preliminary short-form prospectus in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia relating to an equity rights offering of rights to subscribe for common shares of ShaMaran for gross proceeds of up to $75-million. The corporation has also filed a prospectus relating to the rights offering with the Swedish Financial Supervisory Authority.

As previously announced on Oct. 15, 2014, the rights offering is supported by a comprehensive equity support arrangement with major shareholders Lorito Holdings Sarl, Zebra Holdings and Investments Sarl (1) and Lundin Petroleum B.V., which hold a combined 25.9 per cent of the total outstanding common shares. The proceeds of this financing will augment the financing required for the development of the corporation's oil discovery on the Atrush block in the Kurdistan region of Iraq.

The record date and the expiry date for the rights offering, the number of rights required to purchase one common share, and the subscription price payable for one common share will be determined at the time of filing a final short-form prospectus. The rights are expected to be listed for trading on the TSX Venture Exchange and the Nasdaq First North in Stockholm and will be exercisable for at least 21 days following the date of mailing to shareholders of the final prospectus and for a period no shorter than 14 days following commencement of the subscription period as regards shareholders with common shares registered in Euroclear Sweden, following which time any rights not exercised will expire, be void and will have no value.

The right to subscribe for all of the common shares that can be initially purchased upon exercise of all rights held by a rightsholder is referred to as the basic subscription privilege. A rightsholder who has exercised in full its basic subscription privilege will be entitled to subscribe for additional common shares on a pro rata basis, if available, that were not otherwise subscribed for in the rights offering at the subscription price pursuant to an additional subscription privilege.

The completion of the rights offering is conditional upon the satisfaction of certain conditions, including the receipt by the corporation of all required approvals, including those of the applicable securities commissions or regulators, the exchange, and Nasdaq First North. A final prospectus will be published and distributed only after all required approvals have been obtained.

Before exercising rights, a rightsholder should read the final prospectus, as well as all documents incorporated by reference therein. More information about the corporation and the rights offering may be obtained free of charge by searching the corporation's profile at SEDAR or by visiting the corporation's website.

Pareto Securities AB is acting as manager of the rights offering, and the corporation has retained Georgeson Shareholder Communications Canada Inc. to act as information agent for the rights offering. Pareto is not registered as a dealer in any Canadian jurisdiction and, accordingly, will not, directly or indirectly, solicit offers to purchase or sell common shares or rights in Canada.

(1) Lorito and Zebra, which report their securityholdings as joint actors, are private corporations owned by a trust, whose settler is the estate of the late Adolf H. Lundin.

ShaMaran Petroleum's certified adviser on Nasdaq First North is Pareto Securities AB.

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