Mr. Chris Bruijnzeels reports

SHAMARAN ANNOUNCES PAYMENT FOR ATRUSH OIL DELIVERIES

TAQA Atrush BV, operator of the Atrush block, has received $18.9-million (U.S.) on behalf of the Atrush co-venturers, including Shamaran Petroleum Corp., from the Kurdistan regional government composed of payments of $14-million (U.S.) for March, 2018, crude oil deliveries from the Atrush licence to the export market and of $4.9-million (U.S.) of the Atrush feeder pipeline cost and Atrush development cost loan repayments, which were due in June, 2018. These funds will be shared between the Atrush co-venturers according to the terms of the agreements.

About Shamaran Petroleum Corp.

Shamaran Petroleum is a Kurdistan-focused oil development and exploration company with a 20.1-per-cent direct interest in the Atrush oil discovery. As announced in Shamaran's June 4, 2018, news release, the company has signed an agreement with Marathon Oil KDV BV to acquire its 15-per-cent interest in the Atrush block. The Atrush block is currently undergoing an appraisal and development campaign. Production from Atrush commenced in July, 2017.

Shamaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the Nasdaq Stockholm First North Exchange (Sweden) under the symbol SNM. Pareto Securities AB is the company's certified adviser on Nasdaq Stockholm First North.