Mr. Garrett Soden reports

SHAMARAN CORPORATE UPDATE

Shamaran Petroleum Corp. has granted incentive stock options to certain officers, employees and other eligible persons of the company to acquire 29.4 million shares of the company at an exercise price of 6.3 cents per share. The options are exercisable, subject to vesting provisions, over a period of five years. Shamaran has also granted 19.75 million restricted share units at a price of 6.3 cents to certain officers, employees and other eligible persons of the company. The restricted share units will vest over three years.

About Shamaran Petroleum Corp.

Shamaran Petroleum is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The company is listed in Toronto on TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker SNM). Shamaran Petroleum is part of the Lundin Group of Companies.