Mr. Garrett Soden reports

SHAMARAN CORPORATE UPDATE

Shamaran Petroleum Corp. has provided the following update on the company's previously disclosed engagement with its bondholders.

Shamaran requested a bond waiver to release cash from the debt service retention account (DSRA) and received the affirmative vote from 100 per cent of those voting, representing approximately 74 per cent of its bondholders. The waiver allows the company to use restricted cash in the DSRA to pay the bond interest and amortization obligations due on July 30, 2023. This will preserve the company's unrestricted cash during the current export pipeline and payment uncertainty in the Kurdistan region of Iraq.

Garrett Soden, president and chief executive officer of Shamaran, commented: "We appreciate the overwhelming support of our bondholders for the DSRA waiver request. The bond waiver gives us financial and operational flexibility in order to optimize the value of our assets at Atrush and Sarsang for the benefit of all stakeholders."

The DSRA waiver relates to Shamaran's 12 per cent senior unsecured $300-million (U.S.) bond 2021/2025 (ISIN: NO0011057622).

About Shamaran Petroleum Corp.

Shamaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The company holds a 27.6-per-cent working interest in the Atrush block through its wholly owned subsidiary, General Exploration Partners Inc., and an 18-per-cent interest (22.5-per-cent paying interest) in the Sarsang block through its wholly owned subsidiary, Shamaran Sarsang AS. The company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (under the ticker SNM) and is part of the Lundin Group of Companies.

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