Mr. Elvis Pellumbi 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 26.54 million shares of the company at an exercise price of five cents per share. The options are exercisable, subject to vesting provisions, over a period of five years. Shamaran has also granted 41.11 million restricted share units at a price of five 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 is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The company indirectly holds an 18-per-cent working interest (22.5-per-cent paying interest) in the Sarsang block and, subject to closing the previously announced transaction, will increase its indirect 27.6-per-cent working interest in the Atrush block to 50 per cent. The company is listed in Toronto on the TSX Venture Exchange and in Stockholm on the Nasdaq First North Growth Market (ticker SNM). Shamaran is part of the Lundin group of companies.