Mr. Elvis Pellumbi reports

SHAMARAN REPORTS INCIDENT AT SARSANG FACILITY

Shamaran Petroleum Corp. has been informed by HKN Energy Ltd., the operator of the Sarsang block in the Kurdistan region of Iraq, that an explosion occurred earlier today at approximately 7 a.m. local time at one of the production facilities in the Sarsang field.

All personnel have been safely accounted for, and no injuries have been reported. HKN has initiated a full assessment of the situation and is co-ordinating closely with local authorities and relevant stakeholders to manage the response and ensure the safety of surrounding communities.

Operations at the field have been suspended until the site is secure and a full evaluation is completed.

Shamaran and HKN are committed to the highest standards of safety and environmental responsibility and will provide further updates as more information becomes available.

About Shamaran Petroleum Corp.

Shamaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The company indirectly holds a 50-per-cent working interest in the Atrush block and an 18-per-cent working interest in the Sarsang block. 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.