ShaMaran Announces Payment for Atrush Oil Deliveries

VANCOUVER, Sept. 12, 2018 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the"Company") (TSX VENTURE: SNM) (NasdaqStockholm First North: SNM) reports that TAQA Atrush BV, Operator of the Atrush Block, has received USD 20.6 million on behalf of the Atrush co-venturers from the Kurdistan Regional Government ("KRG")comprised of payments of USD 15.7 million for June 2018 crude oil deliveries from the Atrush license to the export market and of USD 4.9 million of the Atrush Feeder Pipeline Cost and Atrush Development Cost loan repayments which were due in September 2018. These funds will be shared between the Atrush co-venturers according to the terms of the agreements. View PDF Version.

As the KRG has delivered regular payments for oil sales for approximately three years the Company will cease to announce its monthly receipt of payments. ShaMaran will, in its quarterly financial and operating results, continue to provide information on cash receipts.

OTHER

This is information that ShaMaran Petroleum Corp. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by the persons below at 5:30 p.m. EDT on September 12, 2018.

ABOUT SHAMARAN

ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 20.1% 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 B.V. to acquire its 15% 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". Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Pareto Securities AB is the Company's Certified Advisor on NASDAQ Stockholm First North.

FORWARD LOOKING STATEMENTS

This news release contains statements and information about expected or anticipated future events and financial results that are forward-looking innature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute andimplement its future plans. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as "may", "will","should", "expect", "intend", "plan","anticipate", "believe", "estimate","projects", "potential", "scheduled", "forecast","outlook", "budget" or the negative of those terms or similar words suggesting future outcomes. The Company cautions readers regarding the reliance placed by them on forward?looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.

Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.

SOURCE ShaMaran Petroleum Corp.