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ShaMaran Reports Third Quarter 2024 Results

VANCOUVER, BC, Nov. 7, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2024.   Garrett Soden, President and CEO of ShaMaran, commented: “This is another strong quarter for ShaMaran, with the benefits of the TAQA/HKN transaction starting to show through our higher share of production and local sales at Atrush. We remain focused on minimizing our cost base and deleveraging

ShaMaran Reports Market Purchase and Cancellation of Bonds

VANCOUVER, BC, Oct. 28, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) announces the market purchase and cancellation of $2.1 million of the Company’s 12% senior unsecured bond (ISIN NO0011057622) (the “Bond”). The total outstanding amount of the Bond as of the date of this press release is $200.0 million.   ShaMaran plans to publish its financial statements for the nine months ending September 30, 2024, on November 7, 2024. Except as otherwise indicated, all currency amounts indicated as “$” in this news release are expressed

ShaMaran Reports Second Quarter 2024 Results

VANCOUVER, BC, Aug. 8, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2024.   Garrett Soden, President and CEO of ShaMaran, commented: “Our two blocks in Kurdistan continue to deliver solid EBITDAX[1] and cash flow from local market sales. The recent TAQA/HKN transaction closing will allow us to increase production and local sales at Atrush. With the bond maturity extension in

ShaMaran Closes Atrush Transaction with TAQA and HKN

VANCOUVER, BC, August 7, 2024 /CNW/ – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) has closed the acquisition of TAQA Atrush B.V. and the subsequent sale of an indirect interest in Atrush to HKN Energy IV, Ltd. announced on January 22, 2024. The two-step transaction increased the Company’s indirect 27.6% stake in the Atrush Block to a 50% working interest (66.67% paying interest) following the sale of an indirect 25% working interest (33.33% paying interest) to HKN Energy IV, Ltd. An affiliate of HKN Energy is now operator of the Atrush Block,

ShaMaran Announces Annual Meeting Voting Results

VANCOUVER, BC, June 25, 2024 /CNW/ - ShaMaran Petroleum Corp. (TSX Venture and Nasdaq First North: SNM) (“ShaMaran Petroleum” or the “Company”) held its annual general and special meeting of shareholders in Vancouver, British Columbia today, and all resolutions were passed.   Shareholders voted as follows on the matters before the meeting:   Fixing the number of Directors Shareholders fixed the number of directors at five (5) with 99.78% of shares represented at the meeting voting in favour.   Re-election of Directors Shareholders elected the following five (5) board

ShaMaran Announces Bond Tender Results

VANCOUVER, BC, June 24, 2024 /CNW/ – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) announces the positive results of the buy-back tender offer to bondholders in the Company’s 12% senior unsecured bond (ISIN NO 0011057622) (the “Bond”) previously disclosed in the Company’s news release on June 10, 2024. The Company received more than enough offers to fill the full tender amount of US$47 million, and settlement will take place on June 26, 2024. Following settlement of the tender and cancellation of the US$5.9 million in Company-owned bonds,

ShaMaran Announces Bondholder Approval and Launch of Bond Tender

VANCOUVER, BC, June 10, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) announces that a large majority of the Company’s bondholders in the 12% senior unsecured bond due July 2025 (ISIN NO 0011057622)(the “Bond”) have voted in favor of the previously announced proposal to amend the Bond as referenced in the Company’s news releases on May 21, 2024, and May 27, 2024.   The approved amendments to the Bond include a two-year extension of the maturity date to July 2027 and other financial matters that are now conditionally granted

ShaMaran Announces Bond Summons

VANCOUVER, BC, May 27, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) refers to the Company’s press release on May 21, 2024, and announces that the Company has today issued a summons for written resolution to all bondholders in the outstanding 12% senior unsecured bond due July 2025 (ISIN NO 0011057622) (the “Bond”). The summons proposes amendments to the Bond (the “Proposal”), including a two-year extension to July 2027. The Company has met with and received strong support for the Proposal from a large percentage of the

ShaMaran Corporate Update

VANCOUVER, BC, May 21, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) plans to meet with major bondholders in the Company’s outstanding 12% senior unsecured bond due July 2025 (ISIN NO 0011057622) (the “Bond”) in order to amend certain terms and extend the Bond’s final maturity by two years.   As disclosed recently in the Company’s Q1 2024 results, ShaMaran’s cash flow has improved with increased production and sales to the local market in Kurdistan. The Company expects its stronger cash generation to continue and is seeking

ShaMaran Reports First Quarter 2024 Results

VANCOUVER, BC, May 8, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three months ended March 31, 2024.   Garrett Soden, President and CEO of ShaMaran, commented: “The Sarsang and Atrush blocks performed well in Q1 2024 with the highest quarterly EBITDAX[1] since we started selling to the local market last year. We continue to focus on optimizing cash flow with our operating partners while looking to reach a

ShaMaran Corporate Update

Vancouver, British Columbia, April 25, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) announces that its Annual General and Special Meeting of Shareholders (the “Meeting”) will be held in Canada on Tuesday, June 25, 2024, at 8:00 am (Pacific Time) at 1055 Dunsmuir Street, Suite 2800, Vancouver, British Columbia, V7X 1L2 for the following purposes: 1. To receive the consolidated audited financial statements and accompanying management discussion and analysis of the Company for the year ended December 31, 2023, together with the

ShaMaran Corporate Update

Vancouver, British Columbia, March 13, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) has granted incentive stock options to certain officers, employees and other eligible persons of the Company to acquire 26,540,000 shares of the Company at an exercise price of CAD$0.05 per share.  The options are exercisable, subject to vesting provisions, over a period of five years.  ShaMaran has also granted 41,110,000 restricted share units at a price of CAD$0.05 to certain officers, employees and other eligible persons of the Company.  The

ShaMaran Reports Fourth Quarter 2023 Results

Vancouver, BC, March 6, 2024 /CNW/ – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three and twelve months ended December 31, 2023. Garrett Soden, President and CEO of ShaMaran, commented: “The Sarsang and Atrush blocks are generating significant cash flow from local sales following the closure of the Iraq-Turkey pipeline last year. We continue to work with our operating partners to increase local sales volumes, improve

ShaMaran Reports Year-End 2023 Reserves and Resources

VANCOUVER, BC, Feb. 14, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) announces its 2023 year-end reserves and resources filings.   Production from the Company’s assets in Kurdistan was impacted in 2023 by the closure of the Iraq-Turkey pipeline (“ITP”) on March 25, 2023. The ITP closure initially reduced production rates from the Sarsang Block due to market demand constraints when local sales commenced via trucking in April 2023. Production from the Atrush Block was shut-in following the ITP closure, due to a lack of

ShaMaran Operational and Financial Update

Vancouver, British Columbia, Jan. 23, 2024 /CNW/ – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) is presenting at the Pareto Securities E&P Independents Conference in London on Thursday, January 25, 2024, at approximately 2:45 p.m. Greenwich Mean Time. A copy of the presentation will be available on the Company’s website below. In advance of the presentation, the Company provides the following operational and financial update for Q4 2023. ShaMaran’s daily net production in Q4 2023 averaged approximately 9,038 bopd as summarized below: Q4

ShaMaran Acquires TAQA Interest in Atrush and Partners with HKN

VANCOUVER, BC, January 22, 2024 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) has entered into definitive agreements for a two-step transaction to increase its indirect working interest in the Atrush Block in Kurdistan from 27.6% to 50%, with HKN Energy IV, Ltd. (“HKN IV”), an affiliate of HKN Energy Ltd. (“HKN”), indirectly acquiring a 25% working interest and operatorship, subject to required approvals. Garrett Soden, President and CEO of ShaMaran, commented: “This transaction continues ShaMaran’s consolidation strategy in

ShaMaran Reports Third Quarter 2023 Results

VANCOUVER, BC, November 8, 2023 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2023. Garrett Soden, President and CEO of ShaMaran, commented: “The Iraq-Turkey pipeline has been closed for more than seven months, and it is still unclear if and when exports will resume. We are actively seeking commercial solutions for crude exports and payments. Due to the challenging situation in

ShaMaran Reports Second Quarter 2023 Results

VANCOUVER, BC, Aug. 9, 2023 /CNW/ – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (SNM: TSXV and Nasdaq First North Growth Market) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2023. Garrett Soden, President and CEO of ShaMaran, commented: “The continued closure of the Iraq-Turkey pipeline and delayed payments for past oil sales materially impacted all Kurdistan oil producers during the second quarter of 2023.  Discussions are ongoing between Ankara, Baghdad and Erbil to find

ShaMaran Corporate Update

VANCOUVER, BRITISH COLUMBIA, July 26, 2023 /CNW/ – ShaMaran Petroleum Corp. (TSX Venture and Nasdaq First North: SNM) (“ShaMaran” or the “Company”) provides 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% of those voting, representing approximately 74% 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,

ShaMaran Operational and Corporate Update

VANCOUVER, BC, July 12, 2023 /CNW/ – ShaMaran Petroleum Corp. (TSX Venture and Nasdaq First North: SNM) (“ShaMaran” or the “Company”) announces an operational and corporate update.  The Company’s operations remain heavily impacted by the continued closure of the Iraq-Turkey pipeline (“ITP”), which has resulted in either a partial or complete shutdown of many fields located in the Kurdistan region of Iraq (“KRI”). ShaMaran understands that negotiations between officials in Iraq and Turkey about re-opening the ITP started in late June and will continue in the weeks ahead. The recent

ShaMaran Announces Annual Meeting Voting Results

VANCOUVER, BC, June 22, 2023 - /CNW/ - ShaMaran Petroleum Corp. (TSX Venture and Nasdaq First North: SNM) (“ShaMaran Petroleum” or the “Company”) held its annual general and special meeting of shareholders in Vancouver, British Columbia today, and all resolutions were passed. A total of 777,529,488 common shares were voted at the meeting, representing 27.56% of the votes attached to all the outstanding common shares of the Company. Shareholders voted as follows on the matters before the meeting: Fixing the number of Directors Shareholders fixed the number of directors at six (6)

ShaMaran Corporate Update

VANCOUVER, BC, May 25, 2023 /CNW/ - ShaMaran Petroleum Corp. (TSX Venture and Nasdaq First North: SNM) (“ShaMaran Petroleum” or the “Company”) has granted incentive stock options to certain officers, employees and other eligible persons of the Company to acquire 29,400,000 shares of the Company at an exercise price of CAD$0.063 per share.  The options are exercisable, subject to vesting provisions, over a period of five years.  ShaMaran has also granted 19,750,000 restricted share units at a price of CAD$0.063 to certain officers, employees and other eligible persons of the Company.  The

ShaMaran Appoints Garrett Soden as President and CEO

May 15, 2023, VANCOUVER, BC /CNW/ – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (SNM: TSXV and Nasdaq First North Growth Market (Sweden)) ShaMaran Petroleum Corp (ShaMaran) is pleased to announce the appointment today of Garrett Soden as President and Chief Executive Officer (CEO) to replace Dr. Adel Chaouch effective immediately. Mr. Soden will also join ShaMaran’s board of directors.Garrett Soden has extensive experience as a senior executive and board member of various public companies in the natural resources sector. He is currently President and CEO of Africa Energy Corp.

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