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2017-09-29

SHAMARAN ANNOUNCES ATRUSH OIL SALES AGREEMENT SIGNED

CES ATRUSH OIL SALES AGREEMENT SIGNED

September 29, 2017 (Vancouver, Canada)… ShaMaran Petroleum Corp. (TSXV, Nasdaq
First North: SNM) ("ShaMaran" or the "Company") is pleased to report that an
agreement for the sale of Atrush oil has been signed between Taqa Atrush BV.
(on behalf of the Atrush co-venturers) and the Kurdistan Regional Government
(“KRG”). Under the agreement, the KRG will buy oil exported from the Atrush
field by pipeline at the Atrush block boundary based upon the Dated Brent oil
price minus approximately $16/bbl for quality discount and all local and
international transportation costs. This discount is based on the same
principles as other oil sales agreements in the Kurdistan Region of Iraq.

Furthermore, we are pleased to report that Atrush has achieved regular export
of more than 22,000 barrels of oil equivalent per day. Production is expected
to ramp up in 2017 to the facilities’ design capacity of 30,000 barrels of oil
equivalent per day.

Chris Bruijnzeels, President and CEO of ShaMaran, commented “I am very glad
that we concluded the Sales Agreement with the KRG, which allows us to proceed
with invoicing for oil exported from the Atrush field. Furthermore Atrush is
performing according to expectations and production ramp up in Atrush is going
according to plan.”

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 14:00 Central European Time on September
29, 2017.

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. The Atrush
Block is currently undergoing an appraisal and development campaign.

ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange
and the NASDAQ First North Exchange (Stockholm) 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 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 in
nature 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 and
implement 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.

Författare Nasdaq Stockholm

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