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2017-01-30

ShaMaran Petroleum Corp. Closes CAD 36 Million Private Placement

oses CAD 36 Million Private Placement

Not for distribution to U.S. news wire services or for dissemination in the
United States.

January 30, 2017 - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSX
VENTURE: SNM) (NASDAQ First North: SNM) is pleased to announce the closing of
the private placement financing announced on January 19, 2017. The Company sold
on a private placement basis an aggregate of 360,000,000 of its common shares
at a price of CAD 0.10 (SEK 0.67) per share for gross proceeds of CAD 36
million (USD 27.3 million). After deducting brokerage fees of approximately USD
0.9 million paid to Pareto Securities, the manager and bookrunner for the
private placement, the net proceeds received by the Company were USD 26.4
million which will be used primarily to fund the Company's expenditures related
to the Atrush field development in the Kurdistan Region of Iraq as well as for
general corporate purposes.

Two insiders of the Company, Lorito Holdings S.à.r.l. and Zebra Holdings &
Investments S.à.r.l., have directly or indirectly purchased a total of
60,448,239 common shares under the private placement, constituting a "related
party transaction" as defined under Multilateral Instrument 61-101 ("MI
61-101"). These transactions are exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 by virtue of the exemptions
contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on the fact that
neither the fair market value of any common shares issued to nor the
consideration paid by such persons exceeds 25% of the Company's market
capitalization.

Shares issued pursuant to the private placement cannot be traded into Canada
before the date that is 4 months and a day after the issue date.

Chris Bruijnzeels, President and CEO of ShaMaran, commented: “We are very
pleased with the result of this private placement, which was over-subscribed.
It shows a strong market interest in the Company and should provide the Company
with the liquidity needed until we receive positive cash flow from Atrush
operations, without increasing Company debt.”

This news release does not constitute an offer to sell or a solicitation of an
offer to buy the securities described herein in the U.S., or in any
jurisdiction in which such an offer or sale would be unlawful. The securities
described herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or any U.S. state securities laws and may
not be offered or sold in the U.S. or to the account or benefit of a U.S.
person or a person in the U.S. absent registration or an applicable exemption
from the registration requirements.

This information in this release is subject to the disclosure requirements of
ShaMaran Petroleum Corp. under the EU Market Abuse Regulation and the Swedish
Securities Markets Act. This information was publicly communicated on January
30, 2017 at 7:30 a.m. Pacific Time.

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. Forward-looking information in this
press release include, among other things: the proposed use of proceeds of the
private placement. 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. The Company may elect to use the proceeds of
the private placement in a different manner than as described above if the
Company determines it is in its best interests to do so.

FOR FURTHER INFORMATION PLEASE CONTACT:

Chris Bruijnzeels
President and CEO
ShaMaran Petroleum Corp.
+41 22 560 8605
chris.bruijnzeels@shamaranpetroleum.com

Sophia Shane
Corporate Development
ShaMaran Petroleum Corp.
+1 604 689 7842
sophias@namdo.com
www.shamaranpetroleum.com

Robert Eriksson
Investor Relations, Sweden
ShaMaran Petroleum Corp.
+46 701 112615
reriksson@rive6.ch

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