Shamaran Petroleum Corporation (PK)【SHASF】株式ニュース

ShaMaran Reports First Quarter 2026 ResultsMay 6, 2026 5:30 PM
PR Newswire (Canada) VANCOUVER, BC, May 6, 2026 /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, 2026. PDF VersionGarrett Soden, President and CEO of ShaMaran, commented: "ShaMaran had a solid start to 2026 on the back of operational strength at Atrush and higher price realizations from international export sales. Unfortunately, the Iran war has severely impacted the Kurdistan region with most international oil companies shut-in since early March. Together with our operating partner, HKN, we remain focused on ensuring the safety of personnel, reducing operating expenditures and non-critical activities while maintaining readiness to restart production when the security situation allows. In the meantime, the closure of the Strait of Hormuz has highlighted the critical importance of the Iraq-Türkiye export pipeline as an outlet for all Iraqi crude."Mr. Soden continued: "As previously announced, shareholders approved the proposals to move the Company's primary listing from Toronto to Oslo and to effect a corporate continuance from Canada to Bermuda. We will proceed with that process shortly."Corporate Highlights:On March 2, 2026, the Company announced a temporary production shut-in at both the Atrush and Sarsang blocks as a precautionary measure due to the regional security environment related to the Iran war. Other international oil companies ("IOCs") in the region have also announced temporary production shut-ins since early March, with only a fraction of the pre-Iran war oil volumes being exported from the Kurdistan Region of Iraq ("KRI") via the Iraq-Türkiye pipeline ("ITP");The Company announced on March 5, 2026, an explosion at one of the processing facilities in the Sarsang field and on April 1, 2026, an explosion at one of the storage facilities in the Sarsang field. All personnel were safely accounted for, and no injuries were reported;International oil exports from the KRI through the ITP restarted on September 27, 2025, and continue in line with the interim agreements executed between the Kurdistan Regional Government ("KRG"), Government of Iraq and IOCs, including ShaMaran.IOCs are entitled to receive export payments "in-kind" under the interim agreements, with cargoes sold by the IOC-appointed marketing firm on a regular basis and payments for the sales received approximately 30 days after each lifting. There have been no delays in receiving payment from the Iraqi State Organization for Marketing of Oil ("SOMO") as part of the interim agreements since the start of exports in September 2025.The interim agreements were extended to June 30, 2026, in order to facilitate the reconciliation of IOC invoices with the respective production sharing contracts ("PSCs") by the appointed international consulting firm. IOCs expect full PSC entitlement payment when the review is completed.On March 10, 2026, the Company announced shareholder approval for the continuance of the Company from Canada to Bermuda and the delisting of the Company's shares from the TSXV. Following the continuance to Bermuda, the Company plans to list its shares on the Euronext Growth Oslo market operated by the Oslo Stock Exchange while maintaining the Company's secondary listing on the Nasdaq First North in Stockholm. Once ShaMaran completes both transactions, the Company will no longer be incorporated in British Columbia and subject to the laws of Canada, it will cease to be listed on the TSXV, and it will no longer be a reporting issuer in any jurisdiction in Canada. ShaMaran will instead be incorporated in and subject to the laws of Bermuda.Financial Highlights:
Three months ended March 31,USD Thousands20262025

Revenue38,03135,885Gross margin on oil sales22,69812,476Net cash flow from operating activities21,42332,032Adjusted EBITDAX128,12824,465

Revenue in Q1 2026 was $38.0 million (6% higher than the $35.9 million in Q1 2025) primarily due to oil sales at international prices following the restart of pipeline exports. Production has been suspended since March 2, 2026, impacting revenue in Q1 2026;Gross margin on oil sales in Q1 2026 was $22.7 million (82% higher than the $12.5 million in Q1 2025) mainly due to Q1 2026 pipeline export sales at international pricing and lower costs due to the shut-in;Net cash flow from operating activities in Q1 2026 was $21.4 million (33% lower than the $32.0 million in Q1 2025) mainly from pipeline export interim payments. The decrease is due to timing of cash receipts for pipeline export sales, as well as higher expenditures related to drilling, debottlenecking and maintenance works on both blocks;Adjusted EBITDAX¹ in Q1 2026 was $28.1 million (15% higher than the $24.5 million in Q1 2025) due to a combination of the effects described above and lower corporate costs;At March 31, 2026, the Company had cash of $36.5 million and gross debt (corporate bond) of $143.8 million. Net debt2 was $107.2 million, andAt May 6, 2026, the Company has cash of $40.7 million and gross debt of $143.8 million. Net debt² is $103.1 million._____________________1Adjusted EBITDAX is a non-IFRS financial measure. Refer to "Non-IFRS Accounting Standards Measures" below for more information.2Net debt is a non-IFRS financial measure. Refer to "Non-IFRS Accounting Standards Measures" below for more information.Operational Highlights:
Three months ended March 31,Three months ended Dec 31,

202620252025
Average daily oil production – gross 100% field (Mbopd)

AtrushSarsang
20.615.335.329.930.227.1
Total
35.965.257.3
Average daily oil production – Company net (Mbopd)

Atrush (50%)Sarsang (18%)
10.32.817.65.415.14.9
Total
13.123.020.0
Oil sales – gross 100% field (Mbbl)

AtrushSarsang
1,8521,3573,1752,7052,7752,451
Total
3,2095,8805,226

At Atrush, average gross daily oil production in Q1 2026 was 20.6 Mbopd;At Sarsang, average gross daily oil production in Q1 2026 was 15.3 Mbopd;Average gross daily oil production from Atrush and Sarsang in Q1 2026 on a combined basis was 35.9 Mbopd (45% lower than the 65.2 Mbopd in Q1 2025) primarily due to the shut-in from the beginning of March 2026 and lower production at the Sarsang Block; Average Company net daily oil production from Atrush and Sarsang in Q1 2026 on a combined basis was 13.1 Mbopd (43% lower than the 23.0 Mbopd in Q1 2025) primarily due to the shut-in from the beginning of March 2026 and lower production at the Sarsang Block;The operator expects that Atrush will be able to produce at full capacity shortly after field operations restart. Sarsang is expected to restart at reduced capacity, with full production to be reached in phases over several months, as damage assessment is complete and repairs or modifications are made; andOperational plans for the remainder of 2026, including drilling and other capital expenditures, are contingent on the security environment in the region. The operating plans for 2026 are also contingent on the continuation of the ITP export deal reached with SOMO in 2025, including completion of the reconciliation work by the appointed international consultant and receipt of full PSC entitlement by IOCs, as well as the extension or renegotiation of the ITP agreement between Iraq and Turkey prior to its expiry in July 2026.Subsequent events:On April 1, 2026, the Company announced an explosion at one of the storage facilities in the Sarsang field. All personnel were safely accounted for, and no injuries were reported. Both the Atrush and Sarsang blocks remain shut-in due to the regional security environment, and there is no certainty as to the duration of the shut-in. HKN Energy Ltd. ("HKN"), the operator of the blocks, plans to restart production as soon as safe and secure operations are possible.Abbreviations:MbblThousand barrels of crude oilMbopdThousand barrels of crude oil per dayUSDUnited States dollarShaMaran plans to publish its financial statements for the six months ending June 30, 2026, on August 5, 2026. Except as otherwise indicated, all currency amounts indicated as "$" in this news release are expressed in United States dollars.Non-IFRS Accounting Standards MeasuresThis news release contains certain financial measures, as described below, which do not have standardized meanings prescribed by IFRS Accounting Standards or generally accepted accounting principles (GAAP). As these non-IFRS financial measures are commonly used in the oil and gas industry, the Company believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.The non-IFRS financial measures used in this news release are used by the Company as key measures of financial performance and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS Accounting Standards.The following tables set out how the non-IFRS Accounting Standards measures are calculated from figures shown in the audited condensed consolidated financial statements for the three months ended March 31, 2026, together with the accompanying notes (the "Financial Statements"):EBITDAX and Adjusted EBITDAXEBITDAX is calculated as the net result before financial items, taxes, depletion of oil and gas properties, impairment costs, the gains on acquisitions, depreciation and exploration expenses and adjusted for non-recurring profit/loss on sale of assets and other income. The Company uses EBITDAX primarily as a measure of profitability and cash generation. Adjusted EBITDAX adds back non-cash, share-based payments and non-recurring, transaction and project related expenses. A quantitative reconciliation to revenues, the most directly comparable IFRS Accounting Standards measure, is provided below:
Three months ended March 31,USD Thousands20262025Revenues38,03135,885Lifting costs(7,921)(9,434)Other costs of production(111)(127)General and administrative expense(1,871)(5,076)Share-based payments166(3,471)EBITDAX28,29417,777Share-based payments(166)3,471Non-recurring costs-3,217Adjusted EBITDAX28,12824,465Net debtNet debt is a non-IFRS financial measure calculated as total debt less cash and cash equivalents. The Company uses net debt primarily as a measure of leverage. A quantitative reconciliation to total debt, the most directly comparable IFRS Accounting Standards measure, is provided below:
At March 31,

USD Thousands20262025Outstanding principal of ShaMaran Bond (143,768)(173,143)Loan from related party-(15,600)Total debt(143,768)(188,743)Cash and cash equivalents36,52579,329Net debt(107,243)(109,414)All figures in the net debt calculation are based on their nominal value at the balance sheet date. See Notes 9, 15 and 19 in the Financial Statements.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% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.Important InformationShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on May 6, 2026, at 5:30 p.m. Eastern Time.The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, availability of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in the Company's annual information form for the year ended December 31, 2024, the MD&A and other reports on file with the Canadian Securities Regulatory Authorities that can be accessed on the Company's profile on SEDAR+ at www.sedarplus.ca. Actual future results may differ materially. 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. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Neither 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. SOURCE ShaMaran Petroleum Corp. Original: ShaMaran Reports First Quarter 2026 Results

ShaMaran Reports Fourth Quarter 2025 Results and Year-End Reserves and ResourcesMarch 4, 2026 5:30 PM
PR Newswire (Canada)

VANCOUVER, BC, March 4, 2026 /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, 2025. PDF VersionGarrett Soden, President and CEO of ShaMaran, commented: "Our year-end results demonstrate the Company's earnings potential from better international crude pricing following the reopening of the Iraq-Türkiye export pipeline, with sales and EBITDAX¹ materially higher than in previous quarters. Also, payment certainty for our oil sales has significantly improved versus previous exports, enabling ShaMaran and HKN to start investing again in our assets. The debottlenecking at Atrush has increased crude handling capacity to 40,000 bopd, and we plan to 'drill-to-fill' this capacity, depending on the regional security environment. In the meantime, we are working with the appointed international consultant to confirm our full PSC entitlement according to the federal budget agreement, and we look forward to the additional top-up payments for oil sales since pipeline exports restarted last September."Mr. Soden continued: "As previously announced, shareholders will vote on March 10, 2026, at a special meeting about our proposals to move the Company's primary listing from Toronto to Oslo and to effect a corporate continuance from Canada to Bermuda. We will continue to support the Stockholm secondary listing. Several institutional shareholders have joined the Lundin family in indicating their support for the resolutions, and we encourage all shareholders to vote in favor of these changes to attract new investors, increase trading liquidity and streamline future capital returns."Corporate Highlights:International oil exports from the Kurdistan Region of Iraq ("KRI") through the Iraq-Türkiye pipeline ("ITP") restarted on September 27, 2025, and continued uninterrupted during Q4 2025, in line with the interim agreements executed between the Kurdistan Regional Government ("KRG"), Government of Iraq and several international oil companies ("IOCs"), including ShaMaran.IOCs are entitled to receive export payments "in kind" under the interim agreements, with cargoes sold by the IOC-appointed marketing firm on a regular basis, and payments for the sales received approximately 30 days after each lifting.The interim agreements were extended to March 31, 2026, in order to facilitate the reconciliation of IOC invoices with the respective production sharing contracts ("PSCs") by the appointed international consulting firm. Payment for each participating IOC's full PSC entitlement is expected when the review is completed.In 2025, the Company repaid $56.1 million of the corporate bond and extended the maturity of the bond by two years to July 2029. The Company also repaid the $15.6 million balance of the related-party loan plus all accrued and unpaid interest.Financial Highlights:
Three months ended Dec 31,Year ended Dec 31,USD Thousands 2025202420252024Revenue54,66334,749154,869109,392Gross margin on oil sales30,51719,07665,04643,276Net cash flow from operating activities4,67134,69269,07497,965Adjusted EBITDAX139,88723,418107,07076,025 Revenue in Q4 2025 was $54.7 million (57% higher than the $34.7 million in Q4 2024) and $154.9 million for the full-year ("FY") 2025 (42% higher than the $109.4 million in FY 2024) primarily due to oil sales at international prices following the restart of pipeline exports;Gross margin on oil sales in Q4 2025 was $30.5 million (60% higher than the $19.1 million in Q4 2024) and $65.0 million for FY 2025 (50% higher than $43.3 million in FY 2024) mainly due to Q4 2025 pipeline export sales at international pricing, higher local oil sales during the year and a higher working and paying interest in the Atrush Block;Net cash flow from operating activities in Q4 2025 was $4.7 million (86% lower than the $34.7 million in Q4 2024) and $69.1 million during FY 2025 (29% lower than the $98.0 million in FY 2024) mainly due to the timing of cash receipts for pipeline export sales, as well as lower production and higher expenditures related to drilling, debottlenecking and maintenance works on both blocks;Adjusted EBITDAX2 in Q4 2025 was $39.9 million (71% higher than the $23.4 million in Q4 2024) and $107.1 million for FY 2025 (41% higher than the $76.0 million in FY 2024) due to a combination of the effects described above;At December 31, 2025, the Company had cash of $42.1 million and gross debt (corporate bond) of $143.8 million. Net debt2 was $101.6 million; andAt March 4, 2026, the Company has cash of $39.1 million and gross debt of $143.8 million. Net debt³ is $104.7 million.Operational Highlights:

Three months ended Dec 31,Year ended Dec 31

2025202420252024Average daily oil production – gross 100% field (Mbopd)

-          Atrush
30.230.032.525.5-          Sarsang
27.136.425.934.0Total
57.366.458.459.5Average daily oil production – Company net (Mbopd)

-          Atrush (27.6% until August 6, 2024; 50% thereafter)
15.115.016.29.7-          Sarsang (18%)
4.96.64.76.1Total
20.021.620.915.8Oil sales – gross 100% field (Mbbl)

-          Atrush
2,7752,76411,8439,324-          Sarsang
2,4513,2649,41812,180Total
5,2266,02821,26121,504

_______________________________________
1 Adjusted EBITDAX is a non-IFRS financial measure. Refer to "Non-IFRS Accounting Standards Measures" below for more information.
2 Net debt is a non-IFRS financial measure. Refer to "Non-IFRS Accounting Standards Measures" below for more information. At Atrush, average gross daily oil production in Q4 2025 was 30.2 Mbopd;At Sarsang, average gross daily oil production in Q4 2025 was 27.1 Mbopd;Average gross daily oil production from Atrush and Sarsang in Q4 2025 on a combined basis was 57.3 Mbopd (14% lower than the 66.4 Mbopd in Q4 2024) and 58.4 Mbopd for FY 2025 (2% lower than the 59.5 Mbopd in FY 2024) primarily due to lower production at the Sarsang Block and the impact of the drone strike in July 2025;Average Company net daily oil production from Atrush and Sarsang in Q4 2025 on a combined basis was 20.0 Mbopd (7% lower than the 21.6 Mbopd in Q4 2024) and 20.9 Mbopd for FY 2025 (32% higher than the 15.8 Mbopd in FY 2024) primarily due to a planned shutdown at the Atrush Block during the quarter as part of the central processing facility debottlenecking project, lower production at the Sarsang block and higher working interest in Atrush for FY 2025;The Company's working interest proved plus probable ("2P") reserves3 decreased from 71.5 MMbbls at December 31, 2024, to 67.1 MMbbls at December 31, 2025, primarily due to produced volumes offset by positive technical revisions, representing a replacement ratio of 42% for year-end 2025; andThe Company's working interest best estimate ("2C") contingent resource4 volumes increased from 72.2 MMbbls at December 31, 2024, to 72.8 MMbbls at December 31, 2025.Subsequent events:On March 2, 2026, the Company announced a temporary production shut-in at both the Atrush and Sarsang blocks as a precautionary measure due to the regional security environment. HKN plans to restart production as soon as possible.Abbreviations:MbblThousand barrels of crude oilMbopdThousand barrels of crude oil per dayUSDUnited States dollarShaMaran plans to publish its financial statements for the three months ending March 31, 2026, on May 6, 2026. Except as otherwise indicated, all currency amounts indicated as "$" in this news release are expressed in United States dollars.Reserve and Resource AdvisoryShaMaran's reserve and contingent resource estimates are as at December 31, 2025, and have been prepared and audited in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook ("COGEH"). Unless otherwise stated, all reserves estimates contained herein are the aggregate of "proved reserves" and "probable reserves", together also known as "2P reserves". Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.Contingent resources are those quantities of petroleum estimated, as at a given date, to be potentially recoverable from known accumulations using established technology or technology under development but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. There is no certainty that it will be commercially viable for the Company to produce any portion of the contingent resources.Contingent resources are further categorized according to the level of certainty associated with the estimates and may be sub-classified based on a project maturity and/or characterized by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the COGEH as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.This press release contains an oil and gas metric, being 2P reserves replacement ratio, which does not have a standardized meaning or a standard method of calculation and therefore such measure may not be comparable to similar measures used by other companies. This metric is commonly used in the oil and gas industry and has been included herein to provide readers with an additional measure to evaluate ShaMaran's performance. However, such measure is not a reliable indicator of the future performance of ShaMaran, and future performance may not compare to the performance in previous periods._______________________________________
3 Reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook.
4 The Company's working interest 2C contingent resources are defined as the best estimate of working interest quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.Non-IFRS Accounting Standards MeasuresThis news release contains certain financial measures, as described below, which do not have standardized meanings prescribed by IFRS Accounting Standards or generally accepted accounting principles (GAAP). As these non-IFRS financial measures are commonly used in the oil and gas industry, the Company believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.The non-IFRS financial measures used in this news release are used by the Company as key measures of financial performance and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS Accounting Standards. The following tables set out how the non-IFRS Accounting Standards measures are calculated from figures shown in the audited condensed consolidated financial statements for the three and twelve months ended December 31, 2025, together with the accompanying notes (the "Financial Statements"):EBITDAX and Adjusted EBITDAXEBITDAX is calculated as the net result before financial items, taxes, depletion of oil and gas properties, impairment costs, the gains on acquisitions, depreciation and exploration expenses and adjusted for non-recurring profit/loss on sale of assets and other income. The Company uses EBITDAX primarily as a measure of profitability and cash generation. Adjusted EBITDAX adds back non-cash, share-based payments and non-recurring, transaction and project related expenses. A quantitative reconciliation to revenues, the most directly comparable IFRS Accounting Standards measure, is provided below:
Three months ended Dec 31,Year ended Dec 31,USD Thousands2025202420252024Revenues54,66334,749154,869109,392Lifting costs(11,503)(7,881)(39,240)(25,258)Other costs of production(115)(110)(498)(281)General and administrative expense(4,592)(3,340)(12,712)(7,828)Share-based payments1,115(1,533)(4,837)(3,690)EBITDAX39,56821,88597,58272,335Share-based payments(1,115)1,5334,8373,690Non-recurring costs1,43404,6510Adjusted EBITDAX39,88723,418107,07076,025

Net debt Net debt is a non-IFRS financial measure calculated as total debt less cash and cash equivalents. The Company uses net debt primarily as a measure of leverage. A quantitative reconciliation to total debt, the most directly comparable IFRS Accounting Standards measure, is provided below:
At December 31,USD Thousands20252024Outstanding principal of ShaMaran Bond (143,768)(199,914)Loan from related party-(15,600)Total debt(143,768)(215,514)Cash and cash equivalents42,13176,801Net debt(101,637)(138,713)All figures in the net debt calculation are based on their nominal value at the balance sheet date. See Notes 17, 18 and 22 in the Financial Statements.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% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.Important InformationShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on March 4, 2026, at 5:30 p.m. Eastern Time.The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, availability of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in the Company's annual information form for the year ended December 31, 2024, the MD&A and other reports on file with the Canadian Securities Regulatory Authorities that can be accessed on the Company's profile on SEDAR+ at www.sedarplus.ca. Actual future results may differ materially. 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. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Neither 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.

SOURCE ShaMaran Petroleum Corp.

Original: ShaMaran Reports Fourth Quarter 2025 Results and Year-End Reserves and Resources