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GlobeNewswire
104 Leser
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ShaMaran Petroleum Corp: SHAMARAN ANNOUNCES 25% INCREASE IN ATRUSH RESERVES ESTIMATES

VANCOUVER, BRITISH COLUMBIA - ShaMaran Petroleum Corp. ("ShaMaran" or the
"Company") (TSX VENTURE: SNM) (OMX: SNM) is pleased to report an increase by
25% in estimated Proven plus Probable ("2P") Oil Reserves for the Atrush block
as of December 31, 2017 after accounting for Atrush 2017 production. 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 NI 51-101 and Canadian Oil and Gas Evaluation
Handbook (COGEH). 

Chris Bruijnzeels, President and CEO of ShaMaran, commented: "These year-end
reserve estimates demonstrate the world class nature of the Atrush field. 
Total Field Proven plus Probable ("2P") Reserves on a property gross basis for
Atrush increased from 85.1 MMbbl to 102.7 MMbbl which, when 2017 Atrush
production of 3.4 MMbbl is included, represents an increase of 25 percent.
Total Field Unrisked Best Estimate Contingent Oil Resources ("2C") on a
property gross basis for Atrush remained essentially the same at around 296
MMbbl, resulting in an overall increase in Atrush best estimate resources of
5%. Our 2018 work program aims to move more of the contingent resources into
reserves." 

McDaniel's estimates reflect the encouraging production results from the Atrush
field following start of production in July 2017, as well as the positive
drilling results of Chiya Khere-7 well which found the top of the reservoir 114
meters higher to prognosis. McDaniel's reserves estimates assume that four
extra production wells will be drilled to further develop the medium gravity
oil in the reserves area of the field, increasing medium oil recovery. Reserves
associated with the heavy oil extended well test planned in 2018 for the Chiya
Khere-6 well have also been included. Reserves which were included in
McDaniel's previous estimate for heavy oil production from the wells currently
producing have now been transferred to Contingent Resources because production
to date has shown no indication of heavy oil. 

(1)     This estimate of remaining recoverable resources (unrisked) includes
contingent resources that have not been adjusted for risk based on the chance
of development. It is not an estimate of Volumes that may be recovered. 

(2)     Boe may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 Mcf per 1 Bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. 

The Company's crude oil reserves as of December 31, 2017 and the respective net
present values of the reserves based on forecast prices and costs were
estimated to be as follows, based on the Company's working interest of 20.1
percent: 

Company Estimated Reserves
as Of December 31, 2017

         Proved    Proved     Total  Probab     Total    Possib   Total Proved, 
        Develope  Undevelop  Proved    le     Proved &     le       Probable &  
           d         ed                       Probable              Possible    
--------------------------------------------------------------------------------
Light/Medium Oil (Mbbl)(1)                                                      
Gross(   4,211      3,026     7,237  12,385    19,622    12,020       31,641    
2)                                                                              
Net(3)   2,975      1,673     4,648   6,347    10,996     3,999       14,995    
Heavy Oil (Mbbl)(1)                                                             
Gross(     -         282      282     745       1,026     685         1,711     
2)                                                                              
Net(3)     -         181      181     394       575       236          811      

Notes:

(1)   The Atrush Field contains crude oil of variable density. Fluid type is
classified according to COGEH: Light/Medium Oil is based on density less than
920 kg/m3 and Heavy Oil is between 920 and 1000 kg/m3. 

(2)   Company gross reserves are based on the Company's 20.1 percent working
interest share of the property gross reserves. 

(3)   Company net reserves are based on Company share of total Cost and Profit
Revenues. Note, as the government pays income taxes on behalf of the Company
out of the government's profit oil share, the net reserves were based on the
effective pre-tax profit revenues by adjusting for the tax rate. 

Company Estimated Share of Reserves net Present Values (1)(2)(3)(4)(5)(6)
as of December 31, 2017

         Net Present Value (US $1,000) Discounted At         
                                        0%       5%      10%      15%      20%  
--------------------------------------------------------------------------------
Proved Developed Producing Reserves   74,837   70,851   67,411   64,411   61,767
Proved Undeveloped Reserves           46,383   37,281   30,259   24,752   20,370
Total Proved Reserves                121,219  108,132   97,671   89,163   82,138
Probable Reserves                    258,356  188,154  141,583  109,559   86,842
Total Proved Plus Probable Reserves  379,576  296,286  239,254  198,722  168,979
Possible Reserves                    110,097   72,671   53,784   42,909   35,872
Total Proved, Probable Plus          489,672  368,957  293,038  241,630  204,852
 Possible Reserves                                                              
                                                                                

Notes:

(1)     Based on a 20.1 percent Company working interest.

(2)     Based on forecast prices and costs at January 1, 2018

(3)     Interest expenses and corporate overhead, etc. were not included.

(4)     Possible delays in receiving revenue payments have not been
incorporated. 

(5)     The net present values may not necessarily represent the fair market
value of the reserves. 

(6)     The net present values in the table above are exclusive of the
following recoverable assets due to ShaMaran as of December 31, 2017: 

·        Atrush Development Cost Loan (due from KRG) of $16.018 million

·        Atrush Feeder Pipeline Cost Loan of $9.751 million

·        Accounts receivable on Atrush deliveries of $13.957 million

The reserves and net present values were estimated using forecast prices and
costs. The sales oil price was based on the McDaniel January 1, 2018 Brent
price forecast. McDaniel's estimates include a discount to Brent crude oil to
account for quality differential, marketing fees and pipeline tariff for export
via Ceyhan in Turkey based on the most recent sales agreement with the KRG. 

The Company's crude oil and natural gas contingent resources as of December 31,
2017 were estimated to be as follows: 

COMPANY ESTIMATED Contingent Resources (1)(2)(4)(5)
as Of December 31, 2017

                          Low         Best         High          Risked Best    
                        Estimate    Estimate     Estimate         Estimate      
                          (1C)        (2C)         (3C)                         
                      ----------------------------------------------------------
Light/Medium Oil                                                                
 (Mbbl)(3)                                                                      
Gross                    13,627       13,820       15,398           11,056      
Heavy Oil (Mbbl)(3)                                                             
Gross                    21,479       45,710       74,948           36,568      
Natural Gas (MMcf)                                                              
Gross                     5,121       9,426        14,769            471        

Notes:

(1)   Based on a 20.1 percent Company working interest share of the property
gross resources. 

(2)   There is no certainty that it will be commercially viable to produce any
portion of the resources. 

(3)   The Atrush Field contains crude oil of variable density.  Fluid type is
classified according to COGEH: Light/Medium Oil is based on density less than
920 kg/m3 and Heavy Oil is between 920 and 1000 kg/m3. 

(4)   These are unrisked contingent resources that do not account for the
chance of development which is defined as the probability of a project being
commercially viable. Quantifying the chance of development requires
consideration of both economic contingencies and other contingencies, such as
legal, regulatory, market access, political, social license, internal and
external approvals and commitment to project finance and development timing. As
many of these factors are extremely difficult to quantify, the chance of
development is uncertain and must be used with caution. The chance of
development was estimated to be 80 percent for the Crude Oil and 5 percent for
the Natural Gas. 

(5)   The contingent resources are sub-classified as "development unclarified"
with an "undetermined" economic status. 

The contingent resources represent the likely recoverable volumes associated
with further phases of development after Phase 1.  These are considered to be
contingent resources rather than reserves due to the uncertainty over the
future development plan which will depend in part on Phase 1 production
performance and the heavy oil extended well test planned for the second half of
2018 

Prospective resources have not been re-evaluated since December 31, 2013.

The Atrush Block is operated by the Abu Dhabi National Energy Company PJSC
("TAQA") and is held 39.9% by TAQA, 25% by the Kurdistan Regional Government
("KRG"), 20.1% by ShaMaran Petroleum Corp, through its wholly owned subsidiary
General Exploration Partners, Inc. ("GEP") and 15% by Marathon Oil KDV B.V., (a
wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO)). Atrush
reserves and resource estimates presented represent solely the view of ShaMaran
and its experts. 

OTHER

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 Market Act. This information was publicly communicated on February
15, 2018 at 2:30 p.m. Vancouver 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. 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. 

Reserves and resources: ShaMaran Petroleum Corp.'s reserve and contingent
resource estimates are as at December 31, 2017, and have been prepared and
audited in accordance with National Instrument 51-101 Standards of Disclosure
for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas
Evaluation Handbook ("COGE Handbook"). 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: Contingent resources are those quantities of petroleum
estimated, as of 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. 

BOEs: BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf per 1 Bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. 

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. 

         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

Attachment:
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