Maha Energy AB (publ) ("Maha" or the "Company") Announces a Number of New Appointments and Roles within its Management Team including the Addition of a New Vice President Operations

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
September 10, 2019

Maha Energy AB (publ) ("Maha" or the "Company") Announces a Number of New Appointments and Roles within its Management Team including the Addition of a New Vice President Operations

Maha is pleased to confirm a number of new appointments and roles within its management team including the addition of a new Vice President of Operations. These are part of a reorganization that will allow part of the management team to focus on the continued development of its producing assets in Brazil and others to focus on development of new opportunities for the business. The changes are:

1. Appointment of Alan Johnson - Vice President, Operations for the Maha Group

Alan graduated with a 1st Class B. Eng (Hons) from Heriot Watt University in Scotland. He is a senior oil and gas executive with more than 25 years of experience working internationally in Europe, Africa, North and South America and Australasia. His experience includes varied technical, managerial and executive roles in drilling, production, reservoir, reserves, corporate planning and asset management. Alan started his E&P career with Shell International in the Dutch North Sea. He then held positions of increasing responsibility with Shell Canada, APF Energy, Rockyview Energy, Delphi Energy, BG Australia and Caracal Energy. His last role was Vice President, Asset Management at Gran Tierra Energy managing their portfolio of assets in Colombia, Brazil and Peru. Alan is a Chartered Engineer in the UK and a Professional Engineer in Alberta.

Alan will assume direct responsibility for all operations in the Group. Alan brings with him extensive international, South American and Brazilian operations and commercial experience and will provide valuable leadership as we develop our main producing assets in Brazil.

2. New Roles for Robert Richardson as Vice President - Engineering and New Ventures for the Maha Group and Ronald Panchuk as Executive Vice President Commercial, Legal and New Business Development for the Maha Group

With the appointment of Alan, time will be freed up for the executive group to focus on a number of new business development projects Maha is reviewing. Robert will continue to provide his petroleum engineering and production optimization expertise to our operations as needed - and will be responsible for all of reservoir exploitation planning. Ron will continue in his role as legal counsel, commercial negotiator and governmental liaison for all operations as well as Secretary to the Board.

3. Appointment of Victoria Berg - Manager Investor Relations and Deputy Managing Director (Interim) of Maha Energy AB

Victoria attended the Frans Schartau Business Institute in Stockholm, where she graduated with a Project Management Diploma and Stockholm University where she studied Communication. Over the past ten years Victoria has had various roles coordinating and managing events and public/investor relations. Her most recent assignment was that of a Project Manager at Laika Consulting, a Swedish Investor Relations Firm.

With the growth of the Company and the appointment of Anders Ehrenblad as Chairman of the Board, a new position has been created to respond to the increased work load in Sweden. Working out of our Strandvägen office, Victoria will be our interim Deputy Managing Director, primarily assisting our Managing Director with administrative work as well as investor relations and related planning.

Jonas Lindvall, CEO of the Maha Group commented:

"The growth of the Company presents new and exciting challenges requiring us to expand our capabilities. It is with great pleasure I welcome Alan and Victoria to our team."

Adviser

Certified Advisor: FNCA Sweden AB, [e-mail], Telephone: [phone].

For more information, please contact:

Jonas Lindvall (CEO)
Tel: [phone]
Email: [e-mail]

or

Ron Panchuk (CCO)
Tel: [phone]
Email: [e-mail]

Miscellaneous

The information was submitted for publication through the agency of the contact persons set out above on September 10, 2019, at 6:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

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Attachment

• 2019-09-10 New Management Team (https://ml-eu.globenewswire.com/Resource/Download/e8f8d359-8bf6-439c-aecf-6f438b625778)