Maha Energy AB (publ) ("Maha" or the "Company") November Production Volumes

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

Press release
Stockholm
December 3, 2019

Maha Energy AB (publ) ("Maha" or the "Company") November Production Volumes

Production Volumes

The Company's aggregate sales production for the month of November totaled 78,690¹ barrels of oil and 67.628 million scf of gas for a combined average production of approximately 2,999 BOE/day², before royalties and taxes.

Production at the Tie Field was restricted during the month due to continued commissioning work on the Gas to Wire (GTW) equipment. Further, production was affected at the Tie Field during the month due to a three day Petrobras strike (restricting deliveries to the Petrobras delivery stations) along with a 24 hour shut down of the Tie Processing Plant due to an electrical fault in the Production Logic Control (PLC) System, which has subsequently been repaired.

¹Subject to minor standard industry adjustments at the time of custody transfer.
²Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

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 (EVP)
Tel: [phone]
Email: [e-mail]

Miscellaneous

The information was submitted for publication through the agency of the contact persons set out above on December 3, 2019, at 11:00 p.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 Growth Market 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.

Important Information

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Attachment

• 2019-12-03 Production Numbers Update (https://ml-eu.globenewswire.com/Resource/Download/bb2356c2-30f6-4c61-bcba-32f95395483b)