Maha Energy AB (publ) Announce May Production Volumes

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

Press release
Stockholm
June 4, 2020

Maha Energy AB (publ) Announce May Production Volumes

Production Volumes

The Company's aggregate sales production for the month of May totaled 106,248¹ barrels of oil and 52.765 million scf of gas for a combined average production of approximately 3,711 BOE/day², before royalties and taxes.

The month of May saw increasing gas sales at Tie as a new gas end-user started taking deliveries allowing for higher oil production. Further at both Tie and Tartaruga stations, oil production was somewhat affected due to temporary surface jet pump maintenance issues which were resolved during the month. Despite the pump issues and continuing Covid-19 movement restrictions, production and off-take volumes in Brazil remain stable.

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.

For more information, please contact:

Jonas Lindvall

or

Victoria Berg

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at [e-mail] [phone]. 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 30 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, Powder River.

Attachments

• Press Release - Produktionsvolym maj SVE (https://ml-eu.globenewswire.com/Resource/Download/14eb9bb0-73a3-4ba9-956f-381447a0498c)
• Press Release - Production Numbers May ENG (https://ml-eu.globenewswire.com/Resource/Download/3ba8195d-dfff-4699-b7a6-43cc349ad759)