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SHAMARAN FEBRUARY 2022 PAYMENTS RECEIVED

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VANCOUVER, BC, May 31, 2022 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North Growth Market (Sweden): SNM) confirms receipt of payment for the February 2022 Atrush sales and entitlements at $31.69 million ($11.66 million net to the Company). View PDF version.

The Company is also in receipt of $3.88 million net to the Company as the next instalment for February 2022 in the Kurdistan Regional Government ("KRG") receivable repayment mechanism calculated based on the KRG's proposed amendment to the mechanism repayment terms as announced on May 13, 2021.  Today's payment reduces the KRG's outstanding receivable amount owed to the Company to $3.12 million.

OTHER
This information contains information that ShaMaran is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact persons set out below, on May 31, 2022 at 5:30 p.m. Eastern Time. Arctic Securities AS (Swedish branch) is the Company's Certified Adviser on Nasdaq First North Growth Market (Sweden) +46 844 68 61 00, certifiedadviser@arctic.com.

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.

ABOUT SHAMARAN
ShaMaran is a Kurdistan focused oil development and exploration company which holds a 27.6% interest, through its wholly-owned subsidiary General Exploration Partners, Inc., in the Atrush Block and as announced in the Company's news release of July 12, 2021 upon successful closing of the acquisition from a TotalEnergies' affiliate will then also hold an 18% interest through its then wholly-owned subsidiary TEPKRI Sarsang A/S in the Sarsang Block.

ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the Nasdaq First North Growth Market (Sweden) under the symbol "SNM" and is part of the "Lundin Group of Companies".

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SHAMARAN FEBRUARY 2022 PAYMENTS RECEIVED (CNW Group/ShaMaran Petroleum Corp.)
SHAMARAN FEBRUARY 2022 PAYMENTS RECEIVED (CNW Group/ShaMaran Petroleum Corp.)

SOURCE ShaMaran Petroleum Corp.

Cision
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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/31/c5115.html