ShaMaran Petroleum Corp.: SHAMARAN
PETROLEUM ANNOUNCES $50 MILLION PRIVATE PLACEMENT
ShaMaran Petroleum Corp. ("ShaMaran" or the
"Company") reports that, subject to regulatory approval, it will
carry out a non-brokered, private placement of up to an aggregate of 125
million common shares of the Company at a price of $0.40 per share for gross
proceeds of up to Cdn $50 million. Shares
issued pursuant to the private placement will be subject to a four month hold
period.
A 4% finders� fee may be payable in cash on all or a
portion of the private placement.
Net proceeds of the private placement will be used
towards ongoing development, appraisal and exploration work on the Company�s
projects in Kurdistan as well as for general working capital purposes.
About ShaMaran
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration
vehicle with four projects in the region: the Pulkhana
development/appraisal block, the Atrush oil
discovery, and the Arbat and Taza
exploration blocks. These projects are nearby and on trend to existing fields
and recent discoveries.
Kurdistan lies within the northern extension of the
Zagros Folded Belt. The area is highly underexplored and is currently
undergoing a significant exploration and development campaign by over 30 mid to
large size international oil companies.
ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture
Exchange under the symbol "SNM" as well as NASDAQ OMX First North
under the symbol "SNM".
On behalf of the Board,
Pradeep Kabra,
President and CEO
Certain statements made and information contained in
this press release constitute �forward-looking
information� (within the meaning of applicable Canadian securities
legislation), including statements about expected or anticipated future events
and financial results that are forward-looking in nature. Forward-looking
statements include, but are not limited to, statements with respect to
estimates of reserves and or resources, future production levels, future
capital expenditures and their allocation to exploration and development
activities, future drilling and other exploration and development activities,
ultimate recovery of reserves or resources and dates by which certain areas
will be explored, developed or reach expected operating capacity.
Forward-looking statements 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, 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. Actual results may differ materially
from those projected by management. Further, any forward-looking statements are
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 to 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 managem ent 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 statements.
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.
ShaMaran Petroleum's Certified Advisor on NASDAQ OMX First North is E. �hman J:or Fondkommission
AB (part of the Pareto Securities Group).