VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 14, 2016) - ShaMaran Petroleum Corp.
("ShaMaran" or the "Company") (TSX VENTURE:SNM)(OMX:SNM) is providing the following corporate update, further to its News Release
of March 31, 2016 concerning a review by the Financial Supervisory Authority of Norway ("Finanstilsynet" or "FSAN") of the
financial reporting of General Exploration Partners, Inc. ("GEP"), a wholly owned subsidiary of the Company.
The FSAN has now informed the Company that, following its review of additional information provided by the Company, the FSAN
will not be proceeding with issuing a correction order under the Norwegian Securities Trading Act and Regulations requiring GEP
and the Company to restate certain published financial statement disclosures for the years ended December 31, 2014 and
2015. The FSAN have further advised that they will in due course issue their final letter and comments.
ABOUT SHAMARAN
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 26.8% direct interest in the
Atrush oil discovery until such time that the Kurdistan Regional Government has completed the exercise of its right to acquire up
to a 25% interest. The Atrush Block is currently undergoing an appraisal and development campaign.
ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ OMX First North Exchange
(Stockholm) under the symbol "SNM". 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. Pareto
Securities AB is the Company's Certified Advisor on NASDAQ OMX First North.
FORWARD-LOOKING STATEMENTS
This news release contains statements and information about expected or anticipated future events and financial
results that are forward-looking in nature and, as a result, 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, the 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. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be
forward-looking information. Forward-looking information typically contains statements with words such as "may", "will",
"should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast",
"outlook", "budget" or the negative of those terms or similar words suggesting future outcomes. The Company cautions readers
regarding the reliance placed by them on forward‐looking information as by its nature, it is based on current expectations
regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results
to differ materially from those anticipated by the Company.
Actual results may differ materially from those projected by management. Further, any forward-looking information is 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 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
management 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 information.