ShaMaran provides Corporate Update

12/3/2012

ShaMaran provides Corporate Update

ShaMaran Petroleum is pleased to provide the following corporate update.

General Exploration Partners (GEP)  has signed a purchase and sale agreement to sell 53.2% of its participating interest in the Atrush Block to TAQA . In conjunction with the sale, Aspect Energy will divest itself of any interest in GEP, leaving ShaMaran Ventures as the sole interest holder of GEP's remaining participating interest. The agreement is subject to the final approval by the Kurdistan Regional Government and obtaining necessary partner consents.

Following the closing of the transaction, and subject to the Kurdistan Regional Government's 25% carried option, the Atrush Block will be held 53.2% by TAQA, 26.8% by GEP, and 20% by Marathon Oil, a wholly owned subsidiary of Marathon Oil. Pradeep Kabra, President and Chief Executive Officer of ShaMaran, commented, "We are pleased to note that TAQA has acquired a significant interest in the Atrush Block. TAQA will bring strengths and synergies which will assist with development of the block and we look forward to working closely with them."

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