ShaMaran Petroleum Corp. reports updates to estimated reserves and contingent resources for the Atrush block as of December 31, 2015. The reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd. (McDaniel), the Company's independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH).

Positive well test results in the Chiya Khere-5, Chiya Khere-8 and Atrush-3 wells as well as positive interference tests across the field have resulted in an increased proven reserves area. Furthermore, the gradual increase in oil density with depth has now fully been incorporated.

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