VANCOUVER, BC, March 2, 2026 – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) has received notice that HKN Energy Ltd. (“HKN“), the operator of the Atrush and Sarsang blocks in the Kurdistan Region of Iraq, has temporarily halted production from both fields as a precautionary step because of the worsening of the regional security situation. The Company’s assets and staff remain unaffected.

ShaMaran and HKN are closely tracking the situation, and the Company will issue additional updates when necessary.

About ShaMaran Petroleum Corp.

ShaMaran is a Canadian independent oil and gas firm focused on the Kurdistan Region of Iraq. The Company holds an indirect 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. It is listed on the TSX Venture Exchange in Toronto and Nasdaq First North Growth Market in Stockholm (ticker symbol “SNM”). ShaMaran is a member of the Lundin Group of Companies.

Important Information

ShaMaran is required to disclose this information publicly in compliance with the EU Market Abuse Regulation. This information was submitted for release via the contact person listed below on March 2, 2026, at 2:30 a.m. Eastern Time.

The Company’s certified advisor for Nasdaq First North Growth Market is FNCA Sweden AB.

Forward-Looking Statements

Some statements in this press release qualify as forward-looking information. These statements pertain to future events or the Company’s future performance, business prospects, and opportunities, and are based on management’s assumptions.

The use of terms like “will”, “expected”, “planned”, and similar expressions, along with statements about non-historical matters, is intended to indicate forward-looking information. Such information is based on the Company’s current beliefs or assumptions regarding the outcome and timing of specific future events. Certain details in this news release include forward-looking statements, which carry risks and uncertainties related to, among other factors: fluctuations in oil prices; outcomes of exploration and development activities (including results, timing, and costs of seismic, drilling, and development-related work in the Company’s operating area); uninsured risks; regulatory shifts; title defects; availability of funds needed to participate in development activities; access to financing on favorable terms; availability of materials and equipment on acceptable terms; outcomes of commercial negotiations with government and regulatory bodies; timeliness of government or regulatory approvals; actual performance of facilities; availability of third-party service providers; equipment and processes relative to specifications and expectations; and unforeseen environmental impacts on operations. The risks listed above are not exhaustive. Additional details on these and other factors that may affect the Company’s operations and financial results are contained in its annual information form for the year ended December 31, 2024, MD&A, and other reports filed with Canadian Securities Regulatory Authorities (available on the Company’s SEDAR+ profile at ). Actual future results may vary significantly.

The Company advises readers to exercise caution when relying on forward-looking information, as it is inherently based on current expectations about future events that involve multiple assumptions, inherent risks, and uncertainties—factors that could lead actual results to differ materially from what the Company has projected.

The forward-looking information in this release is accurate as of the date of publication. The Company is not obligated to update or revise any forward-looking information—whether due to new information, future events, or other reasons—except as required by applicable securities laws. Given the risks, uncertainties, and assumptions outlined here, investors should not place excessive reliance on forward-looking information. The statements above explicitly qualify all forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the TSX Venture Exchange’s policies) assumes responsibility for the completeness or accuracy of this release.

SOURCE: ShaMaran Petroleum Corp.