VANCOUVER, BC, April 11, 2025 – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North: SNM) has announced that a significant majority of its bondholders have approved the proposed amendments to the 12% senior unsecured bond maturing in July 2027 (the “Bond”). The proposal was initially detailed in the Company’s press release dated March 27, 2025.
The approved changes to the Bond terms include making the mandatory quarterly cash sweep voluntary and pushing back the maturity date by two years to July 2029.
About ShaMaran Petroleum Corp.
ShaMaran is a Canadian-based independent oil and gas firm with a primary focus on the Kurdistan region of Iraq. The company has an indirect 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. ShaMaran shares are traded on the TSX Venture Exchange in Toronto and on the Nasdaq First North Growth Market in Stockholm under the ticker symbol “SNM”. ShaMaran is affiliated with the Lundin Group of Companies.
Important Information
This information is disclosed by ShaMaran pursuant to the EU Market Abuse Regulation. The information was released for publication through the contact person listed below on April 11, 2025, at 2:00 a.m. Eastern Time.
FNCA Sweden AB is the Company’s certified advisor on Nasdaq First North Growth Market.
Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information. These statements concern future events or the Company’s performance, business prospects, and opportunities, and are based on management’s assumptions.
Words such as “will,” “expected,” “planned,” and similar expressions, when used in connection with matters that are not historical facts, are intended to identify forward-looking information. These statements reflect the Company’s current beliefs or assumptions regarding the outcome and timing of future events. This news release includes forward-looking statements that are subject to risks and uncertainties, including, but not limited to, fluctuations in oil prices, the results of exploration and development activities (including their timing and costs), uninsured risks, regulatory changes, title defects, the availability of funding for development activities, the availability of financing on reasonable terms, the availability of materials and equipment on satisfactory terms, the outcome of commercial negotiations with governmental and regulatory bodies, the timeliness of regulatory approvals, the actual performance of facilities, the availability of third-party services, equipment and processes, and unanticipated environmental impacts. The foregoing list of risks should not be considered exhaustive. Further information regarding these and other factors that could impact the Company’s operations and financial results can be found in the Company’s annual information form for the year ended December 31, 2023, and other reports filed with Canadian Securities Regulatory Authorities, accessible on the Company’s SEDAR+ profile. Actual results may differ materially. The forward-looking information in this release is current as of the date hereof, and the Company undertakes no obligation to update or revise any forward-looking information, whether due to new information, future events, or otherwise, unless required by applicable securities laws. Investors are cautioned not to place undue reliance on forward-looking information due to the inherent risks, uncertainties, and assumptions. The foregoing statements qualify any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) is responsible for the accuracy or adequacy of this release.
SOURCE ShaMaran Petroleum Corp.