Mr. Pradeep Kabra reports

SHAMARAN PETROLEUM CORP.: DRILLING UPDATE ON THE ATRUSH DEVELOPMENT

ShaMaran Petroleum Corp. is providing an operational update on the Atrush development in the Kurdistan region of Iraq.

The Chiya Khere (CK-5) development well was spudded on May 16, 2014, using the DQE31 drilling rig and reached total depth of 2,098 metres measured depth (1,744 metres true vertical depth) in the Butmah formation on June 28, in 43 days. The well was drilled ahead of schedule and under budget. The well was deviated from the same well pad as AT-1 and AT-4 with the bottomhole location approximately 870 metres west-southwest of the surface location. The average hole angle through the reservoir section was 40 degrees. CK-5 will be tested using a service rig in early 2015 prior to final completion and tie-in to the phase 1 production facility. As in previous wells, no water leg was encountered in the reservoir section, with the well penetrating a gross vertical oil column (assuming an estimated average free water level of minus 443 metres subsea) of approximately 540 metres.

The DQE31 spudded the Chiya Khere (CK-8) development well from the same well pad on July 19, 2014, which is a similar well to CK-5 targeting a bottomhole location approximately 1.5 kilometres east-southeast of the surface location. This well is also planned to be tested using a service rig in early 2015 prior to final completion and tie-in to the phase 1 production facility.

A second drilling rig is to be mobilized in August, 2014, to focus on the phase 2 appraisal work, which consists of the CK-6 appraisal well (to be drilled from the same well pad as AT-3), and the planned retest of AT-3 and the CK-7 appraisal/development well (location under construction).

The Atrush block is operated by Taqa Atrush BV, a subsidiary of Abu Dhabi National Energy Company PJSC, which holds a 39.9-per-cent working interest in the block. ShaMaran Petroleum holds a 20.1-per-cent working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100 per cent owner of General Exploration Partners Inc.). Marathon Oil KDV BV, a wholly owned subsidiary of Marathon Oil Corp., holds a 15-per-cent working interest in the block. Subsequent to its back-in right the government of the Kurdistan region of Iraq holds a 25-per-cent working interest.

We seek Safe Harbor.