Maha Energy

Declaration of Voting Results & Voting Rights Announcements • May 31, 2021

Change in number of shares and votes in Maha Energy AB (publ)

According to previously published information, Maha Energy AB (publ) has carried out a directed share issue of 7,470,491 new shares of series A to the Brazilian Investment Bank Banco BTG Pactual S.A. The directed share issue has resulted in a change in the number of shares and votes in the company.

As of 31 May 2021 the total number of shares in the company amounts to 112,299,088, out of which 111,815,722 are A-shares and 483,366 are B-shares. Each share carries one vote, and the total amount of votes as of 31 May 2021 is 112,299,088. The company's registered share capital amounts to SEK 1,235,289.968.

For more information, please contact:

Jonas Lindvall (CEO) Tel: +46 8 611 05 11 Email: jonas@mahaenergy.ca

or

Victoria Berg (Investor Relations) Tel: +46 8 611 05 11 Email: victoria@mahaenergy.ca

Miscellaneous

This information is such information as Maha Energy AB (publ) is obliged to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out above, at 17:00 CET on 31 May 2021.

About Maha

Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates four oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca