ShaMaran Petroleum Corp. — Capital/Financing Update 2021

Jan 26, 2021

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SHAMARAN ATRUSH DECEMBER PAYMENT RECEIVED

January 26, 2021 - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (SNM - TSXV, Nasdaq First North Growth Market) provides the following update to stakeholders.

The Company confirms that a payment of $19.2 million ($6.5 million net to the Company) has been received from the Kurdistan Regional Government for Atrush oil sales invoice entitlements for the month of December 2020.

OTHER

This information is information that ShaMaran Petroleum Corp. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 11:30 a.m. Eastern Time on January 26, 2021. Pareto Securities AB is the Company’s Certified Advisor on Nasdaq First North Growth Market, +46 84 02 5000, certifiedadviser.se@paretosec.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ABOUT SHAMARAN

ShaMaran is a Kurdistan focused oil development and exploration company which holds a 27.6% working interest in the Atrush Block through its wholly-owned subsidiary, General Exploration Partners, Inc.

ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the Nasdaq First North Growth Market (Stockholm) under the symbol "SNM".

FOR FURTHER INFORMATION PLEASE CONTACT:

ShaMaran Petroleum Corp. Investor Relations, Investor.Relations@shamaranpetroleum.com www.shamaranpetroleum.com

Sophia Shane Investor Relations, Canada +1 604 689 7842

Robert Eriksson Investor Relations, Sweden +46 701 112615

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