November 9, 2011 (TSXV-SNM, OMX First North-SNM)… ShaMaran Petroleum Corp.
("ShaMaran" or the "Company") reports that it has increased the $50 million
private placement previously announced on October 25, 2011 to $51 million. The
Company will now sell on a non-brokered, private placement basis an aggregate
of up to 127.5 million common shares of the Company at a price of $0.40 per
common share for gross proceeds of up to $51 million. The shares issued
pursuant to the private placement are subject to a four month hold period.
A 4% finder's fee, payable in cash, will be paid on a portion of the private
placement.
Net proceeds of the private placement will be used towards ongoing development,
appraisal and exploration work on the Company's projects in Kurdistan as well
as for general working capital purposes.
The private placement is subject to regulatory approval.
About ShaMaran
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration
vehicle with four projects in the region: the Pulkhana development/appraisal
block, the Atrush oil discovery, and the Arbat and Taza exploration blocks.
These projects are nearby and on trend to existing fields and recent
discoveries.
Kurdistan lies within the northern extension of the Zagros Folded Belt. The
area is highly underexplored and is currently undergoing a significant
exploration and development campaign by over 40 mid to large size international
oil companies.
ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture
Exchange under the symbol "SNM" as well as NASDAQ OMX First North under the
symbol "SNM".
On behalf of the Board,
Pradeep Kabra,
President and CEO
Certain statements made and information contained in this press release
constitute “forward-looking information” (within the meaning of applicable
Canadian securities legislation), including statements about expected or
anticipated future events and financial results that are forward-looking in
nature. Forward-looking statements include, but are not limited to, statements
with respect to estimates of reserves and or resources, future production
levels, future capital expenditures and their allocation to exploration and
development activities, future drilling and other exploration and development
activities, ultimate recovery of reserves or resources and dates by which
certain areas will be explored, developed or reach expected operating
capacity.
Forward-looking statements are subject to certain risks and uncertainties, such
as legal and political risk, civil unrest, general economic, market and
business conditions, the regulatory process and actions, technical issues, new
legislation, competitive and general economic factors and conditions,
uncertainties resulting from potential delays or changes in plans, the
occurrence of unexpected events and management's capacity to execute and
implement its future plans. Actual results may differ materially from those
projected by management. Further, any forward-looking statements are made only
as of a certain date and the Company undertakes no obligation to update any
forward-looking information or statements to reflect events or circumstances
after the date on which such statement is made or to reflect the occurrence of
unanticipated events, except as may be required by applicable securities laws.
New factors emerge from time to time, and it is not possible for management of
the Company to predict all of these factors and to assess in advance the impact
of each such factor on the Company's business or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
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.
ShaMaran Petroleum's Certified Advisor on NASDAQ OMX First North is E. Öhman
J:or Fondkommission AB (part of the Pareto Securities Group).
FOR FURTHER INFORMATION PLEASE CONTACT: ShaMaran Petroleum Corp.
Keith Hill
Chairman
(604) 806-3583
khill@namdo.com
or
ShaMaran Petroleum Corp.
Pradeep Kabra
President and CEO
0041 22 560 8605
pradeep.kabra@shamaranpetroleum.com
or
ShaMaran Petroleum Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
sophias@namdo.com
www.shamaranpetroleum.com
