ShaMaran Corporte Update

ShaMaran Corporte Update 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/03/12 -- ShaMaran
Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM)("ShaMaran" or the
"Company") is pleased to provide the following corporate update. 
General Exploration Partners Inc. ("GEP") has signed a purchase and
sale agreement to sell 53.2% of its participating interest in the
Atrush Block to Abu Dhabi National Energy Company PJSC ("TAQA"). In
conjunction with the sale, Aspect Energy International, LLC will
divest itself of any interest in GEP, leaving ShaMaran Ventures B.V.
(a wholly owned subsidiary of ShaMaran) as the sole interest holder
of GEP's remaining participating interest. The agreement is subject
to the final approval by the Kurdistan Regional Government and
obtaining necessary partner consents. 
Following the closing of the transaction, and subject to the
Kurdistan Regional Government's 25% carried option, the Atrush Block
will be held 53.2% by TAQA, 26.8% by GEP, and 20% by Marathon Oil KDV
B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE:
Pradeep Kabra, President and CEO of ShaMaran, commented, "We are
pleased to note that TAQA has acquired a significant interest in the
Atrush Block. TAQA will bring strengths and synergies which will
assist with development of the block and we look forward to working
closely with them." 
About ShaMaran  
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and
exploration company. 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 
This press release contains statements about expected or anticipated
future events and financial results that are forward-looking in
nature and, as a result, 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, the 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 di
ffer materially from
those projected by management. Further, any forward-looking
information is 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 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 information. 
ShaMaran Petroleum's Certified Advisor on NASDAQ OMX First North is
Pareto Ohman AB. 
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 Corp.
Keith Hill
(604) 806-3583 
ShaMaran Petroleum Corp.
Pradeep Kabra
President and CEO
0041 22 560 8605 
ShaMaran Petroleum Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Press spacebar to pause and continue. Press esc to stop.