Shamaran Announces Atrush Partners Receive Approval for Oilfield Development in Kurdistan Region of Iraq

Shamaran Announces Atrush Partners Receive Approval for Oilfield Development in 
Kurdistan Region of Iraq 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/07/13 -- ShaMaran
Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) ("ShaMaran" or the
"Corporation") is pleased to report that the Atrush partners have
received approval from the Kurdistan Regional Government (KRG) for
the first phase in the development of the Atrush Block in the
Kurdistan Region of Iraq.  
The TAQA-operated Atrush Block, located 85 km northwest of Erbil, is
expected to initially produce approximately 30,000 barrels of gross
oil per day (bpd) with first oil expected by early 2015. 
The group plans to invest more than $300 million in Phase I in
drilling three production wells and the construction of a central
processing facility. Operator TAQA and its partners have an active
drilling program on the Atrush Block and are continuing to appraise
the area for further development. Subject to the outcome of this
appraisal and KRG approval, the Phase 2 development is expected to
include another 30,000 bpd production facility. TAQA and its partners
will also evaluate the feasibility of producing associated natural
gas for delivery to the domestic market. 
Discovered in 2011, the Atrush field is expected to provide long-term
benefits to the region and the community. The approval of the Field
Development Plan by the KRG provides for a 25-year period during
which TAQA and its partners expect to maximise recovery of the oil
resources.  
TAQA, the Operator, is currently preparing to drill the fourth well
on the Atrush block. 
Pradeep Kabra, President and CEO of ShaMaran, commented, "We are
pleased to receive Ministry approval for Phase 1 of the Atrush field
with a October 1, 2013 effective date for the commencement of the
Development Period (pursuant to Clause 12.9 of the PSC). The
partnership is working very closely with the KRG to fast-track first
oil." 
The Atrush Block is operated by TAQA Atrush B.V., a subsidiary of Abu
Dhabi National Energy Company PJSC which holds a 39.9% working
interest in the Block. ShaMaran Petroleum Corp. holds a 20.1% working
interest through its wholly owned subsidiary, ShaMaran Ventures BV
(100% owner of General Exploration Partners, Inc.). Marathon Oil KDV
B.V., a wholly owned subsidiary of Marathon Oil Corporation
(NYSE:MRO), holds a 15% interest in the block. Subsequent to their
back-in the Government of the Kurdistan Region of Iraq holds a 25%
working interest. 
About ShaMaran  
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and
exploration vehicle. 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". 
Forward-Looking Statements 
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 differ 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. 
On behalf of the Board, 
Pradeep Kabra, President and CEO 
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
Pareto Securities AB.
Contacts:
ShaMaran Petroleum Corp.
Keith Hill
Chairman
(604) 806-3583
khill@namdo.com 
ShaMaran Petroleum Corp.
Pradeep Kabra
President and CEO
0041 22 560 8605
pradeep.kabra@shamaranpetroleum.com 
ShaMaran Petroleum Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
sophias@namdo.com
www.shamaranpetroleum.com
 
 
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