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Lorito Holdings S.a.r.l. and Zebra Holdings and Investments S.a.r.l. Acquire Shares of ShaMaran Petroleum Corp.

/ -- LUXEMBOURG, LUXEMBOURG--(Marketwired - Jan 30, 2017) - Lorito Holdings S.à.r.l. ("Lorito") and Zebra Holdings and Investments S.à.r.l. ("Zebra"), two companies controlled by a trust settled by the late Adolf H. Lundin, and as such joint actors, both incorporated under the laws of Luxembourg, 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, announced today that they had acquired, pursuant to a private placement (the "PP"), directly from ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSX VENTURE:SNM)(OMX:SNM), 16,984,621 and 43,463,618 common shares respectively of ShaMaran for Cdn$0.10 per common share, for a total of 60,448,239 common shares constituting their pro-rata share and representing approximately 3.36% of the Company's then issued and outstanding share capital. The common shares were acquired in the PP announced by the Company on January 19, 2017 for a total consideration of Cdn$6,044,823.90.

As a result of these acquisitions, Lorito now holds a total of 101,887,408 common shares or approximately 4.72% whereas Zebra now holds a total of 260,762,690 common shares or approximately 12.08% of the Company's issued and outstanding share capital. Collectively, Lorito and Zebra now hold a total of 362,650,098 common shares representing approximately 16.80% (unchanged) of the Company's issued and outstanding share capital.

Lorito and Zebra are joint actors with respect to their common shares of ShaMaran which were acquired for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investments in the common shares of ShaMaran depending upon the business and prospects of ShaMaran and depending upon future market conditions.

A copy of the Early Warning Report filed pursuant to National Instrument 62-103 may be obtained from Sandy Kansky, 1-604-806-3574.

Aksel Azrac
011 41 22 595 1875
011 41 22 595 1800