VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S.
ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM)
("ShaMaran" or the "Company") reports
that it has closed the $51 million private placement
announced on October 25, 2011 and November 9,
2011. The Company sold, on a non-brokered, private
placement basis, an aggregate of 127.5 million common
shares of the Company at a price of $0.40 per share for
gross proceeds of approximately Cdn $51
million. Shares issued pursuant to the private
placement will be subject to a four month hold period
expiring on March 16, 2012.
A 4% finders' fee is payable in cash 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 has been conditionally accepted by
the TSX Venture Exchange.
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
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
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.
ShaMaran Petroleum's Certified Advisor on NASDAQ OMX
First North is E. Öhman J:or Fondkommission AB (part of the
Pareto Securities Group).