The information contained in the ShaMaran Petroleum Corp. (“ShaMaran Petroleum” or the “Company”) web site is for information purposes only. This information does not constitute an offering of securities in any jurisdiction, nor is it intended to supplement nor replace the required disclosures of the Company. The Company’s required disclosures may be found in Canada on www.sedar.com
The information contained in this web site is believed to be accurate at the time of posting, however ShaMaran Petroleum does not warrant the completeness nor accuracy of the information at all times. In addition, ShaMaran Petroleum is neither responsible nor liable for any errors or omissions in the information contained in this web site. Please view the Company’s Annual Information Form for full information and disclosure of risks.
Forward Looking Statements:
Information on this web site includes projections or other forward looking statements regarding future events or the future financial results of ShaMaran Petroleum. The reader is cautioned that the assumptions used in the preparation of these forward looking statements involve risks and uncertainties that may cause levels of activity and actual results to differ materially from those expressed or implied in such forward looking statements or could affect the extent to which a particular projection is realized. Accordingly, no assurance can be given that any such events anticipated by the forward looking statements will transpire or occur, and what benefits, if any, ShaMaran Petroleum will derive from them.
Exclusion of Liability:
The reader agrees to hold ShaMaran Petroleum, its subsidiaries and their directors, officers, employees and agents harmless against claims for damages or costs or loss of any kind arising from access to or use of this web site or any information contained in or obtained through this web site.
Political and Country Related Risk
ShaMaran participates in oil and gas projects located in Kurdistan in northern Iraq. Oil and gas exploration, development and pro¬duction activities in emerging markets are subject to signifi cant political and economic uncertainties which may adversely affect the Company’s operations. Uncertainties include, but are not limited to, the risk of war, terrorism, expropriation, nationalization, renegotiation or nullifi cation of existing or future licenses and PSCs, the imposition of international sanctions, a change in crude oil or natural gas pricing policies, a change in taxation policies, ability to export, and the imposition of currency controls. These uncertainties, all of which are beyond ShaMaran’s control, could have a material adverse effect on ShaMaran’s business, pros¬pects and results of operations. In addition, if legal disputes arise related to oil and gas PSCs acquired by the Company, ShaMaran could be subject to the jurisdiction of courts other than those of Canada. ShaMaran’s recourse may be very limited in the event of a breach by a government or government authority of an agreement governing a PSC in which ShaMaran acquires an interest. ShaMaran may require licenses or permits from various governmental authorities to carry out future exploration, development and production activities. There can be no assurance that ShaMaran will be able to obtain all necessary licenses and permits when required.
International Boundary Disputes
There are ongoing political disputes between the KRG and the Republic of Iraq as to both the regional boundaries between them and resulting oil rights. Political Instability ShaMaran is highly exposed to the political risk in Kurdistan which regards itself as a semi-autonomous region of northern Iraq. There are a number of outstanding political issues and differences between the various political factions in Iraq. These differences could adversely impact ShaMaran’s interests in Kurdistan.