VANCOUVER, BRITISH COLUMBIA–(Marketwire - June 1, 2011) - ShaMaran Petroleum Corp. (“ShaMaran” or “the Company”) (TSX VENTURE:SNM) is pleased to announce that the Company has received conditional approved for trading of its common shares on the First North list of the NASDAQ OMX Stock Exchange. The conditional approval becomes effective when ensured that the First North’s requirement for a sufficient number of shareholders is met. The Company’s common shares are expected to commence trading on First North at the market opening on June 22, 2011 under the symbol “SNM”. The Company’s common shares will continue to trade on the TSX Venture Exchange under the symbol “SNM”. A company description has been prepared in accordance with the First North rules and made available on the Company’s website.
E. Ohman J:or Fondkommission AB has been engaged as the Company’s financial advisor in conjunction with the secondary listing and is Shamaran’s Certified Advisor on First North.
Mr. Pradeep Kabra, President and CEO, commented, “We are very excited about the opportunity to trade on First North. We look forward to welcoming many new shareholders when trading commences. A listing on First North will complement our existing listing on the TSX Venture Exchange in Canada and add liquidity and depth of distribution.”
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle. Its initial four projects in the region are the Pulkhana development/appraisal block, the Arbat and K42 exploration blocks as well as the newly acquired Atrush block. These projects are nearby and on trend with 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 30 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”.
Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable Canadian securities legislation). Such statements and information (together, “forward looking statements”) relate to future events or the Company’s future performance, business prospects or opportunities. 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 capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect,” “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.
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.
(604) 689-4250 (FAX)