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Financial Highlights:

• The Company generated $34.7 million in cash flow from operating activities during Q4 2024 from local sales ($9.8 million in Q4 2023) and $98.0 million during the FY 2024 ($40.5 million in FY 2023);

• ShaMaran generated $38.0 million of free cash flow before debt service¹ in Q4 2024 ($8.0 million in Q4 2023) and $94.0 million in the FY 2024 ($18.2 million in FY 2023) due to the strength of local sales and proactive cost-cutting;

• EBITDAX² has consistently increased since the ITP shutdown, with Q4 2024 EBITDAX of $21.9 million (71% higher than the $12.8 million in Q4 2023), and FY 2024 EBITDAX of $72.3 million (64% higher than the $44.0 million in FY 2023);

• Oil sales to the Kurdistan Region of Iraq local market in Q4 2024 averaged a net oil price of $33.74/bbl from the two blocks on a combined basis (15% lower than the $39.77/bbl in Q4 2023) and $35.65/bbl for the FY 2024 (27% lower than the $48.87/bbl in FY 2023) due to higher volumes from Atrush in the local sales mix and the lack of any exports at international prices in 2024;

• At December 31, 2024, the Company had cash of $76.8 million and gross debt of $215.5 million (including the $199.9 million outstanding under its corporate bond and $15.6 million related-party loan). Net debt³ was $138.7 million; and

• At March 12, 2025, the Company had cash of $67.3 million and gross debt of $188.7 million (including the $173.1 million outstanding under its corporate bond and $15.6 million related-party loan). Net debt³ was $121.4 million.

Operational Highlights:

• At Atrush, average production in Q4 2024 was 30.0 Mbopd and exceeded 32.0 Mbopd in December 2024;

• At Sarsang, average production in Q4 2024 was 36.4 Mbopd;

• The Company's working interest proved plus probable ("2P") reserves⁴ increased from 65.4 MMbbls at December 31, 2023, to 71.5 MMbbls at December 31, 2024, a replacement ratio of more than 200% for year-end 2024;

• Atrush working interest 2P reserves increased by 22.6 MMbbls, including the additional working interest acquired from TAQA and the barrels produced in 2024;

• Sarsang working interest 2P reserves decreased by 16.5 MMbbls, including the barrels produced in 2024 and a technical revision to the reserves; and

• The Company's working interest best estimate ("2C") contingent resource⁵ volumes increased from 41.5 MMbbls at December 31, 2023, to 72.2 MMbbls at December 31, 2024.

2025 Guidance:

• Due to the continued closure of the ITP and the unpredictability of the local sales market in Kurdistan, the Company has not provided production guidance for 2025.

Subsequent Events:

• Under the terms of the Company's bond, a cash sweep mechanism is in effect on each quarterly interest payment date for cash held above $50 million. As a result, $26.8 million was swept to partially repay the bond at par during January 2025. The total outstanding amount of the Company's bond as of the date of this press release is $173.1 million. The next cash sweep will be in April 2025.

Abbreviations:

Management intends to have discussions with holders of the Company's bond about potential amendments that could provide flexibility to accelerate capital returns to shareholders. ShaMaran plans to publish its financial statements for the three months ending March 31, 2025, on May 7, 2025. Except as otherwise indicated, all currency amounts indicated as "$" in this news release are expressed in United States dollars.

Reserve and Resource Advisory

ShaMaran's reserve and contingent resource estimates are as at December 31, 2024, and have been prepared and audited in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook ("COGEH"). Unless otherwise stated, all reserves estimates contained herein are the aggregate of "proved reserves" and "probable reserves", together also known as "2P reserves". Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

Contingent resources are those quantities of petroleum estimated, as at a given date, to be potentially recoverable from known accumulations using established technology or technology under development but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. There is no certainty that it will be commercially viable for the Company to produce any portion of the contingent resources.

Contingent resources are further categorized according to the level of certainty associated with the estimates and may be sub–classified based on a project maturity and/or characterized by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the COGEH as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.

This press release contains an oil and gas metric, being 2P reserves replacement ratio, which does not have a standardized meaning or a standard method of calculation and therefore such measure may not be comparable to similar measures used by other companies. This metric is commonly used in the oil and gas industry and has been included herein to provide readers with an additional measure to evaluate ShaMaran's performance. However, such measure is not a reliable indicator of the future performance of ShaMaran, and future performance may not compare to the performance in previous periods.

About ShaMaran Petroleum Corp.

ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.

Important Information

ShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on March 12, 2025, at 5:30 p.m. Eastern Time.

The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.

The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, availability of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in the Company's annual information form for the year ended December 31, 2023 the MD&A and other reports on file with the Canadian Securities Regulatory Authorities that can be accessed on the Company's profile on SEDAR+ at www.sedarplus.ca. Actual future results may differ materially.

The Company cautions readers regarding the reliance placed by them on forward–looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.

The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.

Neither 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.

SOURCE ShaMaran Petroleum Corp.

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