Lorito Holdings and Zebra Holdings: Corporate Update

LUXEMBOURG, LUXEMBOURG--(Marketwired - Feb. 12, 2015) - Lorito Holdings S.a.r.l. ("Lorito") and Zebra Holdings & Investments S.a.r.l. ("Zebra"), two companies controlled by a trust settled by the late Adolf H. Lundin, announce that on February 10, 2015 they acquired 45,701,409 common shares and 103,509,000 common shares, respectively, of ShaMaran Petroleum Corp. (the "Company") for an aggregate of 149,210,409 common shares or approximately 9.79% of the Company's current issued and outstanding common shares. The common shares were issued at a price of $0.10 each for total consideration of $14,921,040.90. Lorito and Zebra are joint actors.

The common shares were issued to Lorito and Zebra pursuant to the exercise of rights (the "Rights Exercise") issued pursuant to the Company's rights offering (the "Rights Offering"), as described in the Company's short form prospectus dated December 23, 2014, as amended by Amendment No. 1 dated January 19, 2015 (the "Prospectus"). Prior to the Rights Exercise, Lorito held 49,141,300 common shares and Zebra held 111,300,000 common shares, representing in the aggregate, 160,441,300 common shares or approximately 19.78% of the Company's then issued and outstanding share capital. On February 10, 2015 and subsequent to the Rights Exercise, Lorito sold 19,187,731 common shares and Zebra sold 16,000,000 common shares, both to a non-Canadian resident purchaser (the "Private Sale").

Immediately after the Rights Exercise, the two entities owned 309,651,709 common shares or approximately 20.3% of the Company's current issued and outstanding share capital. The common shares acquired in connection with the Rights Offering were qualified under the Prospectus. As a result of the Private Sale, the two entities now own a total of 274,463,978 common shares, representing approximately 18.01% of the Company's current issued and outstanding share capital.

Lorito and Zebra are joint actors with respect to their holdings in ShaMaran and have acquired the securities in the Company for investment purposes only. Each of Lorito and Zebra may, from time to time, in the ordinary course of their business, acquire additional or dispose of securities of the Company depending on future market and other conditions.

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