Lorito Holdings S.a.r.l. and Zebra Holdings & Investments S.a.r.l.; Corporate Update

GENEVA, SWITZERLAND--(Marketwire - May 12, 2011) - Lorito Holdings S.a.r.l. ("Lorito") and Zebra Holdings & Investments S.a.r.l. ("Zebra") announce that on May 5, 2011 they acquired 9,333,200 common shares and 7,000,000 common shares respectively, of ShaMaran Petroleum Corp. (the "Company") for an aggregate of 16,333,200 common shares or approximately 2.40% of the Company's current issued and outstanding common shares. The common shares were issued at a price of $0.90 each for total consideration of $14,699,880. Lorito and Zebra are joint actors.

The common shares were issued to Lorito and Zebra pursuant to a private placement. As stated in the news release dated September 20, 2010 (the "September Release") filed jointly by Lorito and Zebra, Lorito held 21,994,000 common shares of the Company or approximately 3.53% of the then issued and outstanding common shares of the Company and Zebra held 77,500,000 common shares of the Company or approximately 12.44% of the then issued and outstanding common shares of the Company, representing in the aggregate, 99,494,000 common shares or approximately 15.97% of the Company's then issued and outstanding share capital.

After the filing of the September Release and prior to the acquisition of shares on May 5, 2011, as reported on above, Lorito acquired an additional 11,614,100 common shares of the Company.

The two entities now own 127,441,300 common shares or approximately 18.73% of the Company's current issued and outstanding share capital. Lorito and Zebra each relied upon the accredited investor exemption provided for in section 2.3 of National Instrument 45-106 in connection with the issuance of the common shares.

Lorito and Zebra have acquired securities in the Company for investment purposes only and may, in the ordinary course of their business, acquire additional securities of the Company depending on market and other conditions.