ShaMaran Petroleum Q2 Results

Financial and Operating Results for the three and six months ended June 30, 2012

During the first six months ended June 30, 2012 the Company continued its exploration and appraisal campaign in respect of the Taza and Atrush Block petroleum properties in Kurdistan constituting the continuing operations of the Company. These properties currently generate no revenues. The net loss in the first half of 2012 was driven by one-time relinquishment fees totaling $25 million which were relating to the relinquishment of the Pulkhana and Arbat Block PSCs paid to the KRG in January 2012.

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