Iraqi Kurdistan FocusedOil Developmentand ExplorationSh a ma r a npetroleum corpShaMaran Petroleum Corp. is a Kurdistanfocusedoil development and explorationcompany which is part of the Lundin Group.Its initial three projects in the region are thePulkhana appraisal/development block, thecontiguous K42 exploration block and theArbat exploration block. These projects areclose to and on trend to recent oil discoveriesand field developments in the region.A Lundin Group CompanyTSX V:

About Iraqi KurdistanKurdistan lies within the northern extension of the ZagrosFolded Belt and is estimated to contain up to 45 billionbarrels of oil reserves. The area is highly underexplored.Currently it is the scene of intense exploration activity withwith over 30 mid- to large-size international oil companiesoperating in the region. By the end of 2009, explorationsuccess for finding oil by new operators in Kurdistan wasabout 50%, with significant discoveries reported by DNO(Tawke – 1.3 billion barrels), Heritage Oil (Miran – up to 4.2billion barrels) and Gulf Keystone (Shaikan – up to 5 billionbarrels) in addition to the earlier Taq Taq field (TTOPCO)and the nearby super-giant Kirkuk. Other recently reportedoil discoveries in the region include Benenan (DNO), Shakal(Shakal Production) and Sarqala (WesternZagros).Source: Company press releases. Figures are initial oil in place.Pulkhana BlockThe Pulkhana Block is an appraisal/development project located in the ZagrosFolded Belt of Iraqi Kurdistan. The Pulkhana Field was discovered by thePulkhana-5 well (1956) and flowed at a combined rate of over 2900 bopd fromtwo fractured carbonate reservoirs (the Tertiary Euphrates and the CretaceousShiranish Formations). Well PPP-1 (2006), tested 700 bopd from the ShiranishFormation, while the Euphrates Formation was found to be tight.Testing of the Shakal-1 (2009) discovery by Shakal Production along structureto the south-east and down dip of the Pulkhana Field flowed 2450 bopd fromthree zones over a 75 m interval in the Tertiary. A lead to the north-west of thePulkhana Field, Pulkhana North, on the Block remains untested. Approximately250 km of 2D seismic will be acquired and 3 appraisal wells drilled in the first3-year exploration sub-period. The appraisal drilling campaign will be designedto confirm fluid contents, evaluate reservoir quality, maximize flow rates andwill evaluate the untested Cretaceous reservoirs. As previous wells have beendrilled pre-seismic, the 2D seismic program is designed to confirm the shallowstructure already tested and identify a potential deeper structure on trend to theShakal discovery.The Company has the option to continue on to a further 2-year explorationsub-period and if a commercial discovery has been made a development periodof up to 20 years commencing on the date of declaration of the commercialdiscovery with an automatic right to a five year extension of the developmentperiod. The Company will be operator of the project with a 60% workinginterest. Petoil retains a 20% interest and the KRG holds the remaining 20%.The Company will be obligated to pay 100% of the costs of the first explorationsub-period and 75% of the costs of the second sub-period. Fiscal terms includea 10% royalty and variable profit splits based on an “R” profitability factor tothe KRG. The Company has the right to recover costs using up to 40% of theproduced oil and 50% of the produced gas.

Proven regionA shaded relief map with the location ofthe Company’s three blocks (Pulkhana,K42 and Arbat) in Kurdistan.Kurdistan Regional Government offeredand awarded blocks are indicatedalong with hydrocarbon fields, IraqGovernment report leads and petroleumand gas pipelines.Labeling denotes just a few of thesignificant reservoir statistics and recentexploration successes in the region.Oudeh & Tishrine FieldsIRAQKhurmala DomeTURKEYHawler 1Bai Hassan Field1 BBOKhabbaz FieldHamrin Field1.5 BBOTawke FieldShaikan 1Kirkuk Field23 BBOPULKHANATaq Taq Field350 MMbblsChemchemal FieldJambur Field1.1 BBOK42IRANKewa Chirmila 1Shakal 1Miran East 1Miran West 1STOIIP 2.3 to 4.2 BBOKhor Mor FieldARBATKurdamir 1Sarqala 1Oil pipelineGas pipelineOil fieldGas fieldCondensate fieldLead from Iraq 2003Qamar FieldChiasurkh Discovery100 kmArbat BlockThe Arbat Block is located adjacent to the Miran block (Heritage Oil) andBlock 9 (Talisman Energy) within the Zagros Folded Belt of the KurdistanRegion of Iraq. The 973 km 2 exploration block is part of the samestructural trend that contains the Miran oil discovery and includes fivesurface anticlines identified by recent fieldwork and additional potentialin sub-thrust traps. An oil seep in the northern region of the blockis evidence of an active petroleum system. The nearby Miran West-1discovery tested 3640 bopd with an estimated potential, announced byHeritage, of 8000-10000 bopd. The discovery is currently being appraisedby Heritage and drilling is planned in 2010 on the neighbouring MiranEast structure. Under the terms of the PSC, which was also originallyapproved as part of the Pulkhana approval, the Company is obliged toacquire 350 km of 2D seismic and drill two wells in the first three yearexploration sub-period. The Company will hold a 60% working interestand operatorship with the remaining 40% held by the KRG.K42 BlockBlock K42 is located adjacent to the Pulkhana Field and is directly ontrend to the 1.1 BBO Jambur Field to the north and the Sarqala (WesternZagros)oil well to the south. It is a pure exploration play with noseismic or surface mapped prospects. The Block is operated by OilSearch (Iraq) Ltd. which holds a 60% working interest in an optionagreement signed on July 16, 2009, which permits 18 months to collect200 km of seismic data. A 2D seismic survey has been designed toidentify any buried on trend structures. After this date, Oil Search wouldbe allowed to convert under certain conditions to a PSC with standardterms and work commitments. ShaMaran has signed an amendmentto that agreement that allows them to purchase the KRG’s third partyreserved 20% interest and thus become a participant to the optionagreement and any resultant PSC for Block K42.Oil pipelineGas pipelineOil fieldBlockBlock SummariesWorkingInterest Partners OperatorGrossAcreageStatusPulkhana 60% 20% Petoil, 20% KRG ShaMaran 529.58 km 2 DevelopmentAppraisal/Arbat 60% 40% KRG ShaMaran 973.5 km 2 ExplorationK42 20% 60% Oil Search, 20% KRG Oil Search 505 km 2 Exploration

First Period Work ProgramCommitmentsPulkhana 3 years 250 km 2D seismic and 3 wellsArbat 3 years 350 km 2D seismic and 2 wellsK42 18 months 200 km 2D seismicThe TeamKeith C. HillChairmanMr. Hill was founder, President and CEO of ValkyriesPetroleum, a publicly traded oil and gas companywhich was the subject of an $800 million takover. Inaddition Mr. Hill was a senior director of TanganyikaOil which was recently acquired by SinopecInternational Petroleum for over $2 billion. He servedas General Manager of Lundin Oil operations in Malaysiaand Sudan and has over 22 years experiencein the oil industry including international new venturemanagement and senior exploration positions at OccidentalPetroleum and Shell Oil Company.Pradeep KabraPresident & CEOMr. Kabra has over 22 years experience in the oil industryincluding senior operational and managementpositions at Addax Petroleum, Lundin Oil and InternationalPetroleum. He is a Chartered Accountant andhas a Masters degree in Petroleum Law and Policy.Mr. Kabra worked as the General Manager Kurdistanin Addax Petroleum and was involved in the developmentof the Taq Taq field. He was also the director ofTaq Taq Operating Company Limited, the Operator ofthe Taq Taq/Kewa Chirmila PSC in Kurdistan.John AshbridgeChief Operating OfficerMr. Ashbridge has over 20 years experience in oil andgas exploration, development and production. He hasworked for BP Exploration, Occidental and Elf Aquitaine(now Total). He has led Lundin Group efforts in theNorth Sea, Africa and the Middle East.Brenden JohnstoneChief Financial OfficerMr. Johnstone is a Canadian Chartered Accountantwith experience in the oil and gas industry. He wasCFO of Avante Petroleum SA, an international oiland gas company based in Geneva, Switzerland. Mr.Johnstone was previously employed in the audit andassurance departments of Deloitte & Touche in theirDublin, Ireland and Saskatoon, Canada offices.Mark GraceExploration ManagerMr. Grace has experience in carbonate and fracturedreservoir operations, asset management and newventures. He has held leading technical positions inStatoil, Neste Oy, Halliburton, Kuwait Foreign PetroleumExploration Company and Addax Petroleum. Hehas been involved in the appraisal and developmentof the Taq Taq field (Addax/TTOPCO) and the SangawNorth exploration project in Kurdistan.J. Cameron BaileyDirectorMr. Bailey is the founder of, and has organized theinitial public offerings for, oil and gas exploration,production and oilfield services companies. Mr.Bailey is President and CEO of Fortress Energy anda Board member of Africa Oil, Phoenix TechnologyIncome Fund and Crystal Lake Resources.Alexandre SchneiterDirectorMr. Schneiter is Executive Vice President and ChiefOperating Officer of Lundin Petroleum. Mr. Schneiterhas been instrumental in the discovery of severalmajor oil fields for the Lundin Group in Libya, Sudanand Malaysia.Gary GuidryDirectorMr. Guidry was President and CEO of TanganyikaOil which was the subject of a $2 billion takeover bySinopec. He led Calpine Natural Gas Trust throughsubstantial growth and a merger with Viking EnergyRoyalty Trust. Mr. Guidry was President of AEC International,held senior positions with CanOxy/Nexen,Benton Oil and Gas and Occidental Petroleum,and has worked on projects in Nigeria, Yemen andEcuador.Brian D. EdgarDirectorMr. Edgar practiced corporate and securities lawin Vancouver for 16 years and went on to establishRand Edgar Investment, a investment/banking, venturecapital company. Mr. Edgar serves on the Boardof a number of public companies.Sh a ma r a npetroleum corpShaMaran Petroleum Corp.885 West Georgia StreetSuite 2101Vancouver, BCCanada V6C 3E8T 604 689 7842F 604 689 4250shamaranpetroleum.comsophias@namdo.comShare Capital (as of Dec 31, 2009)Issued and Outstanding 500 millionFully DilutedSymbol503 millionTSX V: SNM01/28/2010

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