VANCOUVER, BC, April 12, 2022 /CNW/ - ShaMaran Petroleum
Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First
North Growth Market (Sweden): SNM)
is very pleased to announce that ShaMaran has become the exclusive
corporate sponsor for Hasar Vision 2025 Program, supporting its
marquee initiative the Hasar re-forestation project, a
comprehensive multi-year urban re-forestation project. This
initiative is being developed by Hasar Organization for Earth
Sciences ("Hasar"), a climate action non-government organization
based in Kurdistan. View PDF
version.
Dr. Adel Chaouch, President and
Chief Executive Officer of ShaMaran commented: "ShaMaran as one of
the earliest pioneer oil and gas companies in Kurdistan is very excited about this
opportunity. We are integrating it into ShaMaran's ESG policy
to become a better citizen in Kurdistan. Environmental, social and
governance considerations were very important in ShaMaran's
decision to participate as exclusive corporate sponsor to the Hasar
Vision 2025 Program. It will, among other activities, be planting
over one million oak trees in the center of Erbil, the capital of
Kurdistan, in order to reduce the
impact of emissions in this urban setting. ShaMaran will also
be assisting Hasar to secure carbon credit accreditation for the
Million Oaks Project, a first in Kurdistan. Carbon credits will be sought and will be
dedicated by ShaMaran to offsetting its carbon emissions for its
activities in Kurdistan."
Hasar Vision 2025 Program is committed to four principal areas:
carbon capture, water, renewable energy, youth, and climate change
awareness. In its initial stage a youth focused organization
was formed to raise awareness of climate change issues for the next
generation of future leaders in Kurdistan and also to be a committed workforce
to implement the Hasar Vision 2025 activities. These
activities will be dedicated towards reducing adverse effects of
climate change through integrated projects conducted in
Kurdistan.
RIGHTS OFFERING UPDATE
The Company has received
guidance from the TSX Venture Exchange ("TSX-V") that the rights
offering in Canada be extended
until 5:00 pm Eastern time on
May 20, 2022 and all ShaMaran
shareholders with shares registered on the TSX-V are hereby
notified of this extension. This extension, however, has no effect
on the previously stated subscription period for ShaMaran
shareholders registered in Euroclear Sweden.
OTHER
This news release contains information that
ShaMaran is obliged to make public pursuant to the EU Market Abuse
Regulation. This information was submitted for publication,
through the agency of the contact persons set out below, on
April 12, 2022 at 5:30 p.m. Eastern Time. Arctic Securities AS
(Swedish branch) is the Company's Certified Advisor on Nasdaq First
North Growth Market (Stockholm),
+46 844 68 61 00, certifiedadviser@arctic.com.
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of
this release.
FORWARD LOOKING STATEMENTS
This news release contains statements and information about
expected or anticipated future events and financial results that
are forward–looking in nature and, as a result, are subject to
certain risks and uncertainties, such as legal and political risk,
civil unrest, general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation,
competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans,
the occurrence of unexpected events and
management's capacity to execute and implement its future plans.
The Covid-19 virus and the restrictions and disruptions
related to it have had a drastic adverse effect on the world demand
for, and prices of, oil and gas as well as the market price of the
shares of oil and gas companies generally, including the Company's
common shares. There can be no assurance that these adverse
effects will not continue or that commodity prices will not
decrease or remain volatile in the future. These factors are beyond
the control of ShaMaran and it is difficult to assess how these,
and other factors, will continue to affect the Company and the
market price of ShaMaran's common shares. In light of the
current situation, as at the date of this news release, the Company
continues to review and assess its business plans and assumptions
regarding the business environment, as well as its estimates of
future production, cash flows, operating costs, and capital
expenditures.
Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking information. Forward-looking information typically
contains statements with words such as "may", "will", "should",
"expect", "intend", "plan", "anticipate", "believe", "estimate",
"projects", "potential", "scheduled", "forecast", "outlook",
"budget" or the negative of those terms or similar words suggesting
future outcomes. 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.
Actual results may differ materially from those projected by
management. Further, any forward-looking information is made only
as of a certain date and the Company undertakes no obligation to
update any forward-looking information or statements to reflect
events or circumstances after the date on which such statement is
made or reflect the occurrence of unanticipated events, except as
may be required by applicable securities laws. New factors emerge
from time to time, and it is not possible for management of the
Company to predict all of these factors and to assess in advance
the impact of each such factor on the Company's business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking information.
ABOUT SHAMARAN
ShaMaran is a Kurdistan focused oil development and
exploration company which holds a 27.6% interest, through its
wholly-owned subsidiary General Exploration Partners, Inc., in the
Atrush Block and as announced in the Company's news release of
July 12, 2021 upon successful closing
of the acquisition from a TotalEnergies' affiliate will then also
hold an 18% interest through its then wholly-owned subsidiary
TEPKRI Sarsang A/S in the Sarsang Block.
ShaMaran is a Canadian oil and gas company listed on the TSX
Venture Exchange and the Nasdaq First North Growth Market
(Sweden) under the symbol "SNM"
and is part of the "Lundin Group of Companies".
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SOURCE ShaMaran Petroleum Corp.