2009 Annual Report

Dear Shareholders:

The year 2009 was an extremely eventful year for the Corporation. After the completion of the sale of substantially all of its U.S. oil and gas properties in May 2009 the Corporation acquired working interests in the Pulkhana, Arbat and the K 42 blocks in the autonomous region of Kurdistan in northern Iraq. The Corporation was renamed ShaMaran Petroleum Corp. and has emerged as a leading Kurdistan focused oil company with a balanced portfolio of appraisal and exploration assets in this under-developed and under-explored major oil region.

The Pulkhana block is an appraisal/development project of an oil field discovered in 1956 while the Arbat and Block K 42 are exploration blocks which are expected to have significant potential. The Corporation has put together an aggressive exploration and appraisal program for 2010 and is planning to shoot 800 line kilometers of 2D seismic in the three blocks and drill an appraisal/ exploration well in the Pulkhana block.

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