ShaMaran Petroleum Corp. is an independent oil development and exploration company with a 20.1% direct interest in the Atrush Block production sharing contract relating to a property located in the Kurdistan Region in Northern Iraq (the "Atrush Block"). Total oil in place in the Atrush Block is estimated at 1.5 to 2.8 billion barrels, with Total Field Proven plus Probable ("2P") Reserves on a property gross basis estimated at 85.1 MMbbl. Total Field Unrisked Best Estimate Discovered Recoverable Resources ("2P + 2C")1 on a property gross basis is estimated at 389 million barrels oil equivalent (MMboe)2. Atrush is currently in the first phase of the development program ("Phase 1"). Phase 1 of the Field Development Plan for the Atrush Block consists of installing and commissioning production facilities with a capacity of 30,000 bopd and the drilling and completion of five production wells to supply the production facility. First oil production from the Atrush Block is expected in the second quarter of 2017. The oil discovery on the Atrush petroleum property is continuously being appraised. Further phases of development will be defined based on production data, appraisal information and economic circumstances.