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ShaMaran Petroleum Corp.
Rights Offering

We acted as Canadian counsel to ShaMaran Petroleum Corp. in connection with its $75,421,500 rights offering, which closed on February 10, 2015. The rights offering was made under a prospectus in Canada, with the rights being offered in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia, and in Sweden. Lorito Holdings SARL, Zebra Holdings and Investments SARL and Lundin Petroleum BV provided a standby guarantee in connection with the rights offering. Pareto Securities AB acted as manager of the rights offering.