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ShaMaran Petroleum Corp.
Private Placement

We acted as counsel to ShaMaran Petroleum Corp. with respect to its $51 million non-brokered private placement which completed on November 15, 2011. Pursuant to the private placement, ShaMaran issued an aggregate of 127,500,000 common shares at price of $0.40 per common share for gross proceeds of $51,000,000. ShaMaran proposes to use the net proceeds of the private placement for ongoing development, appraisal and exploration work on its projects in Kurdistan as well as for general working capital purposes. ShaMaran Petroleum Corp. is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ OMX First North under the symbol “SNM”.