Iraq

ShaMaran Petroleum Corp., Vancouver, BC, completed shooting seismic in Pulkhana Block 10 and the K 42 block and has begun shooting 2D seismic on the Arbat block in the southern part of Iraqi Kurdistan.

Aug. 12, 2010

By OGJ editors
HOUSTON, Aug. 12 – ShaMaran Petroleum Corp., Vancouver, BC, completed shooting seismic in Pulkhana Block 10 and the K 42 block and has begun shooting 2D seismic on the Arbat block in the southern part of Iraqi Kurdistan.

The company is securing a rig to begin drilling at Pulkhana in the fourth quarter of 2010.

It also agreed with the Kurdistan Regional Government to amend the Pulkhana and Arbat production sharing agreements to relieve the company of its contractual requirement to allot 150 million common shares for the capacity building and infrastructure support of the Kurdistan region. The company agreed to contribute 20% of its future profit oil from each of Pulkhana and Arbat for capacity building.