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Maha Energy AB (publ) – Announces an operational update

on 23 de September de 2020 23 de September de 2020

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press Release
Stockholm
September 23, 2020

Maha Energy AB (publ) – Announces an operational update

Maha’s 2 x 1,380 HP compression project at Tie has been successfully commissioned
Drilling rig is now onsite at the “Tie 2” location in Brazil and has commenced drilling

Maha Energy AB ("Maha" or the "Company") today announce an operational update for its activities in Brazil and the United States.

Jonas Lindvall, President and Chief Executive Officer of Maha, comments: "Notwithstanding Covid-19 continuing to challenge some of our operations we have achieved two important milestones at the Tie Field. We are very happy to announce commencement of our gas compression and injection project and the spud of the next production well at the Tie field.”

Operational update

Tie Field

Compression Project
During the month of August, a dedicated commissioning team has been onsite to commission the two 1,380 HP compression units that have been installed. On 11 September, the units commenced operations and started to inject gas while simultaneously delivering conditioned gas to GTW and CDGN. Any excess gas produced at Tie will now be injected back into the reservoir affording significant operational flexibility and redundancy for Tie field oil production. This fast track project commenced in November 2019 and teams from both Enerflex and Maha ensured an on-time delivery even whilst managing the Covid-19 pandemic.

GTE-4
During the second quarter the GTE-4 well was converted to a dual pumping well. The Sergi zone is producing above expectations. However, after swabbing the Agua Grande zone and running the downhole jetpump assembly in the hole, a blanking sleeve became stuck downhole which requires further fishing. At the moment, the rig is shut down due to several active Covid-19 cases and operations will only resume once personnel are clear of Covid-19. GTE-4 is currently only producing from the Sergi zone.

Tie 2 and Tie 3 Wells (new wells)
The Tie south drilling pad has been built and a drilling rig has mobilized to site and drilling operations at Tie 2 (previously known as TS-1) commenced at 20:00 hrs on 22 September. The Tie 3 (previously known as TS-2) injector is planned to be drilled immediately after Tie 2 is completed. Each well is anticipated to take 40 – 45 days to drill and complete. Tie 2 is a near vertical dual zone producer whilst the Tie 3 well is planned to be a dual zone water injector.

Facility and Covid-19
Due to ten positive Covid-19 tests amongst both staff and contractor personnel several smaller capital expansion projects have been temporarily suspended within the Tie station to reduce headcount and protect the core operating team. At the moment, there is no direct impact on production.

Tartaruga

The Tartaruga field continues to meet production targets and is operating currently with only limited impact from Covid-19. Gas sales from Tartaruga commenced in July via the third-party company GTW (“Gas to Wire”), who generates electricity from the associated gas produced at Tartaruga to the local grid.

Illinois Basin

Operations continue to run smoothly on our new asset in Illinois and Indiana with successful maintenance workovers being carried out to maintain production at approximately 150 bbl/d.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

The information was submitted for publication, through the agency of the contact person set out above, at 07:52 CEST on 23 September 2020.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.seor +46-8-528 00 399. The Company’s auditors are Deloitte. The Company’s predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha’s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in the United States For more information, please visit our website www.mahaenergy.ca.

20200923 Press Release Operational Update

Maha Energy AB (publ) Announce August Production Volumes

on 3 de September de 2020 3 de September de 2020

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
September 3, 2020

Maha Energy AB (publ) Announce August Production Volumes

Production Volumes

The Company's aggregate sales production for the month of August totaled 101,204¹ barrels of oil and 56.461 million scf of gas for a combined average production of approximately 3,568 BOE/day², before royalties and taxes, which was in line with the Company’s expectations for the month.

A 3 day planned shutdown of the Tie Production Facilities affected production of oil and gas from the Tie field during the month of August. The Tie field also suffered a string of electrical power failures and shortages during the month. Lastly, also at the Tie field, well testing and flow-back work on the GTE-4 short string (Agua Grande) necessitated the long string (Sergi) to be temporarily closed in.

Effects, such as reduced manning and movement restrictions, of the Covid-19 Pandemic continue to adversely affect production in Brazil.

¹Subject to minor standard industry adjustments at the time of custody transfer.
²Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

2020-09-03 August Production Numbers Update

Maha Energy AB Announces Filing of Second Quarter Report & Live Webcast

on 24 de August de 2020 24 de August de 2020

Maha Energy AB (publ)

Strandvägen 5A
SE-114 51 Stockholm

www.mahaenergy.ca

Press release
Stockholm
24 August 2020

Maha Energy AB Announces Filing of Second Quarter Report & Live Webcast

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its Second Quarter results. The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca.

Second Quarter 2020

Record daily oil & gas production for Q2 2020 averaged 3,602 BOEPD (Q2 2019: 2,739 BOEPD)
Illinois Basin, acquired at the end of Q1 2020, averaged at 144 BOEPD for Q2 2020
Revenue of USD 7.9 million (Q2 2019: USD 14.1 million)
Operating netback of USD 4.4 million or USD 13.80 per BOE (Q2 2019: USD 10.7 million or USD 43.30 per BOE)
EBITDA of USD 3.4 million (Q2 2019: USD 9.2 million)
Net result of USD 0.4 million (Q2 2019: USD 6.2 million)
Basic and Diluted Earnings per share of USD 0.00 (Q2 2019: USD 0.06)
Cash and cash equivalents balance of USD 15.7 million (Q2 2019: 20.5 million)

Six Months Ended 30 June 2020

Daily oil & gas production for H1 2020 averaged 3,445 BOEPD (H1 2019: 2,704 BOEPD).
Revenue of USD 19.1 million (H1 2019: USD 25.8 million)
Operating netback of USD 12.2 million or USD 20.42 per BOE (H1 2019: 19.7 USD million or 41.83 USD per BOE)
EBITDA of USD 9.9 million (H1 2019: USD 16.9 million)
Net result for the period of USD 3.6 million (H1 2019: USD 10.4 million)
Basic Earnings per share of USD 0.04 (H1 2019: USD 0.11)
Diluted Earnings per share of USD 0.03 (H1 2019: USD 0.10)
Cash and cash equivalents balance of USD 15.7 million (2019: 22.4 million).

Financial Summary

(TUSD, unless otherwise noted)	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	H1 2020	H1 2019	FY 2019
Net Daily Production (BOEPD)	3,602	3,288	3,165	3,593	2,739	3,445	2,704	3,044
Revenue	7,926	11,207	13,672	16,068	14,098	19,133	25,849	55,589
Operating netback	4,377	7,858	9,825	12,017	10,668	12,235	19,697	41,539
EBITDA	3,436	6,434	8,354	10,663	9,188	9,870	16,851	35,868
Net result for the period	407	3,191	2,679	6,570	6,157	3,598	10,405	19,654
Earnings per share – Basic (USD)	0.00	0.03	0.03	0.07	0.06	0.04	0.11	0.20
Earnings per share – Diluted (USD)	0.00	0.03	0.02	0.06	0.06	0.03	0.10	0.18
Cash and cash equivalents	15,699	19,190	22,450	20,421	20,504	15,699	20,504	22,450

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

Record Quarter
The COVID-19 pandemic continues to challenge our business. Despite a record quarter for production, quarterly revenue is just over half of the comparable period last year. Three individuals (contractors) working at the Tie field tested positive for the virus, directly impacting operations (all three have since recovered). And finally, travel restrictions continue to cause real problems for the movement of equipment and people in Brazil. Despite this, Maha had a record quarter in terms of production, the quarterly netback is a healthy US$ 13.80 per boe, OPEX is US$ 7.66 per boe and our G&A cost is a stellar US$ 2.61 per boe. Simply put at the average quarterly Brent price of US$ 29.34, Maha is still generating significant positive netbacks (US$ 13.80 per boe). Corrected for G&A expenses, on a per barrel basis, and Maha will continue to generate positive cashflows at a Brent Oil price as low as US$ 16 per bbl. We are pleased to report our highest production quarter on record and 11^th straight quarter of positive net results – we are still profitable, even at these challenging times. A true testament to the robustness of our assets and our team.

The first two months of the second quarter was in the epicenter of the COVID-19 storm. Our production capability suffered; as did the oil price. OPEX and CAPEX were reduced to conserve cash and the Company temporarily prepared for survival mode. Towards the end of the quarter, however, as the OPEC+ production cuts started to bite, and as oil prices stabilized, our operations and project work could resume. In terms of field activity, we are almost back to pre-COVID-19 levels.

Field work in Brazil
An unseasonably wet ‘rainy season’ has affected civil works for the remaining minor project works at the Tie field. The effect of this are a few weeks delay in flowline installations between GTE-4 and the battery, the compressor installation and the GTE-7 water supply line. Construction progress of the Tie south drilling locations have also been delayed by the rain. Further, and as mentioned, COVID-19 has caused labor issues as contractors reported in sick. An important event during the quarter was the recompletion of GTE-4 from a free flowing well to a dual pumping well. Positively, the GTE-4 Sergi zone is now producing 800 BOPD on pump, some 300 BOPD more than what was anticipated. Finally, at Tartaruga, Gas-To-Wire started delivering electricity to the local grid allowing for the associated gas there to be monetized.

Government Incentives
In response to the tough times, the Brazilian Government is considering temporarily reducing the oil and gas royalty from 10% to 5%. If this proposal is implemented, Maha will be profitable at an even lower oil price.

Negative Oil Price on 20 April.
On 20th April, history was made when, for one day, WTI oil was sold at a negative US$ 36.98/bbl, meaning that sellers were paying buyers to take their oil. Of course, there was no fundamental supply and demand cause for this, instead it stemmed from oil traders having to pay to get out of their future contracts. Something we are not likely to see again. Note that this event affected only WTI oil, Brent oil was largely unaffected. Even as unusual as that was, it demonstrates how uncertain and volatile the oil markets were (and still are) due to the demand erosion of COVID-19.

The short version of the current oil market is;

unprecedented reduction in demand for oil (although not as much as originally believed),
there is still a large surplus of oil available, keeping prices low,
high cost production has been hit very hard (shale oil, deepwater, oilsands)
CAPEX has been slashed from already depressed expenditure levels,
hundreds of independent oil companies have filed for bankruptcy since 2015.

Surprisingly, according to the Energy Information Agency (EIA), crude oil and gasoline inventories in the United States is only 16% and 8% higher respectively than the 5-year moving average¹. Furthermore, on 4 August, the EIA Monthly Crude Oil and Natural Gas Production Report stated: “Production of crude oil decreased in the United States in May 2020 by 1.99 million barrels per day (b/d), the largest monthly decrease since at least January 1980.”

Given the OPEC+ cuts, the smaller than originally forecasted demand reduction, the knee-jerk reaction of industry CAPEX slashing, and as the world reboots, an upcoming crude oil shortage is easy to see. The timing of the balancing of the markets have constantly been updated and brought forward. Some analysts believe that the supply/demand curves will cross already in the third quarter of this year. Of course, OPEC+ will easily be able to accommodate the increase in oil demand to the pre-COVID-19 levels, but thereafter it will become challenging. Slashing of CAPEX this year is compounded by five consecutive years of depressed investments into oil and gas projects. Given the very long lag time for oil to be brought on stream and onto the markets, the lack of investments for the past 6 years is concerning.

As the old adage goes: “the cure for high prices are high prices” – and the inverse of this is true as well.

To still turn a profit during the absolute worst quarter in modern history says a lot about the tenacity and resilience of the Maha team. I am super thankful to all of my fellow Maha colleagues for keeping the Company going whilst we all battle this pandemic. We think we are superbly prepared for the upcoming upturn in oil prices.

Stay well and stay healthy,

“Jonas Lindvall”
Managing Director

¹EIA. August 4, 2020 U.S. Energy Information Administration’s (EIA) Monthly Crude Oil and Natural Gas Production Report. And 31 July,2020 Weekly Petroleum Data Report.

Q2 Webcast 24 August 2020

There will be a live webcast today, 24 August at 16:00 CET (Stockholm time) to present the Q2 results and provide an operational update. A link to the webcast is available on the Company’s website: www.mahaenergy.ca. Interested parties are encouraged to e-mail questions ahead of time to victoria@mahaenergy.ca. Questions posted on the day of the presentation should be done directly in the YouTube Comments/Questions field. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr.Kaarlo Airaxin, and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Andres Modarelli (CFO)
Tel: +1-403-454-7560
Email: andres@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

Maha Energy AB 2020_Q2 Report

Maha Energy AB Press Release - Q2 2020

Maha Energy AB (publ) Announce July Production Volumes

on 3 de August de 2020 3 de August de 2020

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
August 3, 2020

Maha Energy AB (publ) Announce July Production Volumes

Production Volumes

The Company's aggregate sales production for the month of July totaled 111,404¹ barrels of oil and 58.090 million scf of gas for a combined average production of approximately 3,906 BOE/day², before royalties and taxes.

Effects of the Covid-19 Pandemic along with planned commissioning work and individual well testing operations at the Tie field affected production this month.

¹Subject to minor standard industry adjustments at the time of custody transfer.
²Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

2020-08-03 July Production Numbers Update

Maha Energy AB (publ) comments on acquisition strategy

on 20 de July de 2020 20 de July de 2020

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
July 20, 2020

Maha Energy AB (publ) comments on acquisition strategy

Due to the recent speculation in various forums regarding potential acquisitions, and in particular a potential agreement on Block 70 in Oman, Maha has the following announcement.

As part of Maha’s exploitation strategy, the Company continuously evaluates various strategic and tactical growth opportunities around the world. Since the Company focuses on underperforming hydrocarbon assets, the opportunities continuously being evaluated range in geographical and technical nature. The key driver for the Company is value per barrel. The Company is currently evaluating a number of opportunities in a number of different jurisdictions.

These opportunities are in various stages of the evaluation/negotiation process, and at this time none of the opportunities are at a stage whereby Market Abuse Regulations (MAR) (insider information) are deemed required.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

2020-07-20 Leakage Press Release

Maha Energy AB (publ) Announce June Production Volumes

on 3 de July de 2020 3 de July de 2020

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
July 3, 2020

Maha Energy AB (publ) Announce June Production Volumes

Production Volumes

The Company's aggregate sales production for the month of June totaled 112,151¹ barrels of oil and 57.090 million scf of gas for a combined average production of approximately 4,056 BOE/day², before royalties and taxes.

Other than some minor unplanned shutdowns, production continues to be affected by the impact of the Covid-19 pandemic.

¹Subject to minor standard industry adjustments at the time of custody transfer.
²Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

2020-07-03 June Production Numbers Update

Maha Energy AB (publ) Announce May Production Volumes

on 4 de June de 2020 4 de June de 2020

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
June 4, 2020

Maha Energy AB (publ) Announce May Production Volumes

Production Volumes

The Company's aggregate sales production for the month of May totaled 106,248¹ barrels of oil and 52.765 million scf of gas for a combined average production of approximately 3,711 BOE/day², before royalties and taxes.

The month of May saw increasing gas sales at Tie as a new gas end-user started taking deliveries allowing for higher oil production. Further at both Tie and Tartaruga stations, oil production was somewhat affected due to temporary surface jet pump maintenance issues which were resolved during the month. Despite the pump issues and continuing Covid-19 movement restrictions, production and off-take volumes in Brazil remain stable.

¹Subject to minor standard industry adjustments at the time of custody transfer.
²Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

Press Release - Produktionsvolym maj SVE

Press Release - Production Numbers May ENG

Annual General Meeting in Maha Energy AB (publ)

on 27 de May de 2020 27 de May de 2020

Maha Energy AB (publ)

Strandvägen 5A

SE-114 51 Stockholm

www.mahaenergy.ca

Press release
Stockholm
May 27, 2020

Annual General Meeting in Maha Energy AB (publ)

The shareholders of Maha Energy AB (publ) gathered in Stockholm, Sweden, Wednesday May 27, 2020 for the Annual General Meeting.

The income statements and the balance sheets for the Company and the Group were approved and the Board of Directors and the CEO were discharged from liability for the financial year 2019.

The Meeting resolved that no dividend shall be paid for the financial year 2019 and that the company’s available funds shall be carried forward in new account.

Jonas Lindvall, Nicholas Walker, Anders Ehrenblad, Harald Pousette, Seth Liebermann, and Fredrik Cappelen were elected as members of the Board of Directors. Harald Pousette was elected as Chairman of the Board.

The Meeting approved fees payable to the members of the Board of Directors and the Chairman of the Board of Directors, including remuneration for committee work, to be as follows: (i) annual fees of the members of the Board of Directors of SEK 300,000 (excluding the CEO); (ii) annual fee of the Chairman of the Board of Directors of SEK 415,000; (iii) annual fees of SEK 40,000 to members of the respective committees (excluding the CEO); (iv) annual fees of SEK 60,000 to the Chairman of the respective committees; (v) members of the Board of Directors shall be entitled to invoice the Company in so far as they perform services outside the Board assignment.

The accounting firm Deloitte AB was re-elected as the auditor of the Company, with authorized public accountant Fredrik Jonsson as the auditor in charge, for a period until the end of the 2021 Annual General Meeting. The auditor’s fee shall be paid upon approval of their invoice.

The Meeting approved the Nomination Committee’s proposal not to change the principles for the appointment of and instructions regarding a nomination committee adopted at the Annual General Meeting in 2019.

The Meeting resolved in accordance with the proposal of the Board of Directors to adopt a policy for remuneration and other employment conditions for senior executives of the group, which shall apply for the time being. The policy is applicable on agreements entered into after the Annual General Meeting, and as far as changes are made to existing agreements, thereafter, and shall be reviewed at least every four years.

The Meeting resolved in accordance with the proposal of the Board of Directors on an incentive programme for senior management and certain key employees through issuance of warrants entitling to subscription of new shares of class A in the Company. Under the resolution, the Company may issue a maximum of 460,000 warrants. The warrants may, with deviation from the shareholders’ preferential rights, only be subscribed for by the subsidiary Maha Energy Inc., after which Maha Energy Inc. is to transfer the warrants to the participants under the programme. Each warrant entitles to subscription for one new A-share in the Company during the period from and including June 1, 2023 up to and including February 29, 2024. The subscription price shall be equal to 100 percent of the volume weighted average last closing price for the Company’s share on Nasdaq First North during the period from and including May 20, 2020 until and including May 27, 2020. The increase of the Company’s share capital will, upon exercise of the warrants, amount to not more than SEK 5,060.

The Meeting resolved to authorize the Board of Directors to – for the period up to the next Annual General Meeting and at one or more occasions – resolve upon issuance of new shares, warrants and/or convertible debentures. Payment may be made in cash, in kind, through set-off of claims or otherwise be conditional. The Company’s share capital may be by support of the authorization be increased by an amount corresponding to 20 percent of the share capital and number of shares in the Company as of on the date the Board of Directors make use of the authorization. Deviation from the shareholders’ preferential rights shall be allowed in situations where a directed issue is deemed more appropriate for the Company due to timing, commercial or similar reasons, and in order to enable acquisitions.

The Meeting resolved in accordance with the proposal of the Board of Directors on changes to the company’s articles of association (i) regarding the prerequisites for participating in general meetings and (ii) regarding the removal of share classes C1 and C2.

For more information please visit www.mahaenergy.ca or contact:
Jonas Lindvall (CEO)
Tel: +1 403 454 7563
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

Miscellaneous
This information is such that Maha Energy AB must disclose in accordance with First North Rulebook. The information was submitted for publication through the agency of the contact persons set out above on May 27, 2020, at [19:00] CET.

Maha in Brief
Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company’s auditors are Deloitte. The Company’s predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha’s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates four oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, and IB in the Illinois Basin U.S.A. For more information, please visit our website www.mahaenergy.ca.

Press release - Outcome of AGM 2020 - Swedish -

Press release - Outcome of AGM 2020 - English -

Maha Energy AB Announces Filing of First Quarter Report & Live Webcast

on 25 de May de 2020 25 de May de 2020

Maha Energy AB (publ)

Strandvägen 5A
SE-114 51 Stockholm

www.mahaenergy.ca

Press release
Stockholm
26 May 2020

Maha Energy AB Announces Filing of First Quarter Report & Live Webcast

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its First Quarter results. The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca.

First Quarter 2020

Daily oil & gas production for Q1 2020 averaged 3,288 BOEPD (Q1 2019: 2,669 BOEPD)
On 31 March 2020, the Company closed an acquisition for certain producing properties in the Illinois basin for USD 4 million (plus assumed working capital deficiency).
During the quarter, the 107D well was placed on production with initial oil rates of 939 BOPD (on pump).
Revenue of USD 11.2 million (Q1 2019: USD 11.8 million)
Operating netback of USD 7.9 million or USD 27.91 per BOE (Q1 2019: USD 9.0 million or USD 40.22 per BOE)
EBITDA of USD 6.4 million (Q1 2019: USD 7.7 million)
Net result of USD 3.2 million (Q1 2019: USD 4.2 million)
Basic Earnings per share of USD 0.03 (Q1 2019: USD 0.04)
Diluted Earnings per share of USD 0.03 (Q1 2019: USD 0.04)
Cash and cash equivalents balance of USD 19.2 million (Q1 2019: 19.8 million)

Financial Summary

(TUSD, unless otherwise noted)	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019	Full Year 2019
Net Daily Production (BOEPD)	3,288	3,165	3,593	2,739	2,669	3,044
Revenue	11,207	13,672	16,068	14,098	11,751	55,589
Operating netback	7,858	9,825	12,017	10,668	9,029	41,539
EBITDA	6,434	8,354	10,663	9,188	7,663	35,868
Net result for the period	3,191	2,679	6,570	6,157	4,248	19,654
Earnings per share – Basic (USD)	0.03	0.03	0.07	0.06	0.04	0.20
Earnings per share – Diluted (USD)	0.03	0.02	0.06	0.06	0.04	0.18
Cash and cash equivalents	19,190	22,450	20,421	20,504	19,768	22,450

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

“Bromsa inte i uppförsbacke!” Roughly translated this means: “Do not brake when going uphill!” This is the advice a good friend once imparted on me many years ago. And I think that with the acquisition of the Illinois Basin assets in the USA, we clearly demonstrate that Maha is not slowing down even though the rest of the world seem to have come to a complete standstill.

The brief Saudi/Russia spat along with the unprecedented and massive demand erosion caused by the COVID-19 pandemic created for oil prices not seen since the 1990’s. The low oil price environment is a huge challenge for a sector that has been under siege since the 2014 oil price collapse. Maha is not unaffected but with a cash position of USD 19 million, low operating costs (USD 6.46/BOE), and increasing production volumes we are well positioned to ride the storm out.

In fact, with most of our capital requirements for production growth behind us, we are optimally positioned for organic growth and acquisitions. The Illinois Basin assets purchased at the end of Q1 represents very low risk growth potential in the USA. These assets are conventional, shallow, and proven. As production volumes increase, our operating costs decrease on a per barrel basis. It is our intention to grow these assets to around 1,000 BOPD as soon as COVID-19 and the current economic climate permits. The acquisition metrics on this deal are outstanding. With a purchase price of USD 4.0 million (adjusted for the assumption of USD 0.25 m in liabilities), and 2P reserves of 2.941 million bbls, Maha paid USD 1.44/bbl for the oil. According to the Dome AB Inc. December 31, 2019 reserve report, Proved Developed Producing (PDP) reserves (0.458 m bbls) were valued at Net Present Value (10%) USD 7.2 million, which mean that we bought these producing assets well below the PDP value. Even though the value was based on a WTI price of USD 57/bbl – the value in the asset speaks for it-self. We are excited about the future growth in the Illinois Basin.

In Brazil, production for the first quarter was affected by a three week strike at Petrobras in February, a prolonged maintenance shutdown at one of the gas end users, and then by the COVID-19 Pandemic in March. But even with these interruptions, the quarter marked the second highest production volumes in the Company’s short history. As the COVID-19 pandemic expanded across the world and Brazil, our gas customers at the Tie field had to reduce and eventually cease receiving Tie gas deliveries. A decrease in gas deliveries meant a decrease in oil deliveries in order to comply with the country’s flaring limitations. By the middle of April, however, the Government of Brazil took swift and decisive action to safeguard oil production across the country and decreed a temporary flaring easement of up to 100,000 m3 per day. We continually monitor the oil offtake requirements with our customers, and as Brazil is a net importer of oil, we do not anticipate oil production reductions in the immediate future.

We recently announced a reduction in our 2020 production guidance which is attributable to the effects of the COVID-19 Pandemic. With the reduction in the production guidance we also reduced our 2020 OPEX and G&A costs by similar amounts. And as previously announced we have rearranged our 2020 capital investments to further reduce spending in 2020. All these efforts are made in order to ensure we can meet all our future financial obligations, but at the same time, take full advantage of the opportunities this period of unprecedented volatility presents.

Right now, in this market, Maha is almost in poll position. We can afford to keep all our options open; if we need to, we can hunker down and conserve our future cashflows, or we can use this opportunity to acquire quality assets and position us for even greater growth when the oil market returns. It’s a good place to be, right now.

Stay well, stay safe and stay with us! We are hitting the accelerator (not the brake) on this hill.

“Jonas Lindvall”
Managing Director

Q1 Webcast 26 May, 2020

The Company will present its Q1 Report on Tuesday 26 May at 6 PM CET. During this presentation, Jonas Lindvall, the CEO of Maha Energy AB, will provide a full Company operational update, comment on the production guidance revision and be available to take questions. A link to the webcast is available on the Company’s website: www.mahaenergy.ca. Interested parties are encouraged to e-mail questions ahead of time to victoria@mahaenergy.ca. Questions posed on the day of the presentation should be done directly in the YouTube Comments/Questions field.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Andres Modarelli (CFO)
Tel: +1-403-454-7560
Email: andres@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

Maha Energy AB - Q1 2020 Report

Maha Energy AB Press Release - Q1 2020 Report

Maha Energy AB (publ) (“Maha” or the “Company”) Announce Updated production guidance and capital plan for 2020 due to effects from Covid-19

on 22 de May de 2020 22 de May de 2020

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
May 22, 2020

Updated production guidance and capital plan for 2020 due to effects from Covid-19

Due to the effects of the Covid-19 pandemic currently sweeping across Brazil, Maha Energy AB (publ) has reduced its’ average annual production guidance from 5,000 – 5,500 BOEPD to 4,000 – 5,000 BOEPD.

“The Covid-19 pandemic is now taking a toll on our operations. The domino effect of border closures, deliveries of vital equipment and services and lower end user gas demand, to name a few, has required us to revise our 2020 production guidance. These factors, which are outside our control, have indirectly led to an unforeseen reduction in oil production. At this time, we continue to be uncertain on the future impact of Covid-19 to our production volumes, but like most companies we are working hard to offset the reduction in production volumes with a corresponding reduction in expenditures. At current oil prices, the Company’s financial condition is robust and we expect to continue to fulfill all our future financial obligations, including the full repayment of the SEK 300 million bond next year, despite the production guidance reduction” stated Jonas Lindvall, CEO of Maha Energy AB.

Natural gas is a by-product of the produced oil, and if the gas cannot be disposed of, the oil production must be curtailed accordingly. The Brazilian Government has granted a temporary flaring easement to ensure continuous oil production during the Covid-19 pandemic, which is reducing the impact of the curtailment. And even though the Tie oil processing plant is capable of handling oil and gas mixtures of up to 4,850 BOPD, the plant is not designed to flare 100% of the liberated gas on a continuous basis.

As a result of the annual average production guidance revision, the Company continues to revise and optimize its’ 2020 Capital Plan. The previously announced reduction in the Capital Plan for 2020 has now been amended to include rephasing of the Tie wells (TS-1 & TS-2) and the inclusion of a new Compression Project at Tie along with some work on the newly acquired Illinois Basin assets. Total capital expenditures for 2020 is now estimated at USD 15.5 million, down 25% from the original USD 20.7 million.

Maha Energy’s assets are low cost, low risk producing assets, and at current oil prices ($32 – $36 per barrel), the Company estimates consolidated annual average OPEX to be +/- US$ 4.95 – US$ 5.65 per BOE.

CAPEX (Capital Plan)

Tie Field
-TS-1 & TS-2: These two Tie field development wells, originally scheduled for Q2/Q3 this year, will now be drilled towards the end of Q4, and TS-2 (water injector) may slip into 2021.

-Tie Compression Project (new): the addition of two (2) 1,380 HP Ariel Compressors at the Tie field to provide ‘spill over’ gas reinjection capabilities have now been added to the capital plan for 2020.

Tartaruga Field
-Maha-2: This contingent follow-up well to Maha-1 on Tartaruga has been rescheduled for 2021.

-Maha-1: The completion of the testing of this well at Tartaruga has been rescheduled for 2021.

-Tartaruga expansion: With the postponement of completing Maha-1, the Tartaruga expansion project will continue, but at a slower pace. Oil production from Maha-1 (above) is needed in order to achieve the planned 2,500 BOPD capacity production at Tartaruga.

Illinois Basin (IB)
Contractual commitments may require the Company to drill one well and to complete a drilled but uncompleted well on the IB asset. This activity is scheduled for Q3 and Q4 this year. Other 2020 commitments have been successfully rescheduled to 2021.

OPERATIONAL UPDATE
Tie Field

New Wells TS-1 & TS-2
Location work is all but complete, a drilling rig has been identified and will be contracted in due course, but the drilling of these two wells has been pushed back to Q4 this year. The delay in drilling and completing these wells will not affect field production at the Tie field.

GTE-4
GTE-4 was worked over and dually completed in April. GTE-4 is now on pump and is being flow tested.

Gas Compression
Two (2) 1,380 HP (each) gas compressors have been leased by Enerflex Inc to provide gas reinjection for unsold gas at the Tie field. Any associated gas that cannot be sold will be reinjected to provide pressure support to the reservoir and redundancy to the production operations. The compressors will take any ‘spill over’ gas that cannot be sold downstream and reinject it to ensure that oil production can continue uninterrupted. The gas compressors are expected to be commissioned at the end of Q3.

Tartaruga

Maha-1
The testing of Maha-1 was suspended in March due to the indirect effects of the Covid-19 Pandemic. As Brazil started to lock down, it became more and more difficult to move goods and services to and from Tartaruga. A key item required for the testing and stimulation for Maha-1 was perforating explosives, which became impossible to move in a timely fashion. As a result, it was decided to suspend testing operations at Tartaruga. Testing operations will resume as soon as services resume as normal in Brazil.

Tartaruga Facilities
The current oil handling facilities at Tartaruga can handle up to 800 BOPD. Work is underway to expand these facilities to handle up to 2,500 BOPD. Equipment has been identified and purchased. However, the 2,500 BOPD handling capacity at Tartaruga is not expected to be required until Maha-1 is brought on stream. A temporary oil handling system will be leased to ensure sufficient handling capacity at Tartaruga whilst the Facility upgrades are being finished.

Webcast Question & Answers Session

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on 22 May 2020, at 7:00 PM CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

2020-05-22 Production Guidance Update