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

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

                                   
Press release
Stockholm
25 November 2019
                                                                                                  

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

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

Third Quarter 2019

  • Daily oil & gas production for Q3 2019 averaged 3,593 BOEPD (Q3 2018: 1,565 BOEPD).
  • Effective August 1, 2019, the Company grew its Proven (1P) and Proven plus Probable (2P) reserves, by 14% and 62% respectively, at the Tie Field in Brazil.
  • During the quarter, the Maha-1 well on the Tartaruga Field was successfully drilled with production testing operations to follow.
  • Revenue of USD 16.1 million (Q3 2018: USD 9.0 million)
  • Operating netback of USD 12.0 million or USD 38.22 per BOE (Q3 2018: USD 6.6 million or USD 46.17 per BOE)
  • EBITDA of USD 10.7 million (Q3 2018: USD 5.4 million)
  • Net result of USD 6.6 million (Q3 2018: USD 3.2 million)
  • Basic Earnings per share of USD 0.07 (Q3 2018: USD 0.03)
  • Diluted Earnings per share of USD 0.06 (Q3 2018: USD 0.03)

      
Nine Months Ended 30 September 2019

  • Daily oil & gas production for the nine months 2019 3,004 BOEPD (2018: 1,585 BOEPD).
  • Revenue of USD 41.9 million (2018: USD 25.5 million)
  • Operating netback of USD 31.7 million or USD 40.38 per BOE (2018: 17.5 USD million or 40.70 USD per BOE)
  • EBITDA of USD 27.5 million (2018: USD 13.9 million)
  • Net result for the period of USD 17.0 million (2018: USD 7.4 million)
  • Basic Earnings per share of USD 0.17 (2018: USD 0.08)
  • Diluted Earnings per share of USD 0.16 (2018: USD 0.07)
  • Cash and cash equivalents balance of USD 20.4 million (2018: 22.3 million).

      
Financial Summary

(TUSD, unless otherwise noted) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Nine Months 2019 Nine Months2018 FY 2018
Net Daily Production (BOEPD) 3,593 2,739 2,669 2,454 1,565 3,004 1,585 1,804
Revenue 16,068 14,098 11,751 12,595 9,049 41,917 25,537 38,132
Operating netback 12,017 10,668 9,029 9,436 6,553 31,714 17,481 26,917
EBITDA 10,663 9,188 7,663 8,486 5,392 27,514 13,918 22,404
Net result for the period 6,570 6,157 4,248 18,2671 3,213 16,975 7,378 25,645
Earnings per share – Basic  (USD) 0.07 0.06 0.04 0.19 0.03 0.17 0.08 0.26
Earnings per share – Diluted (USD) 0.06 0.06 0.04 0.17 0.03 0.16 0.07 0.25
Cash and cash equivalents 20,421 20,504 19,768 20,255 22,292 20,421 22,292 20,255

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

Notwithstanding the recently announced reduction in the estimated 2019 annual production volumes, the third quarter was very positive for Maha with many significant ‘bright spots”.

Of particular note:
– the drilling and completing of the Attic well at the Tie Field resulted in a 62% increase in Proven and Probable (2P) reserves from 10.734 MMbbl of oil to 17.365 MMbbl of oil which nearly doubled the predicted plateau production rate at the Tie field from 3 to almost 6 years;

– the successful drilling of the Maha -1 well with better than expected indications of 72 m of net pay, that will be tested using a smaller and ‘fit for purpose’ workover rig; and,

– final approval and commissioning of Petrobras’ second receiving terminal at Comboata that now takes delivery of 750 BOPD of Tie Field oil. 

2019 Annual Average Production Rates were reduced to 2750 BOPD – 2900 BOPD
Subsequent to this reporting period, Maha’s 2019 estimated annual average production rate was unfortunately revised for a second time this year due to delays in start-up and commissioning of gas handling and disposal equipment at the Tie Field.  A string of simultaneous events culminated in requiring to reduce oil production to prevent exceeding Government imposed flaring restrictions during the last 2 months of the year.  This revision is in no way indicative of the Tie Field’s current or future oil producing capacity and we are working very hard to ”get back on track” to earlier expectations.

2P Reserves up by 62% at the Tie Field – now at 17.365 Million Barrels of Oil
By far the biggest news of the third quarter were the results of the re-mapping of the Tie structures following the results of the recently drilled ‘Attic Well’.  Remapping of the structure resulted in a substantially larger structure and more “in situ” oil volumes.  With these increased reserves the Field Development Plan will be revised to include more wells, and a longer plateau production rate. To this end, the Company is commencing a new field modelling project for this expansion.  Notably it appears clear the Tie Field production plateau of 4,850 BOPD will extend by up to 3 years resulting in a significant corresponding positive effect on the Tie Field’s, and therefore the Company’s, Net Present Value. 

Petrobras Comboata Terminal Commissioned
After nearly a year of ‘to and from’ -the Comboata Oil Terminal commenced taking oil deliveries from the Tie Field.  Following 2 weeks of “teething” issues, the Terminal now takes its daily allotment of 750 BOPD and Petrobras is now therefore able to receive a total of 1,850 BOPD from the Tie Field at two terminals. With the local refinery currently taking up to 2,200 BOPD – the Company has off-take capacity for up to 4,050 BOPD for Tie Field oil right now.  This is a significant increase from July 2017 when the Tie Field was purchased and offtake was limited to 1,100 BOPD. 

The local refinery still awaits a final Government permit to utilize its new expansion upon which the Company can increase its deliveries from the Tie field by a further 800 BOPD. At that point – Maha will be able to sell and deliver   4,850 BOPD from the Tie field.

Tartaruga
Maha-1 (7-TTG-3D-SES) well was spudded on 12 July, 2019 and total depth was reached on 3 October, 2019.  After an extensive coring and electric logging program, initial results show that all the Penedo sandstone stringers are continuous and a total of 72 m. of net pay has been calculated.  The Drilling rig was demobilized allowing for a smaller workover rig (“test rig”) to be mobilized.  This test rig is expected at the Tartaruga site towards the end of November, after which the Maha-1 well will be extensively tested over a period of up to 90 days.  While the test rig is at the Tartaruga site, the 107D horizontal well will finally be cleaned out and tested properly.  At the moment, the plan is to test 107D before commencing testing of the Maha-1 well. 

 

As is apparent, there is a lot going on and much to be excited about.  The increase in 2P reserves at the Tie field is significant to the fundamental value of the Company.  The facility improvement investments already made and the newly extended Tie Field production plateau secures long term positive cash flow for the Company.  The testing of new Penedo sands at Tartaruga are, if positive, a gateway to continued solid organic growth!

I continue to be grateful to all Maha employees for their hard work and dedication that has made all this possible.

 “Jonas Lindvall” Managing Director

Q3 Webcast

There will be a live webcast tomorrow, 26 November 2019 at 16:00 CET (Stockholm time) to review and discuss the Third Quarter results and provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr. Mats Jonsson and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli. For further details please consult the Company’s website: www.mahaenergy.ca

Adviser

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

For more information, please contact:          


Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (EVP)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

or

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

Miscellaneous      

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 25 November 2019, at 1:00 am CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 Growth Market stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 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 and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) ("Securities Act") or applicable laws in other jurisdictions.

1 Q4 2018 Net result includes USD 11.3 million of recognized deferred tax recovery and USD 0.8 million of other gains.

 

 

Attachments

Maha Energy AB - Q3 2019 Report
Maha Energy AB Press Release - Q3 2019 Results

Maha Energy AB (publ) (“Maha” or the “Company”) announce change of time for Question and Answer Session Wednesday 13 November

on Share

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

Press release
Stockholm
November 11, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) announce change of time for Question and Answer Session Wednesday 13 November

Earlier today, the Company announced it would be holding a Question and Answer Session on Wednesday 13 November at 4 PM CET.  The time has been changed to 5 PM  (CET) the same day.

The webcast link will be posted on the Company’s website and is as follows:

Shareholders and investors can pose questions at the time of the live session, or questions can also be sent ahead of time to:
victoria@mahaenergy.ca

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (EVP)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on November 11, 2019, at 10:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 26 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 and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-11-11 QandA Press Release

Maha Energy AB (publ) (“Maha” or the “Company”) announces a revision to its 2019 Production Expectations, a General Operational Update and a Question and Answer Webcast

on Share

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

Press release
Stockholm
November 11, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) announces a revision to its 2019 Production Expectations, a General Operational Update and a Question and Answer Webcast.

Revised Production Expectations
On August 23, 2019 the Company provided a revised 2019 net annual average expected production estimate of 3,300 – 3,600 BOPD.    Continued facility commissioning delays, and regulatory gas flaring restrictions has led the Company to revise its estimate downward. The Company now estimates 2019 annual average production of between 2,750 BOPD to 2,900 BOPD.

The combination of delays in commissioning of various critical equipment at the Tie field, greater than expected associated gas production and the mid October expiry of the temporary plant commissioning gas flare dispensation permit granted in April has necessitated a reduction in gas production at the Tie field.  This in turn resulted in the Company being restricted in its ability to produce oil at the Tie Field as expected.  The reservoir deliverability from the current wells remain more than the current 4,850 BOPD plateau and is not the reason for the reduction in the 2019 annual average production rate.

The current facility delays mainly concern:

  1. A main group separator, which is installed to increase separation efficiency was delayed due to a gas meter requiring volume certification by the authorities.
  2. Commissioning delays at GTE-7 (water supply well) impacted lower than planned injection volumes which in turn impacted the produced Gas Oil Ratio (GOR).  
  3. And though GTW has installed a total of 17 gas generators – 3 of the generators are rented by the Company to provide power to the Company’s operations and 4 of the generators are installed to supply power to the CDGN gas compression equipment. These are up and running but not running at full capacity until the overall facility is at near full capacity. Of the remaining 10 generators – 2 are now continuously running and supplying power to the local electrical grid.  The remaining generators are currently being systematically connected to the grid.

As and when GTW starts to deliver additional electricity through its generators, the waterflood reduces the GOR and the separator is running properly the Company will be able to progressively increase the oil production in line with previously communicated volumes.

Company Operational Update

Tie Field
Commissioning and tidying up the last loose ends continue at the Tie field.    The capacity of the Plant is currently 4,850 BOPD – however production is being restricted due to gas flaring limitations as above.  Current gas offtake capacity at Tie is 75,000 m3/day with a near immediate additional 30,000 m3/day of capacity being installed, hooked-up and commissioned presently.

During the month of October, the GTE-4 Sergi (long string) temporarily stopped free flowing and the Company has decided to proceed with installing artificial lift as and when operations allow.  This was not unexpected and therefore and in anticipation of this, the Company has already installed the surface jet pumping equipment on the site. Planning operations has now commenced to workover GTE-4 and install the downhole pump on the Sergi. 

As far as the Company is aware the refinery is still awaiting final clearance from the authorities to start up the previously installed expansion equipment at the refinery.  Once this permit is in place, the Company can increase its deliveries by 800 BOPD to 3,000 BOPD total to the refinery.  This final step will increase the daily oil offtake capacity at the Tie Field from the current 4,050 BOPD to 4,850 BOPD allowing the Company to safely sell its target maximum production for the field.

Tartaruga Field
Demobilization of the drilling rig is now complete.  The well test spread and the testing rig is anticipated to be on location to commence work at the end of November.  The work order will be as follows:

  1. 107D: The 107D well will be re-entered, worked over, completed and flow tested.  This work is anticipated to take 21 – 28 days, depending on test results; and
  2. Maha-1 (7-TTG-3D-SES) completion and flow testing of up to five different zones.  Thereafter the well will be hooked up to the Tartaruga Facilities and placed on production.

The Facilities at Tartaruga are currently sized to handle a maximum of about 800 BOPD (gross).  During the second half of 2019, work started to upgrade the facilities to handle up to 2,500 BOPD (gross) and associated gas.  Currently, engineering and design is being completed and physical work has already started.  The upgraded facilities are expected to be completed during the middle of the second quarter next year.  However, the plan is to incrementally increase production as and when capacity is brought on line.  It is not anticipated that there will be any significant production stoppages during the upgrade work.

Question and Answer Webcast
Jonas Lindvall, CEO of Maha Energy, will hold a Q&A webcast on Wednesday 13 November at 1600 hrs (CET) – details will follow on a separate Press Release and on the Company’s website.

Jonas Lindvall commented: “While I regret to issue this revised forecast – the Tie and Tartaruga fundamentals remain intact – from the Tie Field alone, we are well on our way to:

  • Production capability from the current wells exceeding the Processing Capabilities,
  • Processing capabilities of over 4,850 BOPD at our expanded facilities,
  • Consuming and or selling all expected associated gas (up to 100,000 M3/d); and
  • Offloading, delivering and selling 4,850 BOPD. 

             
With the recent exciting drilling results from the Tartaruga Field, the planned completion and testing of 107D and flow testing of Maha-1 the Company is poised to continue to grow!”

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (EVP)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on November 11, 2019, at 5:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 Growth Market Swedish stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 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 and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-11-11 Production Forecast Update

Maha Energy AB (publ) (“Maha” or the “Company”) October Production Volumes

on Share

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

Press release
Stockholm
November 3, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) October Production Volumes

Production Volumes

The Company's aggregate sales production for the month of October totaled 99,5541 barrels of oil and 74.994 million scf of gas for a combined average production of approximately 3,614 BOE/day2, before royalties and taxes.

Production at the Tie Field was restricted during the second half of the month due to commissioning work on the Gas to Wire (GTW) equipment and well testing on GTE-3.  Oil deliveries to the new Oil Terminal at Comboata reached the maximum contracted volumes on 12 October and has remained steady to the end of the month.  Production at Tartaruga was stable during the month with no significant shutdowns.  The well testing and GTW commissioning at the Tie Field is expected to be completed during the first week of November.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

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

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on November 3, 2019, at 8:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 26 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 and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-11-03 Production Numbers Update

Maha Energy AB (publ) (“Maha” or the “Company”) Announce Operational Update on Maha-1 (7-TTG-3D-SES) Well

on Share

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

Press release
Stockholm
October 7, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announce Operational Update on Maha-1 (7-TTG-3D-SES) Well

The Maha-1 (7-TTG-3D-SES) well on the Tartaruga Field has reached Total Depth (TD) and has completed the 8-1/2” open hole logging program.  The results are encouraging and as expected.

The Maha-1 reached a final depth of 3,728 m on October 3, 2019.  An extensive Open hole logging program has been completed which included specialty logs and the acquisition of 40 sidewall cores.  The Penedo gross sand thickness was measured at 420 m.  and preliminary electric log analysis suggest a total net pay thickness to be 72 m.  In addition to the sidewall cores mentioned above, two (2) full size cores  were obtained in the P1 and P6 sands (97% and 100% recovery respectively).

Seven inch casing will now be run and cemented in place after which the Drilling Rig will be demobilized and replaced with a smaller, fit-for-purpose, workover rig to commence well testing.  Previously untested Penedo zones will be tested to determine reservoir fluid content and productivity.  Upon conclusion of the testing program, Maha-1 will be placed on production.  Well testing is expected to start in the middle of November and take between 60 – 90 days to complete depending on results.

Maha-1 (7-TTG-3D-SES) is primarily an appraisal well to provide much needed well information for the Tartaruga Field Development Plan. Chapman Petroleum Engineering Ltd., the Company’s independent reserve auditor, estimates the Tartaruga Field to contain 31.2 million barrels of Proved, Probable and Possible (3P) reserves net to Maha’s Working Interest.

Jonas Lindvall, Managing Director of Maha Energy AB said: “We are very pleased with the results so far on this well.  The information gathered on this well will help us finalize exactly how we will develop the Tartaruga Field.”

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on October 7, 2019, at 04:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 26 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 and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-10-07 7TTG3DSES Operatonal Update

Maha Energy AB (publ) (“Maha” or the “Company”) September Production Volumes

on Share

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

Press release
Stockholm
October 3, 2019

Production Volumes

The Company's aggregate sales production for the month of September totaled 113,7131 barrels of oil and 67.815 million scf of gas for a combined average production of approximately 4,167 BOE/day2, before royalties and taxes.

Brazil production progressively increased during September, as both the gas and oil customers continued with previously announced upgrading and commissioning of their facilities to take more volumes.  The Company is pleased to further confirm that the new Oil Terminal Receiving station at Comboata has now commenced taking oil deliveries from the Tie Field.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

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

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on October 3, 2019, at 10:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 26 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 and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-10-03 Production Numbers Update

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Increase to Tie Field Reserves and Government Oil Delivery Approvals

on Share

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

Press release
Stockholm
September 25, 2019

Maha Energy AB (The "Company" or "Maha") Announces Increase to Tie Field Reserves and Government Oil Delivery Approvals

The Company is pleased to provide an updated oil and gas reserve volume report for the Tie Field, onshore Brazil.  Following the recently drilled ‘Attic Well’ (7-Tie-1D-BA) Maha requested its independent engineering consultants, Chapman Petroleum Engineering Ltd., of Calgary, Canada, (“Chapman”) to complete a re-determination of the producible volumes at the Tie Field.
The results are as follows:

  1 August 2019 31 December 2018
 

Category

 Oil
MMSTB1		 Gas
MMSCF2		 Oil
MMSTB		 Gas
MMSCF
Proven (P) 5.206 3,480.00 4.584 2,757.00
Proven + Probable (2P) 17.365 12,209.00 10.734 6,454.00
Proven + Probable + Possible (3P) 20.658 14,573.00 12.338 7,419.00

1,2   MM = million, STB = Stock Tank Barrels, SCF = Standard Cubic Feet.    Volumes are Net Maha but before Government royalties.

This represents a substantial increase in each category of reserves: 
P Reserves at the Tie Field is up by 14% (0.622 MMSTB)
2P Reserves at the Tie Field is up by 62% (6.631 MMSTB)
3P reserves at the Tie Field is up by 67% (8.320 MMSTB)

These increases are due to seismic remapping of the Tie structure after drilling the Attic Well, where the structure top was encountered significantly deeper than what was earlier prognosticated.  In effect, the structure is now determined to be less steep and aerially larger.

The Chapman report has been completed and calculated in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH), compliant with the National Instrument NI51-101 standards and the professional practice standard under the Permit to Practice.

Maha Energy AB, through its subsidiaries owns and operates a 100% working interest in the Tie Field onshore the Bahia State Brazil.

Government Approvals
As previously disclosed the Company has agreed to increase oil deliveries to both of its customers for Tie Field production. Petrobras has agreed to receive an additional 750 Barrels of Oil Per Day (BOPD) at a new Receiving Terminal, and the local refinery has agreed to accept up to an additional 800 BOPD.  Both Customers were awaiting certain final Government Departmental approvals before they could commence receiving the additional oil deliveries.

The Company is pleased to confirm that Petrobras have received final clearance to commence receiving up to 750 BOPD of additional oil to the new Receiving Terminal.  The local Refinery is still awaiting final clearance.  As a result of the final approval received by Petrobras, the Company has an outlet for up to 4,050 BOPD.  The Final approval for the local refinery is imminent.

The Company will continue to match increased production to the new receiving capacity as it becomes available.

Jonas Lindvall, CEO of Maha Energy commented: “We are thrilled over the increase in reserve volumes at the Tie Field.  The drilling results of the Attic Well drilled and completed earlier this year yielded a substantial increase in structural area which in turn has led to larger in situ hydrocarbon volumes.”

About reserves

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on:

  • analysis of drilling, geological, geophysical, and engineering data,
  • the use of established technology, and
  • specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed

Reserves are classified according to the degree of certainty associated with the estimates.
Proved reserves (P90) are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves (1P).

Probable reserves (P50) are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves (2P).

Possible reserves (P10) are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved + probable + possible reserves (3P).

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca
or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on September 25, 2019, at 3:00 am CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 26 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 to develop underperforming hydrocarbon assets on a global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil, and LAK Ranch in Wyoming, U.S.A. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

Maha Energy Reserve Update

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Changes in Senior Management

on Share

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

Press release
Stockholm
September 16, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Changes in Senior Management  

7-TTG-3D-SES Update

The Company is pleased to provide the following operational update for the drilling of 7-TTG-3D-SES well (the “Well”).  After 65 days of Well drilling operations, a 12-1/4” wellbore has been drilled to the top of the Penedo oil producing formation at a measured depth of 2,889 m.  9-5/8” casing has now been successfully run and cemented in place.  An 8-1/2” vertical hole will now be drilled to an approximate depth of 3,495 m at which point the multiple stacked sandstone reservoir will be evaluated using electric logging tools.  The primary objective of this well is to evaluate and test the up to 27 separate sandstone reservoir stringers.  The extent of the Drill Stem Testing program will be determined after the electric logging results are obtained and analyzed.  The results of this Well will in turn help in determining the best field development strategy for the Tartaruga oil field.

Upon completion of the testing operations, the Well will be completed in the best producing intervals and placed on production. Thereafter, the previously drilled 107D well will be re-entered, recompleted, cleaned out and brought on production. Whilst currently the Tartaruga facility is operating at capacity handling production from the 7TTG well, when certain facility upgrades are completed it is expected that the 107D well will immediately increase production at Tartaruga; following which the 7-TTG-3D-SES well will be tied in and the permanent upgrade of the processing facility completed.

Changes to Senior Management

Effective September 16th 2019, Robert Richardson has resigned from his employment at Maha Energy Inc. to pursue other opportunities. The Company thanks Robert for his efforts over the last 2 years and wishes him the best in his new endeavors.

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on September 16, 2019, at 11:30 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 26 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 and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-09-16. 7-TTG-3D-SES Update and Rob Richardson

Maha Energy AB (publ) (“Maha” or the “Company”) Announces a Number of New Appointments and Roles within its Management Team including the Addition of a New Vice President Operations

on Share

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

Press release
Stockholm
September 10, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces a Number of New Appointments and Roles within its Management Team including the Addition of a New Vice President Operations

Maha is pleased to confirm a number of new appointments and roles within its management team including the addition of a new Vice President of Operations.  These are part of a reorganization that will allow part of the management team to focus on the continued development of its producing assets in Brazil and others to focus on development of new opportunities for the business.  The changes are:

1.  Appointment of Alan Johnson – Vice President, Operations for the Maha Group

             
Alan graduated with a 1st Class B. Eng (Hons) from Heriot Watt University in Scotland. He is a senior oil and gas executive with more than 25 years of experience working internationally in Europe, Africa, North and South America and Australasia. His experience includes varied technical, managerial and executive roles in drilling, production, reservoir, reserves, corporate planning and asset management. Alan started his E&P career with Shell International in the Dutch North Sea. He then held positions of increasing responsibility with Shell Canada, APF Energy, Rockyview Energy, Delphi Energy, BG Australia and Caracal Energy. His last role was Vice President, Asset Management at Gran Tierra Energy managing their portfolio of assets in Colombia, Brazil and Peru. Alan is a Chartered Engineer in the UK and a Professional Engineer in Alberta.
            
Alan will assume direct responsibility for all operations in the Group.  Alan brings with him extensive international, South American and Brazilian operations and commercial experience and will provide valuable leadership as we develop our main producing assets in Brazil.
                 

2.  New Roles for Robert Richardson as Vice President – Engineering and New Ventures for the Maha Group and Ronald Panchuk as Executive Vice President Commercial, Legal         and New Business Development for the Maha Group

             
With the appointment of Alan, time will be freed up for the executive group to focus on a number of new business development projects Maha is reviewing.  Robert will continue to provide his petroleum engineering and production optimization expertise to our operations as needed – and will be responsible for all of reservoir exploitation planning.  Ron will continue in his role as legal counsel, commercial negotiator and governmental liaison for all operations as well as Secretary to the Board.
             
3.  Appointment of Victoria Berg – Manager Investor Relations and Deputy Managing Director (Interim) of Maha Energy AB
             
Victoria attended the Frans Schartau Business Institute in Stockholm, where she graduated with a Project Management Diploma and Stockholm University where she studied Communication.  Over the past ten years Victoria has had various roles coordinating and managing events and public/investor relations.  Her most recent assignment was that of a Project Manager at Laika Consulting, a Swedish Investor Relations Firm. 

With the growth of the Company and the appointment of Anders Ehrenblad as Chairman of the Board, a new position has been created to respond to the increased work load in Sweden.  Working out of our Strandvägen office, Victoria will be our interim Deputy Managing Director, primarily assisting our Managing Director with administrative work as well as investor relations and related planning.

Jonas Lindvall, CEO of the Maha Group commented:

“The growth of the Company presents new and exciting challenges requiring us to expand our capabilities.  It is with great pleasure I welcome Alan and Victoria to our team.”

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on September 10, 2019, at 6:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 26 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 and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-09-10 New Management Team

Maha Energy AB (publ) (“Maha” or the “Company”) August Production Volumes

on Share

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

Press release
Stockholm
September 3, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) August Production Volumes

Production Volumes

The Company's aggregate sales production for the month of August totaled 102,1081 barrels of oil and 51.013 million scf of gas for a combined average production of approximately 3,568 BOE/day2, before royalties and taxes.

Brazil production progressively increased during August as both the gas and oil customers, continued with previously announced upgrading and commissioning of their facilities to take more volumes.  Oil deliveries to Petrobras from the Tie Field were affected for four days due to unscheduled maintenance at the Petrobras unloading station.  Tartaruga Field lost one day of production due to minor pump maintenance in the field.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

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

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on September 3, 2019, at 9:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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 26 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 and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-09-03 Production Numbers Update