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Maha Energy AB: Fully Guaranteed Rights issue of SEK 91.7 MM and Engagement of Arctic Securities AS as exclusive broker for Maha Energy AB’s proposed debt financing of SEK 300-350 million

on 13 de February de 2017 13 de February de 2017

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press Release

Stockholm

13th February 2017

The board of directors ofMaha Energy AB announces a Fully Guaranteed Rights issue of SEK 91.7 MM and Engagement ofArctic Securities AS as exclusive broker for Maha Energy AB's proposed debt financing of SEK 300-350 million

February 13th, 2017

On 10 February, 2017, by authority of the last general meeting of Maha Energy AB (publ) ("Maha" or the "Company"), the Board of Directors of the Company (the "Board") has resolved to complete a Rights Issue with a pre-emptive right for the shareholders and warrant holders (the "Rights Issue"). The Rights Issue was first announced in a press release dated 6 February 2017 regarding the Company's financing and acquisition of Gran Tierra Inc.'s Brazilian operations as guaranteed up to 100 per cent by a consortium consisting of Kvalitena AB (publ) and LMK Venture Partners AB among others. The subscription price in the Rights Issue is SEK 7.10 per share.

Background and reasons

On 6 February, 2017 Maha agreed to acquire the Brazil business unit of Gran Tierra Energy Inc. ("Gran Tierra") for a cash consideration of USD 35 million, subject to closing adjustments (the "Acquisition") and the assumption of certain Letters of Credit and Bonds in the approximate amount of USD 12 million. The Acquisition means that Maha will own and operate the 100% working interests in six concession agreements located in the Reconcavo Basin of Brazil comprising 41,606 gross acres with average production expected to be 1,200 – 1,500 boepd in 2017. Closing of the Acquisition is subject to receiving the approval of the Acquisition from the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis of Brazil, completion of a financing by Maha, and other closing conditions standard for similar transactions.

Maha has provided Gran Tierra a cash deposit of USD 3.5 million and is required to deposit into escrow the remaining cash consideration of USD 31.5 million on or before June 1, 2017. On 6 February, 2017 a fully committed Directed Share Issue of 12,919,326 Maha A shares at a share price of SEK 7.10 was resolved upon which will give Maha gross proceeds of SEK 91,727,214.60 (approximately USD 10.3 million). A debt financing of a minimum gross proceeds of SEK 300 – 350 million is planned to take place on or before June 1, 2017, the details of which are set forth below. In order to finance the Acquisition, the Company's Board under the authority of the last general meeting, has resolved on the principal terms and timetable for the Rights Issue set forth below.

Principal Terms and Timetable of the Fully Guaranteed Rights Issue

On 10 February, 2017 by authority of the last general meeting the Board decided the principal terms and timetable for a Rights Issue (with a pre-emptive right for the shareholders and warrant holders) of a maximum of 12,919,326 shares, each with a quotient value of SEK 0.011. Existing shareholders and warrant holders of the Company will receive rights to subscribe for new shares in proportion to the shares and warrants held on the record date of participation of 7 April, 2017. Each share and warrant held on the record date of participation entitles to one (1) subscription right. Six (6) subscription rights confers right to subscribe for one (1) new share. The subscription price in the Rights Issue is SEK 7.10 per share. At full subscription, the total Rights Issue proceeds will be approximately SEK 92 million before transaction costs.

If not all shares are subscribed for by exercise of subscription rights in accordance with the shareholders and warrant holders preferential rights mentioned above, the Board shall resolve an allotment up to the maximum amount of the share issue. In such case, priority will be given firstly to those who have also subscribed for shares by exercise of subscription rights, on the occasion of oversubscription, pro rata in relation to their subscription for shares by exercise of subscription rights and, to the extent not possible, by drawing of lots. Secondly, allotment of shares shall be made to those who have submitted their interest in subscribing for new shares without priority preferential rights and, lastly, to those who have provided guarantees for the subscription of shares, pro rata in relation to the guarantee provided.

Guarantee Undertakings

The Rights Issue is fully guaranteed by the following existing shareholders and external guarantors: Kvalitena AB (publ), Invium Partners AB, Pervasive Capital AB, Phantome de Genolier AB, City Capital Partners AB, Litcap AB and LMK Venture Partners AB.

Timetable for the Rights Issue

5 April Last day of trading inclusive subscription rights

7 April Record date for participation in the Rights Issue

7 April Estimated date for publication of the prospectus

12 April – 21 April Trading in subscription rights

12 April – 25 April Subscription period

1 May Estimated day for announcement of outcome of the Rights Issue

Share Structure and Share Capital

Upon registration of the Directed Share Issue, the Company will have a share capital in the amount of SEK 926,577.52 divided between 84,234,320 shares (out of which 71,464,647 are A-shares listed on Nasdaq First North, 10,771,673 are B-shares and 1,998,000 are C2-shares). The Rights Issue may thus entail a dilution of approximately 15 percent of the share capital and number of votes represented by A-shares and approximately 13 percent of the total share capital and 13.5 percent of the total number of votes in the Company.

Engagement of Arctic Securities AS as exclusive broker for Maha Energy AB's proposed debt financing of SEK 300-350 million

The Company is pleased announce it today has engaged Arctic Securities AS ("Arctic") as its exclusive broker in connection with the Company's proposed debt financing of SEK 300-350 million the proceeds of which will be used to fund the Acquisition. While it is expected, at this point, the financing will be through a listed Bond, Arctic will as well assist the Company in exploring whether alternative debt financing could be available to finance the Acquisition on terms attractive to the Company. It is expected the debt financing will be in place by 1st June 2017.

Advisers

Stockholm Corporate Finance AB acts as financial adviser and Setterwalls Advokatbyrå AB acts as legal adviser (as to Swedish law) to the Company in connection with the Rights Issue. FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +1 403 454 7563
Email: jonas@mahaenergy.ca

Ron Panchuk (CCO)
Tel: +1 403 454 1564
Email: ron@mahaenergy.ca

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on 13 February, 2017, at 08:01 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 two oil fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

This press release does not contain or constitute an invitation or an offer to acquire, subscribe for or otherwise trade in shares, subscription rights or other securities in Maha Energy AB (publ). Any invitation to the persons concerned to subscribe for shares in Maha Energy AB (publ) will only be made through the prospectus that Maha Energy AB (publ) intends to publish by the beginning of April 2017. 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.

Maha Press Release
Maha Press Release (Swedish)

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

Maha Press Release

Maha Press Release (Swedish)

Maha Energy AB: Announces Sale of Canadian Assets

on 12 de February de 2017 12 de February de 2017

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release

Stockholm

12th February 2017

Maha Energy AB (publ) ("Maha" or the "Company") Announces Sale of Canadian Assets

Sale of Canadian Assets

Maha has agreed a Purchase and Sale Agreement with Petrocapita Oil and Gas L.P. ("Petrocapita") pursuant to which Maha will sell to Petrocapita its entire interest in the Manitou and Marwayne properties (the "Canadian Assets") for a total of CAD$1.65 million. The consideration is payable in two parts: (a) cash payment of a total of CAD $750,000 to be paid over 9 months commencing March 15, 2017 and (b) the balance by convertible Debenture granted by Petrocapita Income Trust, the parent of Petrocapita (the "Trust") maturing December 1, 2023 (the "Debenture"). Under the Debenture arrangement, the Trust pays annual interest on the outstanding balance at 6%; and Maha may convert the outstanding balance at any time after December 31, 2017 to publically traded Trust Units based on the 20 day volume weighted average trading price of the Unit at the time of conversion. The outstanding balance will be secured by a registered charge on the Canadian Assets. The Trust is publically listed on TSX Venture Exchange and trades under the symbol "PCE-U:CN". The Canadian Assets, net of abandonment liabilities, have a book value of zero.

The Canadian Assets were originally purchased as part of a much larger proposed acquisition in 2014 that was not closed due to the substantial decline in oil prices during the third quarter of 2014. In February 2015 the then Operator ("Palliser") went into Receivership and as result no capital has been spent since. Petrocapita purchased Palliser from the Receiver Manager in May, 2016. Since the Canadian Assets are non-operated and small in comparison to Maha's other assets, it is in the best interest of the Company to divest these assets in order to focus on Brazil and Wyoming.

Jonas Lindvall, Maha's CEO commented:

"We have taken the decision to divest out of our non-operated Canadian operations in order to concentrate on our higher impact properties in South America. The low oil prices have impacted the Canadian assets hard and we can deploy the proceeds from the sale in areas where it can have a much higher impact. Under the current market conditions, the sale to Petrocapita is at a favorable price and on reasonable terms. We wish them every success with these assets."

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +1 403 454 7563
Email: jonas@mahaenergy.ca

Ron Panchuk

Tel: +1 403 454 7564
Email: ron@mahaenergy.ca

Miscellaneous

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. Setterwalls Advokatbyrå AB acts as legal adviser to the 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 of the Offering and the planned listing. 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 two oil-fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, US. 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.

Maha Energy AB Press Release Canadian Assets

Maha Energy AB: Announces the Acquisition of Gran Tierra’s Brazilian Operations, a Fully Committed Directed Share Issue of SEK 91.7 MM, and a Fully Guaranteed Rights Offering of SEK 91.7 MM

on 6 de February de 2017 6 de February de 2017

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
6 February 2017

Maha Energy AB Announces the Acquisition of Gran Tierra's Brazilian Operations, a Fully Committed Directed Share Issue of SEK 91.7 MM, and a Fully Guaranteed Rights Offering of SEK 91.7 MM

Acquisition of Gran Tierra's Brazilian Operations

Maha Energy AB ("Maha" or the "Company") (NASDAQ OMX First North: MAHA A) is pleased to announce that it has entered into an agreement to acquire the Brazil business unit of Gran Tierra Energy Inc. ("Gran Tierra") (NYSE MKT:GTE)(TSX:GTE) through the purchase of all of the shares and outstanding intercompany debt[1] of Gran Tierra Finance (Luxembourg) S.Á.R.L., including assumed liabilities involved with the going-concern operations, for a cash consideration of $35 million[2], subject to closing adjustments (the "Acquisition"). Upon closing, Maha will own and operate, through a 100%-owned subsidiary, the 100% working interests in six concession agreements located[3],[4] in the Reconcavo Basin of Brazil comprising 41,606 gross acres with average production expected to be 1,200 – 1,500 boepd in 2017[5]. Closing of the Acquisition is subject to receiving the approval of the Acquisition from the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis of Brazil ("ANP"), completion of a financing by Maha, and other closing conditions standard for similar transactions.

"The Acquisition represents a unique opportunity to further grow Maha's position in Brazil. It will provide Maha an immediate cash-flowing production base that can be readily grown through low-risk development initiatives, which will be complementary to our Tartaruga asset in Brazil and LAK Ranch asset in Wyoming, U.S.," stated Jonas Lindvall, CEO of Maha.

"The acquisition of a low-risk, producing asset close to our existing Tartaruga Field is a strategically important milestone for Maha. This will provide a very solid foundation upon which to grow the Company," stated Wayne Thomson, Chairman of the Board of the Company.

Below are certain transaction highlights relating to the transaction.

Key Transaction Highlights2

10.2 MMboe of 2P Reserves3associated with the Tie Field
- Estimated NPV (10%) of 2P reserves: $188 million before tax3
- 91% light oil (38° API)[6]
- 1P reserves of 7.7 MMboe3 represent 75% of 2P Reserves
Attractive operating netbacks of $22.77 per Boe (Q3 2016)
- Operating expenses of $9.74 per Boe and transportation expenses of $1.70 per Boe (Q3 2016)
- Competitive fiscal regime
Maha management estimates 2017 average WI production to be 1,200 – 1,500 boepd5
Upside potential
- 3P working interest Reserves of 14.3 MMboe3,including southern lobe of Tie Field
- 10 prospects totalling gross mean unrisked Prospective Resources of 45 MMboe5
Operating synergies and administrative savings with existing Brazilian assets of Maha at Tartaruga

Deposit

Maha has provided Gran Tierra a cash deposit ("Initial Deposit") of $3.5 million which is non-refundable in certain circumstances, including if the Company has not deposited into escrow the remaining cash consideration of $31.5 million on or before June 1, 2017 or has not provided a further cash deposit ("Second Deposit") of $1.5 million by such date. If the Second Deposit is paid, the Company is required to place into escrow the remaining cash consideration of $30 million by August 1, 2017. The $35 million purchase price will be released upon all closing conditions being satisfied, including receiving the approval of the Acquisition from ANP.

Financing of the Transaction

To complete the Acquisition, Maha will be required to pay cash consideration of $35 million and arrange financial guarantees (letters of credit or surety bonds) for certain work commitments totalling approximately $12 million. The Acquisition will be financed through a fully committed Directed Share Issue of SEK 91,727,214.60 (approximately $10.5 million)[7] (see below). A Rights Issue with pre-emption rights for existing shareholders (see below) will be performed on or before June 1, 2017 corresponding to 12,919,326 shares at the same price (SEK 7.10 per share) as the Directed Share Issue totalling SEK 91,727,214.60 (together with the Directed Share Issue a total of SEK 183.4 million, approximately $21 million). This pricing reflects an approximately 19.9 percent discount from the five day, volume weighted average price of the Class A Shares for the period up to and including February 1, 2017. The Rights Issue is 100% guaranteed by a consortium consisting of Kvalitena AB (SEK 40 million) and LMK Venture Partners AB (SEK 18.3 million) among others. Debt financing of a minimum gross proceeds of SEK 300 – 350 million is planned to take place on or before June 1, 2017, the details of which will be announced shortly.

Directed Share Issue of SEK 92 Million

The Company, through lead finance adviser, Stockholm Corporate Finance, has secured a Directed Share Issue of 12,919,326 Maha A shares at a share price of SEK 7.10 for gross proceeds of SEK 91,727,214.60 (approximately $10.5 million).

The following parties have committed to subscribe in the Directed Share Issue: Kvalitena AB (publ), Invium Partners AB, Pervasive Capital AB, Nerthus Investments Ltd., Erik Penser Bank AB, Litcap AB and City Capital Partners AB. These subscribers have committed contractually to not subscribe for such number of shares to be issued in the Rights Issue or use any such Rights (see below) that corresponds to the number of shares subscribed by each subscriber in the Directed Share Issue. The Directed Share Issue is expected to be completed within the next few days.

Fully Guaranteed Rights Issue of SEK 92 Million In Place

The Company will also arrange, through Stockholm Corporate Finance, a Rights Issue of 12,919,326 Maha A shares at a share price of SEK 7.10 for gross proceeds of SEK 91,727,214.60. The Rights Issue has been 100 percent guaranteed through a guarantee consortium consisting of the following guarantors: Kvalitena AB (publ), Invium Partners AB, Pervasive Capital AB, Phantome de Genolier AB, City Capital Partners AB, Litcap AB and LMK Venture Partners AB. The Guaranteed Rights Issue is anticipated to commence March 15, 2017. The principal terms for the Rights Issue and a detailed timetable will be announced in a subsequent press release.

Advisers

Stockholm Corporate Finance AB is acting as financial adviser and Setterwalls Advokatbyrå AB is acting as legal adviser (as to Swedish law) to the Company in connection with the Directed Share Issue and the Rights Issue. FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +1 403 454 7563
Email: jonas@mahaenergy.ca

Ron Panchuk
Tel: +1 403 454 1564
Email: ron@mahaenergy.ca

Miscellaneous

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 OMX First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 25 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 two oil fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

This press release does not contain or constitute an invitation or an offer to acquire, subscribe for or otherwise trade in shares, subscription rights or other securities in Maha Energy AB (publ). Any invitation to the persons concerned to subscribe for shares in Maha Energy AB (publ) will only be made through the prospectus that Maha Energy AB (publ) intends to publish by the beginning of March 2017. 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] Normal course debt owed to affiliate of vendor is being acquired

[2] All dollar amounts are in United States dollars unless otherwise indicated

[3] Gran Tierra corporate presentation dated February 2017 posted on www.grantierra.com

[4] The Brazilian operations of Gran Tierra currently comprise seven concession agreements. One concession is in the process of being relinquished which is expected to be completed before the closing date

[5] Maha management estimate

[6] Based on Gran Tierra December 31, 2015 annual reserves disclosure

[7] Based on February 2, 2017 exchange rate of 0.114 US Dollars per 1 SEK

Maha Energy AB Press Release February 6 2017

Maha Energy AB: Maha Energy in negotiations regarding a potential Acquisition which will be financed through share issues

on 3 de February de 2017 3 de February de 2017

Maha Energy in negotiations regarding a potential Acquisition which will be financed through share issues

February 3, 2017

Maha Energy AB ("Maha" or the "Company") is in late stage negotiations regarding a potential acquisition. Since there are indications that this information may have leaked, the Company has decided to issue this announcement.

Maha anticipates entering a binding agreement regarding the acquisition in place through the weekend and a new press release will be issued as soon as possible thereafter. If the acquisition is completed it will be financed through a fully committed Directed Share Issue in combination with a fully guaranteed Rights Issue with pre-emption rights for existing shareholders and a subsequent bond financing.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +1 403 454 7563
Email: jonas@mahaenergy.ca

Ron Panchuk
Tel: +1 403 454 1564
Email: ron@mahaenergy.ca

Miscellaneous

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 OMX First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 25 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 two oil fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

This press release does not contain or constitute an invitation or an offer to acquire, subscribe for or otherwise trade in shares, subscription rights or other securities in Maha Energy AB (publ). Any invitation to the persons concerned to subscribe for shares in Maha Energy AB (publ) will only be made through the prospectus that Maha Energy AB (publ) intends to publish by the beginning of March 2017. 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.

Maha Energy AB Press Release January 4, 2017 (final)

Maha Energy AB: Operational Update Brazil

on 16 de January de 2017 16 de January de 2017

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
16 January 2017

Maha Energy AB (publ) ("Maha" or the "Company") Provides Operational Update for Brazil.

OPERATIONAL UPDATE – BRAZIL

The operations concerning the workover (the "Workover") of the SES107D well (the "Well") on the Company's Tartaruga Field near Aracaju, Brazil will commence Tuesday, January 17, 2017. Schlumberger Servicos de Petroleo Ltda ("Schlumberger") slick line equipment arrived on location on Sunday January 15, 2017 and Schlumberger will commence preparatory work to allow rig provider, Braserv Petroleo Ltda, to mobilize its 500 hp Drilling Rig 147 (the "Rig") later in the week and access the Well.

The objective of the Workover is to recomplete the Well, install a hydraulic jet pump and to return the Well to continuous production. It is anticipated that the Rig will take 3 days to mobilize and rig up. The current estimate is workover operations will begin on Sunday January 22, 2017.

History

The SES107D Well was originally drilled in 1994 and was the discovery well for the Tartaruga Field. Oil was tested in the Penedo 6 sand and was immediately placed on production. The Well free flowed oil for 14 months, after which a shallower oil bearing zone -the Penedo-1- was perforated and completed. The Penedo-1 has been free flowing oil since 1996. No pump has ever been run in the SES-107D Well.

The use of a pump should provide lift for the oil like the currently producing 7TTG well at the Tartaruga Field, which has been on continuous pump production since December 2015.

The Workover

The SES107D Well was recompleted as a free flowing well in 1996 in the Penedo-1 reservoir Attempts were made in 2013 to cut and recover the production string deep in the well as part of a recompletion of the Well to install a downhole pump. Unfortunately, the cut was unsuccessful, and the pipe cutter became stuck at 3014 m.; this and 2300 m. of wireline was left in the in the production tubing which together with some partially cut 2-7/8" production tubing need to be recovered before the jet pump can be installed.

A very detailed program has been developed to fish the stuck pipe cutter, the associated wireline and the partially cut 2-7/8" production tubing out of the hole. Once recovered, a new hydraulic jet pump will be run in the hole. The Operator has been preparing the well and surface facilities since December for the installation of the jet pump (which was designed and purchased in the United States). As with any fishing operation, many contingencies have been planned for that can impact operations and the schedule

The Pump

Jet pumps generate high-velocity fluid jets to lower downhole pressures and increase production rates. The basic operating principles of the subsurface jet pump mimic those of the jet engine. Both the pump and engine contain a nozzle that converts pressurized, slow moving fluid into lower pressure, fast- moving fluid by adiabatic expansion. In the case of a jet engine, the fast- moving fluid-a burning mixture of air and jet fuel-generates the thrust that propels a plane forward. The thrust generated by the movement of a high- velocity jet pump fluid, on the other hand, lifts hydrocarbons to the surface.1

The selected hydraulic jet pump is ideally suited to handle Tartaruga's 40 deg API crude's associated gas rate and the paraffinic characteristics. The 'non-moving' parts of this pump and its surface access encourages more efficient production operations and less 'wear and tear' on downhole production equipment than other artificial lift choices.

Upon completion of the Workover, the Company will provide updates on results of the Workover.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +1 403 454 7563
Email: jonas@mahaenergy.ca

Ron Panchuk

Tel: +1 403 454 7564
Email: ron@mahaenergy.ca

Miscellaneous

Maha in Brief
Maha Energy AB is a Swedish public limited liability company. Setterwalls Advokatbyrå AB acts as legal adviser to the 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 of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 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 two oil-fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Energy AB Press Release January 16 2017

Maha Energy AB: Announces the Appointment of New Interim Chief Financial Officer and the Redemption all C1 shares

on 5 de January de 2017 5 de January de 2017

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
5 January 2017

Maha Energy AB (publ) ("Maha" or the "Company") Announces the Appointment of New Interim Chief Financial Officer and the Redemption all C1 shares

New Interim Chief Financial Officer ("CFO")

Maha announces that effective January 2, 2017, Mr. Brad Giblin has resigned as CFO of Maha Energy Inc. Brad will be replaced by a new Interim CFO, Mr. Mark Hopkins. Mark has over 35 years' experience in the oil and gas industry in senior financial, operational and executive leadership roles. Mark is presently also CFO of a prominent oil and gas service company in North America. Prior to that Mark served as CFO of Azabache Energy Inc., which operated in Argentina and Colombia and president of Canadian distribution operations for National-Oilwell. Prior to that Mark worked with Pricewaterhouse Coopers in Calgary and Venezuela. Mark has a Bachelor of Commerce from the University of Saskatchewan and is a Chartered Accountant.

Jonas Lindvall, Maha's CEO commented:

"I welcome Mark Hopkins to our team. Mark has a great deal of experience in South America and we believe will be a great fit and helpful addition to our South American operations. I would like to thank Brad for his service with Maha. We wish him well in his future endeavors."

C1 Share Redemption

The Board of Directors of Maha has resolved to redeem the 1,844,527 C1 shares in accordance with the redemption clause in the articles of association.

As outlined in Maha's Prospectus, all C1 shares were issued to Amha Swedish Exchange Co AB in order to facilitate delivery of Maha AB shares in the event any outstanding Maha (Canada) warrants issued by the subsidiary Maha Energy Inc. during 2014 were exercised. The exercise period for the warrants expired in November and December 2016. No warrants were exercised as the strike price was higher than the market price. As the C1 shares no longer have a purpose they will be redeemed at no cost to the Company and at their original quotient value.

Upon registration of the redemption, the share capital will be reduced from SEK 804,710 to SEK 784,420 and the total number of shares will be reduced from 73,155,521 to 71,310,994. In addition to the 56,522,199 A-shares listed on Nasdaq First North, there are 12,140,795 B-shares and 2,648,000 C2-shares in the Company.

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +1 403 454 7563
Email: jonas@mahaenergy.ca

Ron Panchuk

Tel: +1 403 454 7564
Email: ron@mahaenergy.ca

Miscellaneous

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 of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 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 two oil-fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Energy AB Press Release January 5 2017

Maha Energy AB: announces Guarantors sell 4,000,000 locked-up shares to Kvalitena AB (publ)

on 12 de December de 2016 12 de December de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
12th December 2016

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. See also section IMPORTANT INFORMATION below.

Maha Energy AB (publ) ("Maha" or the "Company") announces Guarantors sell 4,000,000 locked-up shares to Kvalitena AB (publ)

Maha advises that certain Guarantors (as described in previous Press Releases of the Company dated June 7, 2016 and June 30, 2016) that are subject to a lock-up in place until January 29 2017 (the "Lock-up") have entered into an agreement to sell 4,000,000 class A Shares of the Company to the Company's cornerstone shareholder Kvalitena AB effective December 9, 2016. According to the terms of Guarantee Agreement, any proposed sale of class A shares under the Lock-up by Guarantors must be approved by Stockholm Corporate Finance and the Company which approval was sought and obtained. These shares will remain subject to the Lock-up until January 29th 2017. Kvalitena AB will now own 21.9% of the Class A and B Shares of the Company and are the Company's largest shareholder.

Jonas Lindvall, CEO of Maha Energy commented:

"We are very pleased that our largest shareholder and partner Kvalitena AB continues to demonstrate confidence in Maha and its management. The Company is entering into an exciting growth phase just as the oil market rebounds which should greatly benefit Kvalitena AB and all of our shareholders."

Harald Pousette, CEO of Kvalitena Industrier AB commented:

"After working with the Company and its management for over six month we are very positive to what have been achieved so far and the future outlook for the Company. Kvalitena will long term support Maha Energy in its ambition to be a first class oil company."

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +1 403 454 7563
Email: jonas@mahaenergy.ca

Ron Panchuk

Tel: +1 403 454 7564
Email: ron@mahaenergy.ca

Miscellaneous

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 of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 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 will operate two oil-fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Energy AB – Guarantor Sale Press

Maha Energy AB - Guarantor Sale Press

Maha Energy AB: Announces closings of acquisition of UP Petróleo Brasil Ltda (the Operator of the Tartaruga Field) and Petro Vista Energy Petróleo do Brasil Ltda.

on 9 de December de 2016 9 de December de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
9th December 2016

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. See also section IMPORTANT INFORMATION below.

Maha Energy AB ("Maha or the "Company") announces closings of acquisition of UP Petróleo Brasil Ltda (the Operator of the Tartaruga Field) and Petro Vista Energy Petróleo do Brasil Ltda.

Maha is pleased to announce the closing in escrow of its acquisition of 100% of UP Petróleo Brasil Ltda. ("UPP" or the "Operator") from TDC Engineering Inc. (the "UPP Acquisition") and 100% of Petro Vista Energy Petróleo do Brasil Ltda. (the "PVE Acquisition"; collectively the "Acquisitions") occurred today, December 9, 2016. Upon routine registration with the Province of Sergipe Commercial Board, which is expected within 10 working days, all escrow conditions will be released and closing completed at which time Maha (through its subsidiary), will become operator of the Tartaruga Field.

Upon closing of the UPP and PVE Acquisitions, Maha will have a 67.5% working interest in the Tartaruga field which is currently producing approximately (gross) 230 bbls/d. The remaining 7.5% working interest in the Tartaruga Field owned by TDC Engineering Inc. (through its subsidiary) will be closed pursuant to relevant contractual and accounting arrangements shortly after January 1st, 2017. The Company will issue a further update press release upon this event.

As earlier announced, in anticipation of these closings, the Company has been planning for a workover of the SES 107 well on the Tartaruga field. Upon release from escrow, the Company will commence securing equipment and services for the workover. The workover of SES 107 entails the removal of an existing production string and the recompletion of the well with a jet pump similar to the pump currently pumping oil on the adjacent 7-TTG well.

Jonas Lindvall, CEO of Maha Energy commented:

"We are very pleased to have finalized closing of our acquisition of the operated working interest in the Tartaruga Field in Brazil. With this major milestone, we look forward to continued organic growth at both our LAK (Wyoming) and Tartaruga (Brazil) projects as well as though future accretive acquisitions taking advantage of the current low oil commodity cycle. We will now proceed with the previously announced planned workover of the previously producing SES 107 well, which is scheduled to start in January, subject to services availability."

For more information, please contact:

Jonas Lindvall (CEO)
Tel: +1 403 454 7563
Email: jonas@mahaenergy.ca

Ron Panchuk
Tel: +1 403 454 7564
Email: ron@mahaenergy.ca

Miscellaneous

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 of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 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 in jurisdictions we are able to successfully operate. The Company operates two oil-fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Energy AB Brazil – Closing Press Release

Maha Energy AB Brazil - Closing Press Release

Maha Energy AB: announces notification from the Brazil National Oil Agency of clearance to close acquisition of the Operator of the Tartaruga field in Brazil.

on 29 de November de 2016 29 de November de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
29 November 2016

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. See also section IMPORTANT INFORMATION below.

Maha Energy AB announces notification from the Brazil National Oil Agency of clearance to close acquisition of the Operator of the Tartaruga field in Brazil.

Maha is pleased to announce that the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis ("ANP") has provided confirmation that no additional approvals are required from ANP for Maha to proceed with the previously announced acquisition of 100% of UP Petróleo Brasil Ltda. ("UPP") from TDC Engineering Inc. (the "UPP Acquisition"). The Company will now proceed with closing under the relevant Quota Purchase Agreements of the UPP Acquisition and the previously announced acquisition of 100% of Petro Vista Energy Petróleo do Brasil Ltda. (collectively the "Acquisitions").

In anticipation of these closings the Company has been planning for a workover of the SES 107 well on the Tartaruga field. Upon closing of the Acquisitions and subject to rig and equipment availability the Company will commence field operations and the workover.

Jonas Lindvall, CEO of Maha Energy commented:

"We are very pleased to have received this notification from ANP which allows for the closing of the highly anticipated acquisition of the operated working interest in the Tartaruga Field in Brazil. This asset marks a major milestone for us and provides a great foothold in Brazil. The Tartaruga field is currently producing approximately (gross) 230 bbls/d and we believe the planned workover of the previously producing SES 107 well has the ability to greatly increase the field production."

For more information, please contact:

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

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

Miscellaneous

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 of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 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 will operate two oil-fields, Tartaruga in Brazil (subject to Brazilian Government approvals and closing) and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Energy AB Brazil – ANP Notification

Maha Energy AB Brazil - ANP Notification

Maha Energy AB: announces its third quarter and nine months ending September 30, 2016 report.

on 29 de November de 2016 29 de November de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
29 November 2016

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. See also section IMPORTANT INFORMATION below.

Maha Energy AB announces its third quarter and nine months ending September 30, 2016 report.

Maha Energy AB (the "Company" or "Maha") today announces the release of its third quarter and nine months ending September 30, 2016 report. The report is available hereto and on the Company's website at www.mahaenergy.ca.

Consolidated Key Ratios
				Three months ended September 30,	Nine months ended September 30,
				2016	2015	2016	2015
Revenue	77,219	145,588	180,304	559,273
Equity/assets ratio	97%	95%	97%	95%
Return on equity	(2%)	(4%)	(6%)	(8%)
Debt/equity ratio 1	–	–	–	–
Interest coverage ratio 1	–	–	–	–
Weighted average number of common shares outstanding 2	61,851,563	43,256,930	49,387,796	43,225,362
Basic and diluted loss per common share	(0.01)	(0.02)	(0.04)	(0.04)
Dividends paid per share	–	–	–	–
(1) The Company does not have any indebtedness nor interest payments
(2) Weighted average number of common shares is calculated based on the number of class A and class B shares outstanding during the period and does not include the convertible class C shares (C1 and C2) which have no interest in the net assets of the Company nor entitled to dividends until the underlying Maha (Canada) stock options and share purchase warrants are exercised and exchanged for Maha (Sweden) class A shares.

Listing on Nasdaq First North Stockholm

On July 29, 2016, Maha Energy AB's class A shares (trading symbol Maha A) and share purchase warrants (trading symbol Maha A TO 1) commenced trading on the Nasdaq First North Stockholm stock exchange. Concurrent with the listing on the First North stock exchange, the Company completed a financing (the "Offering") at 19 SEK per unit whereby each unit consisted of 4 Class A shares and 1 share purchase warrant. The Company raised SEK 108.0 million SEK (US$ 12.6 million as at final closing date, August 5, 2016 US/SEK exchange rate 8.56) in cash proceeds and issued 6,204,963 units (24,819,852 A-Shares and 6,204,963 share purchase warrants) including 513,010 units that were issued to the guarantor group as payment of 9% fees owed under the guarantee agreements.

The Company intends to use the proceeds from the Offering along with the existing working capital to:

fund the acquisitions in Brazil;
fund drilling and workover operations in Brazil;
start the initial phase 3 development at the Company's LAK asset in Wyoming;
fund general and administrative expenses.

Share data

As at September 30, 2016 the Company had 68,078,782 shares outstanding of which 54,469,388 were class A shares, 13,609,394 were class B shares. In addition, Maha (Sweden) issued 4,592,527 convertible class C shares (C1 and C2). In the event that the existing Maha (Canada) stock options and warrants are exercised these convertible class C shares will be redeemed and exchanged for Maha (Sweden) Class A shares. In the event that the Maha (Canada) stock options and warrants are not exercised, the convertible class C shares will be redeemed and cancelled.

On November 2, 2016, the Company issue 484,212 new shares of class A at fixed price of SEK 10.25 per share of class A (i.e. in total SEK 4,963,173). The shares were issued as a result of a breach in the Guarantor's agreement which required the new shares to be "locked up" until January 29, 2017.

Subsequent to September 30, 2016, 1,468,599 Convertible B-Shares were converted into Maha (Sweden) A-Shares. As a result of this conversion the total number of Maha (Sweden) A-Shares and Convertible B-shares did not change.

On November 17, 2016 1,742,887 Maha (Canada) share purchase warrants, with an exercise price of US$1.75 (approximately SEK 16) expired. As such, 1,742,887 of the Convertible class C1 shares will be redeemed and cancelled.

On November 9, 2016 100,000 Maha (Canada) stock options with an exercise price of $0.45 were exercised and a 100,000 Maha (Sweden) A-Shares were issued along with a corresponding retraction of the convertible class C2 shares

As at November 29, 2016, the number of shares outstanding is as follows:

	Number of Shares by Class
	A	B	C1	C2	Total
Balance at September 30, 2016	54,469,388	13,609,394	1,844,527	2,748,000	72,671,309
Conversion of convertible B shares	1,468,599	(1,468,599)	–	–	–
Issuance of shares	484,212	–	–	–	484,212
Retraction of convertible C1 shares(1)	–	–	(1,742,887)	–	(1,742,887)
Exercise of Maha (Canada) options(1)	100,000	–	–	(100,000)	–
Total	56,522,199	12,140,795	101,640	2,648,000	71,412,634

(1) Retraction of convertible class C1 andC2 shares is subject to completion of the retraction process which as at November 29, 2016 had commenced but not formerly been registered with the Swedish Companies Registration Office.

A full description of the class A and convertible class B and C shares can be found in note 10 to the third quarter and nine months report ending September 30, 2016.

Brazil Acquisitions

On March 10, 2016, the Company entered into a definitive purchase and sale agreement with a private, Texas based company, which has a 37.5% working interest in the Tartaruga development block, located in the Sergipe Alagoas Basin of Brazil and is the designated operator of the block. The acquisition is subject to the approval of the Brazilian Government and the Brazilian National Oil Agency ("ANP"). The Company has paid a refundable deposit in the amount of US$ 500,000.

On January 18, 2016, the Company entered into a definitive purchase and sale agreement with Petro Vista Energy Corp whereby the Company will acquire an additional non-operated 37.5% working interest in the Tartaruga development block. The acquisition price of CAD $2.5 million will be paid in equal installments with the first payment upon successful approval of the transaction by the Brazilian Government and ANP and the second payment by December 2016. Maha has also entered into a loan agreement with Petro Vista Energy Corp whereby funds were provided for Petro Vista to resolve outstanding joint interest billings for up to $815,500. $750,000 of the loan will form part of the acquisition purchase price in the event of closing while the remaining amount will be deducted from the first installment.

Upon closing of the two acquisitions, the Company would be the operator and hold a 75% working interest in the Tartaruga Block.

Executive Team

The Company is pleased to announce the appointment of Mr. Tom Walker, P.Eng. as the Company's Chief Operating Officer. Mr. Walker brings to the Company an impressive background of artificial lift and heavy oil experience. Tom received his degree in Petroleum Engineering from the Colorado School of Mines in 1989. Tom started in the industry with ARCO Alaska Inc. followed by Occidental Petroleum in 2000, until 2008. At Occidental, Tom worked in several senior positions in California, Qatar and later Oman where he led a major steam assisted heavy oil development. Since 2008 Tom has worked on projects in Colorado, Wyoming North Dakota, Montana and Utah.

Mr. Walker's extensive experience in artificial lift technologies, water floods and other enhanced oil recovery technologies will be a significant asset to the Company. Tom is a Licensed Professional Engineer in the States of Colorado, Wyoming, Utah, California, North Dakota and Alaska.

Jonas Lindvall, CEO of Maha Energy commented:

"We are thrilled to have Tom join our executive team. His international background and extensive experience in enhanced oil recovery technologies will serve the Company well and enhance the skill set of our technically driven team.

Tom will replace Dan Thompson who is stepping down to focus on his retirement. We are very grateful to Dan for his spirited guidance and his service to the Company. Dan will continue on as an advisor to the Board and management of Maha (and a significant shareholder) so that we can continue to tap into Dan's 45+ years of industry experience.

Thanks very much Dan – and good luck in your retirement."

Results of operations

Canadian Assets

For the nine months ended September 30, 2016, the Company generated revenue of $180,304 on an average sales volume of 32 boepd compared with $559,273 of revenue during the nine months ended September 30, 2015 from an average of 62 boepd. Lower production volumes were a result of lower field activity due to a change in operatorship and lower oil prices.

The crude oil produced from the Manitou and Marwayne areas is 12° API. The Canadian Assets produced a total of 8,808 barrels net to Maha in the first nine months of 2016. The average price received was CAD $26.96

Operating costs associated with the Canadian Assets were $149,487 for the nine months ended September 30, 2016 compared with $312,517 for the comparable period ended September 30, 2015. Lower operating costs in 2016 were due to lower field activity.

In July 2016, the operator of the Canadian Assets, which had been in receivership since February 2015, was purchased by a Canadian Company. The new operator has indicated that field activity will increase during the second half of 2016 as they seek to increase production from existing wells by way of workovers.

LAK Ranch

As at September 30, 2016, the LAK Ranch asset is considered to be in the pre-production stage and is currently undergoing delineation and pre-development work. As such, operating costs net of revenues since the commencement of operations have been capitalized as part of the exploration and evaluation costs.

The LAK field was shut in starting April 2016 and remained shut in until August 2016, primarily due to low oil prices and the requirement for reservoir pressure maintenance. During the shut-in period, the Company commenced the capital investment to allow for produced water recycling, which is critical for handling of produced water and re-injection of water for pressure maintenance. The project was completed in August and production from a limited number of wells was re-established by the end of August 2016.

Technical work completed during 2015 has now laid the groundwork for the full field development plan. The full field development plan contemplates hot water injection, rather than steam playing a more significant role than originally anticipated. The extra cost of hot water injector wells are far offset by the elimination of steam requirements. The field development plan was evaluated by the Company's
independent reserve auditors, and the Company reserves for LAK Field at the end of November 2015 were 12.9 million barrels of oil (Proven and Probable (2P)).

General and administrative

During the nine months ended September 30, 2016, general and administrative ("G&A") costs were $1,187,485 compared to $999,992 for the same period September 30, 2015.

Transaction costs

During the nine months ended September 30, 2016, the Company incurred $435,972 in transaction costs which primarily related to marketing fees associated with the listing on Nasdaq First North and professional fees associated with the Brazil acquisition.

Stock-based compensation

Stock based compensation expense for the nine months ended September 30, 2016 was $115,171 similar to $118,493 for the comparable period September 30, 2015.

Maha Energy AB
Condensed Consolidated Interim Statement of Financial Position
As at	September 30		December 31
(Unaudited – Expressed in U.S. dollars)	2016		2015
Assets
Current assets
	Cash	$ 11,879,919		$ 4,592,780
	Accounts receivable	57,932		103,622
	Deposit & Loan (Note 5)	1,315,500		–
	Prepaid expenses and other	141,799		53,615
			13,395,150		4,750,017
Non-current assets
	Exploration and evaluation assets (Note 6)	17,085,367		16,314,660
	Property and equipment (Note 7)	1,704,907		1,745,058
	Performance bonds and other (Note 8)	150,794		161,595
			$ 32,336,218		$ 22,971,330
Liabilities
Current liabilities
	Accounts payable and accrued liabilities	$ 206,778		$ 350,461
Non-current liability
	Decommissioning provision (Note 9)	862,782		834,685
			1,069,560		1,185,146
Shareholders' equity(Note 10)	31,266,658		21,786,184
			$ 32,336,218		$ 22,971,330

Maha Energy AB
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(unaudited Expressed in U.S. dollars)
				Three months ended September 30	Nine months ended September 30
				2016	2015	2016	2015
Oil sales	$ 77,219	$ 145,588	$ 180,304	$ 559,273
Less: royalties	9,774	26,898	15,379	90,889
Total Oil revenues	67,444	118,690	164,924	468,384

Expenses
Production and operating	84,052	110,329	149,487	312,517
General and administration	501,169	318,076	1,183,259	999,992
Transaction costs	–	–	435,972	–
Stock-based compensation (Note 10)	27,787	53,373	115,171	118,493
Impairment of PPE & E&E	–	617,451	–	617,451
Depletion depreciation and accretion (Note 9)	20,101	109,777	59,624	342,736
Foreign currency translation loss/(gain)	(10,380)	(25,840)	9,844	(35,422)
				622,729	1,183,166	1,953,357	2,355,757
Comprehensive loss for the period	$ (555,285)	$ (1,064,476)	$(1,788,433)	$ (1,887,383)

Basic and diluted loss per common share	(0.01)	(0.02)	(0.04)	(0.04)
Weighted average number of common shares outstanding	61,851,563	43,256,930	49,387,796	43,225,362

Maha EnergyAB
Condensed Consolidated Interim Statement of Cash Flows
(Unaudited Expressed in U.S. dollars)
	Three months ended September 30	Nine months ended September 30
	2016	2015	2016	2015
Net loss for the period	$(555,285)	$(1,064,476)	$(1,788,433)	$(1,887,383)
Operating activities
Add backs:
Stock based compensation	27,787	53,373	115,171	118,493
Impairment	–	617,451	–	617,451
Depletion and depreciation and accretion	20,101	109,777	59,624	342,736
Unrealized foreign exchange (gain)/loss	(74,298)	(21,130)	(57,556)	(38,086)
Changes in non-cash working capital (note 14)	(430,041)	104,167	(191,455)	(140,177)
	(1,011,737)	(200,838)	(1,862,650)	(986,966)
Investing activities
Brazil deposits & loans	–	–	(1,315,500)	–
Purchase of developed and producing assets (note 7)	–	(13,934)	(5,500)	(195,645)
Purchase of exploration and evaluation assets (note 6)	(227,018)	(529,084)	(770,707)	(2,082,715)
Purchase of performance bonds (note 8)	12,154	–	10,800	(198)
Changes in non-cash working capital (note 14)	–	(564,018)	–	(1,531,044)
	(214,864)	(1,107,036)	(2,080,907)	(3,809,602)
Financing activity activities
Common stock and warrants issued for cash	12,683,206	–	12,683,206	35,784
Share issue costs	(1,076,471)	–	(1,457,789)	–
Changes in non-cash working capital (note 14)	5,279	–	5,279	–
	11,612,014	–	11,230,696	35,784

Net (decrease)/increase in cash during the period	10,385,413	(1,307,873)	7,287,139	(4,760,784)
Cash and cash equivalents, beginning of period	1,494,506	6,798,664	4,592,780	10,251,575
Cash and cash equivalents, end of period	11,879,919	5,490,791	11,879,919	5,490,791

This report has not been subject to review by the auditors of the company.

For more information, please contact:

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

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

Miscellaneous

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 of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 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 will operate two oil-fields, Tartaruga in Brazil (subject to Brazilian Government approvals and closing) and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Financials September 30 2016
PRESS RELEASE November 29 2016 Third Quarter

Maha Financials September 30 2016

PRESS RELEASE November 29 2016 Third Quarter