Press release

Stockholm

June 1, 2017

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.

Maha Energy AB Announces Resubmission of Q1 Financial Statement Press Release

Maha Energy AB (publ) ("Maha" or the "Company") yesterday released its Q1 Financials Statements for the quarter ended March 31, 2017.  The Q1 Financial Statements are attached and have not changed and are available on the Company's website at www.mahaenergy.ca.  The Company is herewith providing the following highlights as is customary with releasing Financial Statement Press Releases which was not provided as part of yesterday's press release.

First Quarter 2017

• Total Production of 8,657 bbls for the period compared to 0 bbls for the same period 2016
• Revenue of KUSD 449 for the period compared to KUSD 0 for the same period 2016
• Net Result of KUSD (1,213) for the period compared to KUSD (582) for the same period 2016
• Net Result of (0.02)/share for the period compared to (0.01)/share for the same period 2016

Highlights of First Quarter 2017

• Maha completed the acquisition of a 75% operated interest in the Tartaruga Field (an onshore production block located in the Sergipe Alagoas Basin in Brazil).
• Maha completed the anticipated workover of the SES-107 D well.  Upon completion of the work, the well tested 220 BOPD on the newly installed jet pump.
• The planned Jet Vak operations at the LAK Ranch heavy oil field in Wyoming were completed.  Three wells were re-entered and cleaned out.  Results suggested severe sand plugging in one well         and the Company has now expanded the previous small scale pilot hot water flood.
• Maha sold its entire interest in the Manitou and Marwayne properties (the "Canadian Assets") to Petrocapita Oil and Gas L.P. ("Petrocapita") for total consideration of CAD$1.65 million, of which          CAD $750,000 is payable in cash over 9 months commencing March 15, 2017.
• Maha entered into an agreement to acquire the Brazilian business unit of Gran Tierra Energy Inc. ("Gran Tierra") for a cash consideration of USD 35 million and the assumption of approximately          USD 11 million in Letters of credits and Surety Bonds.
• In contemplation of completing the Gran Tierra acquisition, the Company completed a Directed Share issue for gross proceeds of USD 10.5 million.

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

The first three months of the year can be summed up in one word: "Brazil".  In Brazil, Maha completed the acquisition of the Tartaruga light oil field, added 220 BOPD of production to the Tartaruga field after a complicated workover and agreed to acquire (by providing a USD 3.5 million deposit) the Brazilian operations of Gran Tierra Energy Inc. (GTE)

I would like to take this opportunity to warmly welcome our new employees in Brazil to our expanding team at Maha!

Maha is a value driven Company.  We go where there is value – Brazil represents great value to investors in exploration and production of hydrocarbons.  Its fiscal regime is ranked by IHS as having one of the lower Government Takes in a survey of Global Hydrocarbon Fiscal Regimes. Recent political changes in Brazil combined with the bottoming of the oil commodity cycle in 2016 have presented remarkable opportunities in Brazil's very prolific oil basins.

An example is the GTE acquisition. Maha agreed with GTE to acquire their entire Brazilian operations which include the producing "Tie" light oil field.  During the first Quarter of 2017 GTE reported that the average Tie Field production was 1,398 BOEPD with a corresponding netback of USD 30.30/bbl.  Current Proven reserves are 7.7 million BOE and the 2P reserves are 10.2 million BOEs.

Maha has agreed to a purchase price of USD 35 million and the assumption of approximately USD 11 million in Letters of Credits and Guarantees to acquire this prolific cash-flowing asset. While reserves-based lending would have been the preferable financing tool for this acquisition since that market is not "open" currently, Maha was able to access capital through a senior secured bond in Sweden. Maha is fortunate to have a solid investor base in Scandinavia that shares the vision to 'buy when prices are low'.  Access to capital in these times give us a clear competitive advantage.

During the Quarter we reported updated reserves for the Company. The current reserves are indicative of the underlying value of our assets, even at oil prices near the bottom of the cycle.  In particular we note the great potential reflected in the "Possible" reserves category at Tartaruga.  We knew going into the acquisition that Tartaruga represented a solid production opportunity, but it also has very attractive upside potential which to date is underexploited.

The sale of our Canadian assets was completed during the quarter.  Petrocapita, the new Operator of the fields, purchased our 50% stake in the heavy oil producing Manitou field and our 30% working interest in the shut-in Marwayne heavy oil field for a combined cash and debenture pledge of CAD 1.65 million.  Maha paid just over CAD 1.9 million in mid-2014 for these assets which have been mostly cash flow positive since. Given the current market conditions in Canada we consider this good value.

Finally, Jet Vac operations on LAK Ranch heavy oil field in Wyoming were completed at the end of March.  While results were mixed, a lot of valuable data was acquired.  Based on the analysis of this data, it was decided to expand the current initial pilot hot water flood project to include an additional 2 injector wells to increase sweep efficiency.  The expanded hot water flood is currently being implemented. Initial results continue to be encouraging.

We thank you for your continued support.

Jonas Lindvall
Managing Director and CEO

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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

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 June 1, 2017, at 7:00 pm CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. 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

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 Financials Q1 2017
Maha Energy AB Press Release – Q1 2017 Financials(2)

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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 Financials Q1 2017

Maha Energy AB Press Release - Q1 2017 Financials(2)

Press release

Stockholm

May 23, 2017

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.

Maha Energy AB publishes supplementary prospectus in relation to fully guaranteed rights issue

The board of directors of Maha Energy AB (publ) ("Maha" or the "Company") has prepared a supplementary prospectus (the "Supplementary Prospectus") to the prospectus for the invitation to subscribe for shares (the "Rights Issue") which was approved by and registered with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) on May 15, 2017.

The Supplementary Prospectus has been prepared as a result of two separate press releases made public by the Company during the subscription period of the Rights Issue. The press releases were made public on May 17, 2017 and May 22, 2017 respectively. The first press release contained information on the decision to issue senior secured bonds as part of a fully subscribed bond financing totaling SEK 300,000,000 under a framework amount of SEK 500,000,000 along with a total of 13,350,000 detachable warrants for class A shares of the Company. The second press release contained information on receipt of approvals for the acquisition of Gran Tierra's Brazilian operations from the Brazilian authorities (Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis of Brazil, "ANP").

The Supplementary Prospectus, which has been approved by and registered with the Swedish Financial Supervisory Authority, constitutes a part of, and shall be read together with, the Prospectus. The Prospectus and the Supplementary Prospectus are kept available at the Company's website www.mahaenergy.ca, on Stockholm Corporate Finance's website, www.stockholmcorp.se, on Aqurat's website, www.aqurat.se, and will also be kept available on the Swedish Financial Supervisory Authority's website, www.fi.se.

Investors who have applied for, or in any other way consented to acquire securities comprised by a prospectus, before a supplementary prospectus is made available to the public, have the right to withdraw their application or consent within two business days from the day a supplementary prospectus is made public in accordance with Chapter 2, section 34 of the Swedish Financial Instruments Trading Act (Sw. lagen (1991:980) om handel med finansiella instrument). Any withdrawals as a result of this Supplementary Prospectus shall be possible until and including May 26, 2017. Such withdrawal must be made in writing to Aqurat Fondkommission AB, issue: Maha Energy AB, P.O. Box 7461, SE-103 92 Stockholm. Investors who have applied for subscription of securities through a nominee should contact their nominee regarding withdrawal. Applications that are not withdrawn will remain binding and those investors who wish to remain with their application on subscription of shares do not need to take any action.

For complete terms and conditions and other information regarding the Rights Issue, please refer to the Prospectus which together with the Supplementary Prospectus are kept available at the Company's website www.mahaenergy.ca.

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 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (COO)

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation and the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on May 23, 2017, at 5:30 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 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 document has not been approved by any regulatory authority. The document is a press release and not a prospectus and investors should not subscribe for or purchase securities referred to in this document except on the basis of information contained in the Prospectus, including the Supplementary Prospectus, approved by the Swedish Financial Supervisory Authority and kept available at the Company's website. Distribution of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this, or part of this, are required to inform themselves of, and comply with, such legal restrictions. Information in this press release should not constitute an offer to sell securities, or a solicitation of any offer to purchase securities, nor should any sale of the securities referred to herein be made, in any jurisdiction where such offer, solicitation of any offer to purchase, or sale would require preparing additional prospectuses or other offering documents, or would not be lawful without registration or applicable exemptions from registering according to security acts in any such jurisdiction.

This press release neither constitutes, nor constitutes a part of, an offer or a solicitation of an offer to purchase or subscribe for securities in the United States. Securities referred to herein have not been, and will not be, registered in accordance with the American Securities Act of 1933 ("Securities Act"), and may not be offered or sold within the United States absent registration in accordance with the Securities Act, or an exemption therefrom. Securities referred to herein are not offered to the general public in the United States. Copies of this press release is not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States or to any other jurisdiction where the distribution respectively the issuance of this press release should be unlawful.

Maha Press Release-Publication of supplementary prospectus

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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-Publication of supplementary prospectus

Maha Energy AB Announces the Approvals for the Acquisition of Gran Tierra's Brazilian Operations have been Received from ANP

May 22th, 2017

Approvals for Acquisition of Gran Tierra's Brazilian Operations Received from ANP

Maha Energy AB ("Maha" or the "Company") (NASDAQ OMX First North: MAHA A) is pleased to announce that the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis of Brazil ("ANP") has provided all approvals necessary for the completion of the acquisition of 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 of Gran Tierra Finance (Luxembourg) S.Á.R.L., by Maha  (the "Acquisition"). Closing of the Acquisition remains subject to completion of a previously announced financing by Maha and other closing conditions standard for similar transactions. Upon closing, Maha will own and operate, through a 100%-owned subsidiary, 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.

"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.

Advisers

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

For more information, please contact:

Jonas Lindvall (CEO)

Tel:  +1 403 454 7560
Email:  jonas@mahaenergy.ca

or

Ron Panchuk

Tel:  +1 403 454 7560
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 22 May 2017, at 8:00 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 OMX 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).  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 Approvals

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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 Approvals

Press release

Stockholm

May 17th, 2017

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.

Maha Energy AB: Completes SEK 300,000,000 Bond Financing

Maha Energy AB (publ) ("Maha" or the "Company") is pleased to announce:

Further to the Company's Press Release of 16th May 2017, the Company has today agreed to issue senior secured bonds ("Bonds") as part of a fully subscribed bond financing totaling SEK 300,000,000 under a framework amount of SEK 500,000,000.  The Bonds have a term of four years; have a fixed interest rate coupon of 12% per annum;and are issued along with a total of 13,350,000 detachable warrants for Class A shares of the Company ("Warrant(s)").  Each Warrant has a strike price of SEK 7.45 and a warrant period of four years.

The proceeds of the Bonds will be used to finance the previously announced acquisition of GTE's Brazilian operations.  As a term of the Bond, Maha intends to list the bonds on Nasdaq Stockholm and the warrants on Nasdaq Stockholm or First North.

Advisers

Arctic Securities AS filial Sverige acts as financial advisor and sole bookrunner and Roschier Advokatbyrå AB acts as legal advisor for the bond issue. Stockholm Corporate Finance AB acts as financial adviser and Setterwalls Advokatbyrå AB acts as legal adviser (as to Swedish law) to Maha in connection with the previously communicated rights issue.  FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:

Jonas Lindvall (CEO)

Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (COO)

Tel: +1 403 454 7560        
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 May 17th, 2017, at 8:00 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 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, warrants, bonds or other securities in Maha Energy AB (publ). 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 Bond Up date

—
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 Bond Up date

Press release

Stockholm

May 16th, 2017

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.

Maha Energy AB: Provides Up-date on Bond Financing

Maha Energy AB (publ) (the "Company") is pleased to provide the following update:

Further to the Company's Press Release dated 13 February, 2017 and 6 April, 2017  concerning the Company's proposed bond financing (the "Bond") to be used to finance the previously announced acquisition of the GTE's Brazilian operations, the Company is pleased to provide the following up-date:  a) the Company has experienced strong investor demand in its three week pre-marketing;  b) the Company has had commercial discussions with potential cornerstone Bond investors on the terms of the Bond which may include a fixed rate in the range of 10% – 14% coupon and detachable warrants on Class A shares in the Company;  and c) the Company will tomorrow  launch the formal marketing of a SEK denominated senior secured bond issue that is expected to close in the next few days.

The Company will provide an update on the results of the Bond issue as soon as they are known.

Advisers

Arctic Securities AS acts as financial advisor to Maha and Roschier Advokatbyrå AB as legal advisor for the bond issue. Stockholm Corporate Finance AB acts as financial adviser and Setterwalls Advokatbyrå AB acts as legal adviser (as to Swedish law) to Maha in connection with the previously communicated rights issue. FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:

Jonas Lindvall (CEO)

Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (COO)

Tel: +1 403 454 7560        
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 May 16th, 2017, at 09:00 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 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. 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 Bond Up date

—
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 Bond Up date

Press release

Stockholm

May 15, 2017

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.

Maha Energy AB publishes prospectus in relation to fully guaranteed rights issue

The board of directors of Maha Energy AB (publ) ("Maha" or the "Company") has prepared a prospectus in relation to the fully guaranteed rights issue with preferential rights for shareholders and warrant holders, decided by the board of directors and communicated through a press release on April 20, 2017.

The prospectus has today been approved by and registered with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen). The prospectus is available for download on the Company's website, www.mahaenergy.ca, on Stockholm Corporate Finance's website, www.stockholmcorp.se, on Aqurat's website, www.aqurat.se, and will also be available on the Swedish Financial Supervisory Authority's website, www.fi.se.

Timetable for rights issue

16 May – 26 May               Trading in subscription rights

16 May – 30 May               Subscription period

2 June                              Estimated date for announcement of outcome of the rights issue

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 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (COO)

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation and the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on May 15, 2017, at 6:30 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 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 document has not been approved by any regulatory authority. The document is a press release and not a prospectus and investors should not subscribe for or purchase securities referred to in this document except on the basis of information contained in the prospectus approved by the Swedish Financial Supervisory Authority and that can be downloaded at the Company's website. Distribution of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this, or part of this, are required to inform themselves of, and comply with, such legal restrictions. Information in this press release should not constitute an offer to sell securities, or a solicitation of any offer to purchase securities, nor should any sale of the securities referred to herein be made, in any jurisdiction where such offer, solicitation of any offer to purchase, or sale would require preparing additional prospectuses or other offering documents, or would not be lawful without registration or applicable exemptions from registering according to security acts in any such jurisdiction.

This press release neither constitutes, nor constitutes a part of, an offer or a solicitation of an offer to purchase or subscribe for securities in the United States. Securities referred to herein have not been, and will not be, registered in accordance with the American Securities Act of 1933 ("Securities Act"), and may not be offered or sold within the United States absent registration in accordance with the Securities Act, or an exemption therefrom. Securities referred to herein are not offered to the general public in the United States. Copies of this press release is not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States or to any other jurisdiction where the distribution respectively the issuance of this press release should be unlawful.

Maha Press Release-Publication of prospectus

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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-Publication of prospectus

Press release

Stockholm

April 20, 2017

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.

Maha Energy AB Announces new timetable for the upcoming fully guaranteed Rights Issue in Maha Energy AB

On April 6, 2017 the Company announced adjusted terms to the upcoming Rights Issue in Maha Energy AB to the original announcement dated 13 February, 2017. On 12 April, 2017 the Company announced a delay to the Rights Issue schedule due to certain unforeseen delays. The board of directors has now decided on an adjusted timetable as set forth below. Besides the timetable, the principal terms remain the same as earlier communicated on 6 April, 2017. Existing holders of A-shares, B-shares and C2-shares and warrant holders of the Company will receive rights to subscribe for new A-shares in proportion to the shares and warrants held on the record date of participation of 12 May, 2017.

Timetable for Rights Issue

10 May                                Last day of trading inclusive subscription rights

12 May                                Record date for participation in the Rights Issue

15 May                                Estimated date for publication of the prospectus

16 May – 26 May               Trading in subscription rights

16 May – 30 May                Subscription period

2 June                                  Estimated date for announcement of outcome of the Rights Issue

Background and reasons

On February 6, 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 11 million. The Acquisition means that Maha will own and operate the 100% working interest 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 $3.5 million and is required to deposit into escrow the remaining cash consideration of $31.5 million on or before June 1, 2017. On February 6, 2017 a fully committed directed share issue of 12,919,326 Maha A-shares at a subscription price of SEK 7.10 (the "Directed Share Issue") was resolved upon which gave Maha gross proceeds of SEK 91,727,214.60 (approximately $10.5 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 have already been made public. In order to finance the Acquisition, the Company's board of directors under the authority of the latest general meeting, has also resolved on the Rights Issue with the adjusted principal terms set forth below.

Reason for the delay

As set out in the Press Release dated April 12, 2017, the Company encountered unforeseen delays which in turn delayed final approvals of the Prospectus for the Rights Offering.  The Company sincerely regrets and apologizes for any inconvenience this has caused its shareholders. The Company believes the new timetable announced herein reflects a more realistic time frame for the Company to complete the Prospectus, properly inform the market and progress its debt financing activities.

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.

Change in financial calendar

As a result of the adjusted timetable for the Rights Issue, the interim financial report with respect to the time period January 1, 2017 – March 31, 2017 (Q1) will be made public on May 31, 2017 instead of May 30, 2017 (as previously stated on the Company's website).

Advisers

Stockholm Corporate Finance AB acts as financial adviser and Setterwalls Advokatbyrå AB acts as legal adviser (as to Swedish law) to Maha 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 7560        
Email: jonas@mahaenergy.ca

Or

Ron Panchuk (COO)

Tel: +1 403 454 7560        
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 April 20, 2017, at 5:31 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 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. 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-Revised Schedule

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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-Revised Schedule

Press release

Stockholm

April 18, 2017

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.

Maha Energy AB Announces Capital Plan in anticipation of Acquisition of Gran Tierra Inc.'s Brazilian Operations

Maha Energy AB (publ) ("Maha" or the "Company") has today released details of the capital plan ("Capital Plan") it would propose to implement in the event it closes the previously announced acquisition ofthe Brazil business unit of Gran Tierra Energy Inc.

Jonas Lindvall, President and Chief Executive Officer of Maha Energy, commented "2016 was a transformational year for Maha.  We secured the Tartaruga Brazilian asset and completed our Initial Public Offering. In 2017 we plan to complete our second high quality Brazil acquisition –  Gran Tierra's Brazilian operations which will have obvious synergies with Tartaruga. This new Capital Plan is Maha tooling up to close the acquisition and operate two significant oil fields in Brazil."

Acquisition of Gran Tierra's Brazilian Operations

On February 6, 2017 Maha Energy AB (NASDAQ OMX First North: MAHA A) was pleased to announce that it had 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 from the Tie Field[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 closing of the Acquisition is anticipated to occur in the second half of 2017.

Transaction Highlights2

• 10.2 MMboe of 2P Reserves3associated with the Tie Field, estimated by independent engineers
  • 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 $22.39 per Boe (2016)7
  • Operating expenses of $8.18 per Boe and transportation expenses of $1.65 per Boe (2016)7
  • 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 MMboe8
• Operating synergies and administrative savings with existing Brazilian assets of Maha at Tartaruga

Operations in Brazil

As previously announced, Maha became the operator of the Tartaruga field in January 2017.  In addition to planning and executing the successful workover of the 107D well, Maha's operations group has been working closely with its Brazilian management team to conduct a top to bottom review of its operations at Tartaruga and the operating environment generally in Brazil.

Maha conducted a detailed technical review of the Tartaruga and the Tie fields which included a recent technical workshop in Denver on April 6, 2017 with all Maha's technical team and advisers. This work was instrumental in creating a comprehensive conceptual development plan for the Tartaruga field.  Our senior management team has had recent meetings with our partner in the Tartaruga field, Petrobras, as well numerous commercial meetings with local service providers, other operators, refineries, oil marketers, the ANP, gas-to-wire companies, and gas purchasers. With this level of knowledge, Maha has developed its proposed go-forward Capital Plan for its operations in Wyoming and Brazil in anticipation of its successful completion of the Acquisition. This plan is designed to maximize synergies between the operations at the Tartaruga and the Tie fields.

Capital Plan

Upon closing the Acquisition, the Company will have a robust portfolio of reserves that can be developed in pace with increasing oil prices.  Maha currently operates (and will operate) all its assets which adds to Maha's flexibility and control over the Capital Plan. The Capital Plan details anticipated capital allocations as between the LAK, Tartaruga, and Tie producing fields based on the current development planning and available cash flow and are based on assumed oil prices of the current Brent Strip for 5 years. If prices are higher, certain elements of the Capital Plan may be accelerated. Likewise, any sustained period of prices below the current strip would result in the Company reallocating and/or decelerating capital expenditures to conserve capital as appropriate. The Company will adjust expenditures and planned capital outlays based on changes in local rules, regulations and market requirements, partner approvals, government approvals of well licenses, well drilling results, availability of funds from cash flow, operational results, and new technical information.

The capital outlays, as modelled, will be funded out of Maha's current working capital, the balance of the proceeds from the equity and debt financings currently being undertaken by the Company (see Press Releases dated February 6, 2017 and February 13, 2017), and anticipated cash flows.  The Capital Plan has been allocated between the three projects as follows:

A.The Tartaruga Field

The Tartaruga oil field is situated within the Sergipe sedimentary basin in eastern Brazil.  The Company is a 75 percent owner of the Tartaruga oil field with the remaining 25 percent interest held by the state oil company Petrobras.  The Tartaruga oil field is located in the northern half of the 13,201 acre (53.4 km2) Tartaruga Block and produces 41° API oil from two deviated wells drilled into the early Cretaceous Penedo Formation.  The Tartaruga oilfield has produced in excess of 1.0 million barrels of oil up until December 31, 2016.

Net Penedo reservoir pay has been estimated by an independent Geology and Geophysics consulting group to be in excess of 80 m.  Further, the Penedo sandstone consists of 27 separate stacked sandstone reservoirs, all of which have been electrically logged and are indicated to contain oil.   To date, only 2 of these 27 stacked reservoirs have been produced (Penedo 1 and Penedo 6).   The best estimate of the Oil Originally In Place (OOIP) of the Penedo sandstone is 65.4 million barrels, but has been estimated as high as 200 million barrels of oil in place by reputable consultants.

A deeper, regionally producing sandstone, known as the Serraria, has also been mapped but the reservoir content is uncertain at this time.  Should the Serraria contain oil, the OOIP estimates range between 6 to 236 million barrels of OOIP, depending on closure and spill-point of the reservoir.

An adjacent structure to Tartaruga has produced oil from the Morro de Chaves Formation which lies above the Penedo formation.  The Morro de Chaves Formation has not been tested in the Tartaruga Field and provides further exploration potential on the field.

As previously announced in February this year, the Company completed a workover that turned an intermittently, low producing, free-flowing well (< 10 bopd) on the block to a steady 250 bopd (gross) producer by recompleting the well with a sub-surface jet pump.  Both producing wells in the field are now being powered by a single pump and are currently producing in excess of 400 bopd (gross).  Work is underway to optimize the pumping system by de-bottlenecking the surface handling system whereby the well production is expected to increase by an additional 10 – 15%.  This work is anticipated to be completed by the end of April.  These wells are producing positive cash flow to the Company at the current oil prices.

Work is also underway to further delineate and produce the Penedo sandstone.  On April 6, 2017, the Company's technical operations team focused on Tartaruga met with external experts to discuss future well placement and conceptual development plans.   The current Capital Plan is to use an existing approved well license on the block to drill a combined delineation and production well later in 2018, the exact timing of which will depend on partner approval and equipment availability.

The Reserve Report of Chapman Petroleum Engineering dated December 31, 2016 (see Press Release date March 3, 2017) assumes a number of near vertical wells to be drilled over the next five years. The Company is evaluating several differing completion techniques which could include horizontal completions, directional dual and multiple completions, high angle multiple selective completions, and wellbore stimulation practices.  Based on results from desktop studies and the drilling of the 2018 directional well, the Company will refine its development strategy (which could alter the expected production profile).  A total of 4 dually completed and directional wells are currently anticipated to be drilled over the next 5 years (one in 2019 and two in 2020) at a cost of approximately $5.6 million per well including related facility upgrades (net to Maha) in addition to the planned directional well in 2018.

The Tararuga Field consists of two producing wells, a complete hydraulic jet pumping system, storage tanks, loading facilities, a heater treater, separator, flare system, and an office with accommodation buildings.  The current production facilities have sufficient capacity for production levels up to 1,600 barrels of fluid per day at which point they are constrained by the heater treater unit.

Oil produced from onshore fields in Brazil is generally sold and marketed to local receiving facilities and refineries. In Sergipe Province, where the Tataruga Field is located, operators are able to sell oil at a current price of Brent less $0.51 per barrel.  In Bahia Province, where the Tie Field is located (see below), the price received by operators is lower due to insufficient capacity at local receiving facilities. Historically this discount has been as high as $15.00 per barrel but more recently slightly less than $9.00 per barrel is common. Upon the completion of the Acquisition, as part of the anticipated synergies Maha plans to truck incremental Tie Field production above 1,100 bopd to Aracaju, Sergipe facilities where the expected price is Brent minus $4.00 – 6.00 per barrel.  Trucking costs are under $2.00 per bbl for operators within the Bahia and Sergipe area.  Trucking crude from Bahia to Sergipe is expected to be about $4.00 per bbl.

Based upon the above Capital Plan, Maha conservatively estimates average annual net production from Tartaruga of 320 bopd in 2017, 440 bopd in 2018, 620 bopd in 2019, 720 bopd in 2020, and 880 bopd in 2021.

B. The Tie Field

The Tiê Field is located in the Block REC-T-155 in the Recôncavo Basin in eastern Brazil. As mentioned above, upon completion of the Acquisition Maha will operate with a 100 percent working interest in the field.

The Tiê Field was discovered in 2009 with the drilling of well 1-ALV-2-BA ("ALV-2") and delineated with wells 3-GTE-3D-BA ("GTE-3") and 3-GTE-4DPA-BA ("GTE-4") in 2011 and 2012. In September 2012, Gran Tierra received declaration of commerciality from the government of Brazil. A three dimensional ("3D") seismic survey was acquired in 2010 and re-processed in 2013. The ALV-2 well produced from the Sergi Formation until it was shut-in in July 2014. This well is planned to be converted to a water injection well during 2017. GTE-3 initially produced solely from the Sergi Formation while GTE-4 produced solely from the Agua Grande Formation until both wells were successfully dual completed in 2014.

Oil is currently trucked 35 kilometres to a Petrobras oil terminal where up to 1,100 bopd is sold. A water injection pressure maintenance project is almost completed. Current management estimates 2017 production will average 1,200 – 1,500 boepd.

The field has two structural highs and the saddle area between these highs is a few metres above the interpreted oil water contact. The southern lobe (high) has been classified as possible reserves as there is good evidence it could be a separate accumulation.

As of December 31, 2016, the reserves estimates are publicly available and were prepared by McDaniel Associates as follows:

Production from the existing wells drilled on the Tie structure has been curtailed for two reasons: (a) there has been no outlet for excess associated natural gas, and (b) receiving facilities were constrained in receiving tank volumes to a maximum of 1,100 bopd.   The current operator recently completed its gas commercialization project whereby excess associated gas is now compressed and sold in the local market.

Work by Maha is now underway to secure additional product sales volumes by trucking the produced crude oil to other receiving terminals.  As indicated above (see Tartaruga Field), Maha has developed a plan with another purchaser that has expressed interest in purchasing the incremental Tie volumes that may be trucked from Bahia to Sergipe.  It is expected that the trucking of incremental production will commence during the first half of 2018.

With work underway to increase export capacity, the Capital Plan is to complete the water injection program this year, install artificial lift systems on the two existing wells by 2018, and drill an additional production well by 2020.  Additional work will include the upgrade of the production facility, currently capable of handling production up to 2,000 bopd, to handle more than 3,000 bopd and associated fluids.  Details of the proposed capital to attain the 3,000 bopd target is anticipated to be $2.6 million for the remainder of 2017 (assuming the Acquisition closes on August 31, 2017), $18.1 million in 2018,  and $13.9 million in 2019.

According to the McDaniels Associates Reserves Report, production volumes are expected to increase from an average of 1,100 bopd in 2017 to 1,350 bopd in 2018, 2,500 bopd in 2019, 3,000 bopd in 2020, and 3,000 bopd in 2021.

C.  The LAK Ranch Project

The LAK Ranch heavy oil field is situated on the eastern edge of the prolific Powder River Basin in Wyoming, USA. The Company is the 99 percent owner and operator of the LAK Ranch heavy oil field. The remaining 1 percent interest in the LAK Ranch Field is entitled to 1 percent of revenues after paying production taxes without obligation to pay capital or operating costs and is therefore accounted for as a royalty holder.  The LAK Ranch property has 6,475 gross acres and produces 19° API oil from six deviated wells located in the northern section of the license area.  Maha (Canada) acquired the asset in 2013 and has since embarked on a very detailed production optimization appraisal program of the field. Independent reservoir engineering appraiser RPS Energy completed a static reservoir model using Petrel software that calculated the best estimated Original Oil In Place (OOIP9) to be 62 million barrels at the end of 2014.  The Petrel static reservoir model that uses accepted industry parameters was based on fifteen existing representative wellbores to estimate the oil initially in place.  Parameters used in defining the OOIP rely on direct measurements from petrophysical information as well as core data which in turn provide evidence as to the rock's porosity, oil saturation, and permeability.  The static geo-model is based on the latest acquired 3D seismic to define the areal extent of the reservoir.  As a result of the work completed in 2014, further production optimization work continued in 2015 culminating in a revised development plan based upon historical field production results.  Because of the viscous nature of the 19°  API oil, the addition of heat in the form of heated water is modelled to generate a 21 percent recovery factor.  The recovery factor is estimated using the CMG STARS reservoir simulation software which predicts fluid movements through the Petrel static geomodel.  The Recovery Factor is defined as the percentage of producible oil compared to the oil originally in place.  Factors influencing the Recovery Factor include reservoir and fluid characteristics (porosity, permeability, pressure, viscosity, temperature, and saturations).  The LAK Ranch heavy oil field is currently producing a stable 33 bopd from 6 wells, driven by a pilot hot water flood that is shaping up to be a reliable enhanced oil recovery (EOR) method for further development.

As at December 31, 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 exploration and evaluation costs.

The LAK Field was shut in from April 2016 until August 2016, primarily due to low oil prices and the requirement for reservoir pressure maintenance. During the shut-in period, the Company completed a 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 and 2016 has 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 is more than offset by the elimination of steam requirements.

Production results have indicated near wellbore damage and in March 2017 the Company completed a clean-out program of three producing wells with varying results.  Significant fine migration sand was flushed out of one well, whilst a second well had its production successfully restored to pre-wellbore damage levels and the third well saw no improvement.  Simultaneous to the clean-out operations, the hot water injection scheme referred to above was providing encouraging results to allow for a wider expansion of the hot water flood pattern.  The current hot water flood pattern involves more than doubling the number of injection wells and it is expected that injection efficiency will aid in increasing production volumes at LAK Ranch. Once the current hot water flood pattern is completed and injection has stabilized, there are no further wells to convert and therefore additional drilling is required to increase production.  Until results of the current expanded hot water flood are fully analyzed, the LAK Field will continue to be considered in the 'pre-production' stage and costs will be capitalized.  Further development of the field is therefore dependent on results from the hot water flood.

The capital plan for LAK Ranch assumes a positive result from the current expanded hot water flood and contemplates the drilling of 6 additional vertical injectors and horizontal producers starting in 2018.  Thereafter, additional injection and production patterns will be drilled annually with 9 wells being drilled in 2019 and 2020.  10 wells will be drilled in 2021 and production facilities will be expanded at a cost of $1.0 million to handle the additional production.  Because the LAK reservoir is very shallow in depth, each well is expected to cost $550,000 to drill, complete, and hook up. Further, and because of low decline rates expected with the water flood, average annual production volumes are expected to grow from 250 bopd in 2018 to 870 bopd in 2019, 1,100 bopd in 2020, and over 1,200 bopd in 2021.

It is the current strategy of the Company to bring LAK Ranch up to a break-even economic position as soon as possible and thereafter grow production from LAK Ranch through a capital program funded by the LAK property cash flow, reserve-based lending, or through corporate capital allocations.

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:        
Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

Or

Ron Panchuk (COO)

Tel: +1 403 454 7560        
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 April 18, 2017, at 5:31 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 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. 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.

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[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]   Gran Tierra estimate from Press Release dated December 19, 2016

[6]   Based on Gran Tierra June 2016 investor presentation

7   United States Securities And Exchange Commission Washington, D.C. 20549

FORM 10-K dated March 1, 2017

8   Maha Management estimates

9Original oil in place is an estimate of the total volume of oil originally in the reservoir measured in barrels.  The estimated OOIP is calculated by making assumptions about the rock porosity, quantity of reservoir rock, water saturation among many other variables

Maha Press Release-Capital Plan

—
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-Capital Plan