Press release

Stockholm

April 12, 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 delayed upcoming fully guaranteed rights issue and provides a Corporate operational update

The board of directors of Maha Energy AB (publ) ("Maha" or the "Company") has decided to delay the upcoming fully guaranteed rights issue. Maha intends by press release to provide more information on the upcoming rights issue after the Easter Break.

In February, 2017, the board of directors of Maha announced the decision to carry out a fully guaranteed rights issue with pre-emptive rights for the shareholders and warrants holders (the "Rights Issue") for the purpose of financing the acquisition of Gran Tierra Inc.'s Brazilian operations. On April 6, 2017, adjusted terms of the Rights Issue were announced through an additional press release.

The reason for the delay of the fully guaranteed rights offering is that the Company experienced certain unforeseen delays in being able to publish the prospectus required in connection with the Rights Issue. More information will be provided as soon as it becomes available.

Jonas Lindvall, CEO of Maha commented: "It is unfortunate we have to delay the Rights Issue again due to administrative delays, and we are working hard to finalize the prospectus."

Results of well testing at Tartaruga Light Oil Field

The two producing wells were recently tested individually and continue to produce as expected.  The SES107D well was tested at a surface restricted rate of 252 BOPD whilst 7TTG well produced, also restricted, at 155 BOPD.  Both wells are producing using a single hydraulic jet pumping system, and are providing positive cash flow.

Results of Jet Vac System at LAK Ranch Oil Field

The planned Jet Vac clean-out operations at the Company's LAK Ranch oil field in Wyoming were recently completed.  Severe sand ('fines') clogging was encountered in the 12-23 well and was subsequently cleaned and production restored.  The other two wells that were targeted for formation damage removal did not encounter significant sand intrusion.  It is therefore believed, based on these tests, that the fines emanate from the formation and acts negatively on production in the near wellbore region.  The last well to be cleaned out, 12-19, showed very good response to the clean out and returned to 'pre-damaged' production levels.

As a result of the Jet Vac operations, important information surrounding the suspected near wellbore damage has been obtained and is now being analyzed.  The fines migration will be addressed by optimized well placement and future pump selection.  Because of the encouraging results from the existing small-scale water injection scheme and the information obtained during the Jet Vac operations, the current small-scale hot water injection scheme will be expanded to increase the sweep efficiency of the existing producing wells.  Results from the increased sweep efficiency are expected within the first three months of the implementation and will be communicated in due course.

 "I am very pleased with the progress at both Tartaruga and LAK.  At Tartaruga we doubled production through the successful workover of SES-107D and the subsequent jet pump insertion.  We continue to work hard to debottleneck our pumping system so we can optimize production to the higher levels we believe the wells are capable of.  At LAK with our announced expanded hot water flood we expect to see improved results by July 2017.  And I am pleased to report that during the first 100 days of 2017, we produced more oil than what we did during all of 2016" said Jonas Lindvall.

Proposed Bond Financing Update

On February 13, 2017, the Company engaged Arctic Securities ("Arctic") to act as broker for the previously announced bond financing in respect of our planned acquisition of the Gran Tierra Energy Inc.'s Brazilian Operations (see Press Release dated February 13, 2017). The Company continues to work closely with Arctic to complete the necessary preparations for the financing and is pleased with the progress so far.

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 12, 2017, at 02:00 a.m. CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates 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 delayed rights issue

—
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 delayed rights issue

This press release may not be published or distributed, directly or indirectly, in or into the United States, Australia, Japan, Canada, Hong Kong, New Zeeland, Singapore or South Africa, Switzerland or any other jurisdiction where such action is subject to legal restrictions.

Adjusted terms for the upcomingfully guaranteed rights issue in Maha Energy AB

April 6, 2017

In February, 2017, the board of directors of Maha Energy AB (publ) ("Maha" or the "Company") announced the decision to carry out a fully guaranteed rights issue with pre-emptive rights for the shareholders and warrants holders (the "Rights Issue") for the purpose of financing the acquisition of Gran Tierra Inc.'s Brazilian operations. The board of directors has now decided on adjusted terms as set forth below. The terms primarily adjusted are the record date for participation in the Rights Issue and the number of subscription rights for subscription of shares.

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.

Adjusted principal terms of the fully guaranteed Rights Issue

On April 6, 2017 by authority of the latest general meeting the board of directors of Maha has decided on adjusted principal terms for the Rights Issue (with pre-emptive rights for the shareholders and warrant holders). Seven (7) subscription rights (instead of six (6) subscription rights) confers right to subscribe for one (1) new A-share. The ratio has been changed in order to include subscription rights for all outstanding A-shares, B-shares, C2-shares and warrants at the time of the record date. Participants in the Directed Share Issue have committed contractually not to sell or make use of subscription rights received in relation to the Rights Issue as a result of participation in the Directed Share Issue.

New shares in the Rights Issue represented by subscription rights of shares issued in and still held by participants in the Directed Share Issue will be available for the other shareholders by oversubscription.

Subscription rights for B-shares and C2-shares will be received by Swedish Exchange Co, a company created under the laws of Sweden to hold the B-shares and C2-shares. There is no commitment for the Swedish Exchange Co. to exercise the subscription rights received in connection with the Rights Issue and the Company has been informed that there is no such intention. This means that the number of new A-shares represented by subscription rights in relation to the B-shares and C2-shares will be available for others to subscribe through oversubscription.

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 April 13, 2017.

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 of directors shall resolve on allotment up to the maximum amount of the Rights 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

11 April                        Last day of trading inclusive subscription rights

13 April                        Record date for participation in the Rights Issue

13 April                        Estimated date for publication of the prospectus

18 – 27 April               Trading in subscription rights

18 April – 2 May          Subscription period

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

Share Structure and Share Capital

The Company has 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.

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

or

Ron Panchuk
Tel:  +1 403 454 7564
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 6, 2017, at 3:00 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 in 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 Adjusted Terms of Rights Issue (English)
Maha Press Release Adjusted Terms of Rights Issue (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 Adjusted Terms of Rights Issue (English)

Maha Press Release Adjusted Terms of Rights Issue (Swedish)

Press Release

Stockholm

3 March 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. See also section IMPORTANT INFORMATION below.

Maha Energy Announces Year End Reserve Update

Maha Energy AB (The "Company" or "Maha") is pleased to announce the following reserve update:

The reserves review and issuance of this reserve report for the Company was by the independent petroleum engineering consultants Chapman Petroleum Engineering ("Chapman"), Calgary, Canada. The report has been calculated in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH), compliant with the National Instrument (NI)-51-101 standards and the professional practice standard under the Permit to Practice.

The reserve report replaces the previous reports by Chapman and Petrotech Engineering as at 29 February, 2016. Maha's net working interest oil reserve as at that date were  1.07 mmbo of Proven reserves, 14.66 mmbo of 2P reserves and 20.17 mmbo of 3P reserves.

Maha Energy AB, through its' subsidiaries have a legal and beneficial 75%  working interest in the SES-107D Block, onshore Brazil and 99%  working interest in the LAK Ranch heavy oil field in Wyoming, USA.  Maha Energy through its' subsidiaries operates both assets.

About reserves

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

 –          analysis of drilling, geological, geophysical, and engineering data

• the use of established technology
• specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed
• Reserves are classified according to the degree of certainty associated with the estimates.

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

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

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

Jonas Lindvall, CEO of Maha Energy commented: "Since taking over the Operations in Brazil, we have been very busy consolidating all geological, geophysical and petrophysical information and we are very pleased to be able to announce these results.  The 2P and 3P reserves are up 15% and 30% respectively.  The main contributor is the Tartaruga Field where we are now focusing our efforts to create value for shareholders."

 For more information, please contact:

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

or

Ron Panchuk

Tel: +1 403 454 7564       
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 3 March 2017, at 08:01 a.m. CET.

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 Reserves PR March 3 2017

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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 Energy Reserves PR March 3 2017

Press release
Stockholm
16th February 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. See also section IMPORTANT INFORMATION below.

Maha Energy AB (publ) ("Maha" or the "Company") Completes SES 107 Workover and Provides Operational Update for Brazil

OPERATIONAL UPDATE – BRAZIL

The Workover

The previously announced workover (the "Workover") of the SES107D well (the "Well") on the Company's Tartaruga Field near Aracaju, Brazil was substantially completed earlier this week. The objective of the Workover was to remove an old tubing string and the associated lost in hole debris from an old wireline tool, recomplete the Well, install a hydraulic jet pump, and to return the Well to continuous production.

The Well has been producing intermittently on free flow for the past years and was a perfect candidate for the application of artificial lift.  The use of a jet pump allows for efficient comingling of oil and gas, which is crucial for this type of reservoir.  The pump is similar to that used at the currently producing 7TTG well on the Tartaruga Field which has been on continuous pump production since December 2015.

The completed exhaustive workover program successfully fished partially cut 2-7/8" production tubing and approximately 2300 m of frayed wireline out of the hole allowing for the installation of the new hydraulic jet pump in the hole.

The Test

A production flow test of the Well commenced on 12 February 2017 at 2100 hrs.  The test is now complete and after a significant clean-out period where most of the workover fluid was recovered, the final production rate was recorded at (oil) 220 BOPD and (water) 90 BWPD (the final six-hour production average was 192 BOPD) and increasing while water production was decreasing.

"The well test is very much in line with our predicted production rate.  The test has been successfully concluded, and as soon as the workover rig has been demobilized, the well will be hooked up to the permanent production facilities at Tartaruga for continuous production.  We are very pleased with the results.", commented Jonas Lindvall, CEO of Maha Energy.

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

or

Ron Panchuk

Tel: +1 403 454 7564
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 16 February 2017, at 08:01 CET.

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 Flow February 16 2017

—
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 Energy AB Press Release Flow February 16 2017

Press Release

Stockholm

13th February 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.

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

or

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)

Press release

Stockholm

12th February 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. See also section IMPORTANT INFORMATION below.

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

or

Ron Panchuk

Tel: +1 403 454 7564        
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 12th February 2017, at 08:01 CET.

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

—
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 Energy AB Press Release Canadian Assets

Press release
Stockholm
6 February 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. See also section IMPORTANT INFORMATION below.

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

or

Ron Panchuk
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 6 February 2017, at 0801 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 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

—
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 Energy AB Press Release February 6 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

or

Ron Panchuk
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  3 February 2017, at  8:59 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 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)

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

Press release
Stockholm
16 January 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. See also section IMPORTANT INFORMATION below.

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

or

Ron Panchuk

Tel: +1 403 454 7564
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 16 January 2017, at 0759 CET.

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

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 16 2017

—
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 Energy AB Press Release January 16 2017

Press release
Stockholm
5 January 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. See also section IMPORTANT INFORMATION below.

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

or

Ron Panchuk

Tel: +1 403 454 7564        
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 5 January 2017, at 23:59 CET.

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

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 5 2017

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Source: Maha Energy AB via Globenewswire

Maha Energy AB Press Release January 5 2017