Press release
Stockholm
October 15, 2020

Maha Energy AB (publ) (“Maha”, or the “Company”) announce partial restoration to the revised 2020 investment capital plan and comments on 2020 production guidance

• 2020 annual average production rate is expected to land between 3,700 – 4,000 BOEPD
• 2020 Investment Capital Plan is increased by US$ 8.7 m
• Year-end expected daily production rate of 5,200 – 5,700 BOEPD

2020 Annual Production Guidance
Due to effects from Covid-19, the Company currently expects the 2020 annual average production volumes to land at about 5% below the lower end of the previously communicated guidance of 4,000 – 5,000 BOEPD.  Effects from Covid-19 still impact ‘on the ground’ logistics and personnel movements in Brazil, which in turn has a direct impact on production uptime. 

“2020 has been a tough year so far and our production capacity has been affected by the Covid-19 pandemic. Although Covid-19 continues to impact all aspects of our operations, I am pleased to announce that we are increasing our investment pace to further grow production in Brazil into 2021 and beyond. With this increase in investment we expect to end 2020 with a daily production rate between 5,200 – 5,700 BOEPD.” said Jonas Lindvall, CEO of Maha Energy AB.

2020 Investment Capital Plan
In light of the higher than budgeted oil price, and the subsequent stabilization of the oil market, the Company has decided to partially restore the 2020 revised Investment Capital Plan (as communicated on 22 May, 2020) as follows:

1. Drill and complete the Tie-2 well (TS-1) well during Q4.
2. Drill and complete the Tie-3 well (TS-2) well during Q4.
3. Resume testing operations on Maha-1 (7TTG-3D-SES) at Tartaruga in Q4.
4. Undertake a recompletion of GTE-4 to restore Agua Grande (AG) zone production.
5. Complete the previously announced work program in the Illinois Basin, of 1 production well plus complete a drilled-but-uncompleted well.
6. Commence various facility support projects at Tie and Tartaruga.

With the completion of the revised work program described above; the Company expects to end 2020 with a daily production rate in the range of 5,200 – 5,700 BOEPD.

The additional capital projects now included in 2020 is estimated at US$ 8.7 m bringing the total 2020 capital spend to US$ 24.2 million for the year. Funding of the Capital Plan is through Company cash on hand and operating cash flow.

Investment Capital Plan Details

Tie-2 & Tie-3 – Tie Field
Tie-2 is expected to be completed by 15 November and production from this well is expected by 1 December.  Tie-3 (water injector) will be drilled immediately after the Tie-2 well is completed and will provide important reservoir pressure support.

GTE-4 – Tie Field
The GTE-4 well was converted to a dual pumping well during the second quarter this year.  A subsequent well test proved inflow restrictions in the AG zone which was ultimately resolved, but unfortunately during the pump installation, a blanking sleeve became stuck in the well.  Depending on rig availability and associated manpower, a workover is now scheduled during November to recomplete and restore the GTE-4 well to a comingled producer.

Maha-1 (7TTG-3D-SES) – Tartaruga Field
The Maha-1 well testing operations were suspended in March due to Covid-19 impedements.  The Company will resume testing operations later this month.  Once tests are completed, which are expected at the end of November, the Company will communicate well test results and place the well on production.

Illinois Basin
The Company has contractual obligations to drill one production well and to complete an already drilled-but-uncompleted well before the end of the year.

This information is such information that Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, 02:00 a.m. CET on 15 October, 2020.

For more information, please contact:        

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

or

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

Maha in Brief

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

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

Press release
Stockholm
October 3, 2020

Maha Energy AB (publ) Announce September Production Volumes and extends invitation to Annual Investor Presentation 7 October.

Production Volumes

The Company's aggregate sales production for the month of September totaled 89,712¹ barrels of oil and 47.543 million scf of gas for a combined average production of approximately 3,255 BOE/day², before royalties and taxes.

During the month of September the dual GTE-4 oil producing well was shut down for 14 days, due to workover operations to fish a stuck blanking sleeve in the Agua Grande (AG) short string.  Fishing operations to date have been unsuccessful and a more rigorous workover operation is now scheduled during the fourth quarter to restore production from the AG zone.  Production from GTE-4 well (Sergi zone) was resumed on the 28^th of September and is performing as expected. Tartaruga had issues during the month with unreliable power from the local grid – back up generation is installed and production is stabilizing.

The annual Maha Energy Investor and Shareholder Presentation will be held at 17:00 CET on 7 October, 2020. Jonas Lindvall, Managing Director of Maha Energy AB will host a virtual presentation of the Company’s activities and future plans.  Questions can be posed ahead of the presentation by e-mailing Victoria@mahaenergy.ca. Please visit https://mahaenergyab.se/events/ for further details.

The information was submitted for publication, through the agency of the contact person set out above, at 22:05 CEST on 3 October 2020.

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

For more information, please contact:        

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

or

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

Maha in Brief

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

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

Press Release
Stockholm
September 25, 2020

Maha Energy AB (publ) to be awarded new exploration block onshore Oman (“Block 70” or “Mafraq”)

Maha Energy AB ("Maha" or the "Company") is pleased to announce that it will be awarded a new exploration block by the Ministry of Energy and Minerals of the Sultanate of Oman. Block 70 is an onshore block that includes the shallow undeveloped Mafraq heavy oil field.  The Block is located in the middle of the prolific and oil producing Ghaba Salt Basin in the central part of Oman.  Maha will (through a wholly owned subsidiary) be the operator of the Block and hold a 100% working interest. The entry into Oman marks a milestone for the Company’s diversification strategy. The Block agreement is scheduled to be signed on 1 October 2020 and is further subject to a Royal Decree.  Further details of the Block and the future work program will be communicated after the effective date of the EPSA.

Jonas Lindvall, President and Chief Executive Officer of Maha, comments: "To be allowed an opportunity to explore and develop the Mafraq oil field is an exceptional opportunity to add value to Maha and the people of Oman.  The Mafraq oil field contains significant amounts of oil and previous and extensive pump tests has proven the productivity of the field.”

The Mafraq oil field was discovered by Petroleum Development Oman (PDO) in 1988 and was further delineated by four wells and 3D seismic in stages until 2010.  Two wells were placed on pump production tests, of which one was placed on an extended test in order to prove long term productivity.  The Mafraq field is estimated by third parties to contain between 185 – 280 million barrels of original oil in place (OIP).  The productive reservoir is shallow, at approximately 430 m. below ground level.

Jonas Lindvall further commented:” The fact that PDO did not develop this asset is by no means a reflection of the quality of the asset, it just reflects the reality of constrained resources and project ranking.”

The Block covers an area of 639 km² and is covered by both 2D and 3D seismic data that has been acquired by previous operators has been made available to Maha. Eight wells have been drilled within the block boundary, five of which are on the Mafraq oil field. 

The Exploration and Production Sharing Agreement (EPSA) for Block 70 covers an initial exploration period of three years with an optional extension period of another three years. In case of a commercial oil or gas discovery, the EPSA can be transformed into a fifteen year production license which can be extended for another five years. In case of a commercial discovery the Oman Government Oil Company has a right to acquire up to a 30% interest in Block 70 against refunding the pro rata share of past expenditure. The initial work commitments during the first period include geological studies, seismic reprocessing and well commitments.

For more information, please contact:         

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

or

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

The information was submitted for publication, through the agency of the contact person set out above, at 02:00 CET on 25 September 2020.

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

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

Press Release
Stockholm
September 23, 2020

Maha Energy AB (publ) – Announces an operational update

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

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

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

Operational update

Tie Field

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

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

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

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

Tartaruga

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

Illinois Basin

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

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

Or

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

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

Maha in Brief

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

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

Press release
Stockholm
September 3, 2020

Maha Energy AB (publ) Announce August Production Volumes

Production Volumes

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

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

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

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

For more information, please contact:        

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

or

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

Maha in Brief

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

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

Press release
Stockholm
August 3, 2020

Maha Energy AB (publ) Announce July Production Volumes

Production Volumes

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

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

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

For more information, please contact:        

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

or

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

Maha in Brief

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

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

Press release
Stockholm
July 20, 2020

Maha Energy AB (publ) comments on acquisition strategy

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

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

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

For more information, please contact:        

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

or

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

Maha in Brief

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

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

Press release
Stockholm
July 3, 2020

Maha Energy AB (publ) Announce June Production Volumes

Production Volumes

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

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

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

For more information, please contact:        

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

or

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

Maha in Brief

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

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

Press release
Stockholm
June 4, 2020

Maha Energy AB (publ) Announce May Production Volumes

Production Volumes

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

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

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

For more information, please contact:        

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

or

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

Maha in Brief

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