Press release
Stockholm
26 August 2019
                                                                                                  
Maha Energy AB Announces Filing of Second Quarter Report & Live Webcast

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

Second Quarter 2019

• Daily oil & gas production for Q2 2019 averaged 2,739 BOEPD (Q2 2018: 1,429 BOEPD).
• Revenue of USD 14.1 million (Q2 2018: USD 7.9 million)
• Operating netback of USD 10.7 million or USD 43.30 per BOE (Q2 2018: USD 5.1 million or USD 39.22 per BOE)
• EBITDA of USD 9.2 million (Q2 2018: USD 4.0 million)
• Net result of USD 6.2 million (Q2 2018: USD 1.9 million)
• Basic and diluted Earnings per share of USD 0.06 (Q2 2018: USD 0.02)

      
Six Months Ended 30 June 2019

• Daily oil & gas production for H1 2019 2,704 BOEPD (H1 2018: 1,595 BOEPD).
• Revenue of USD 25.8 million (H1 2018: USD 16.5 million)
• Operating netback of USD 19.7 million or USD 41.83 per BOE (H1 2018: 10.9 USD million or 38.01 USD per BOE)
• EBITDA of USD 16.9 million (H1 2018: USD 8.5 million)
• Net result for the period of USD 10.4 million (H1 2018: USD 4.2 million)
• Basic Earnings per share of USD 0.11 (H1 2018: USD 0.04)
• Diluted Earnings per share of USD 0.10 (H1 2018: USD 0.04)
• Cash and cash equivalents balance of USD 20.5 million.

      
Financial Summary

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

As usual the summer passed too quickly!  Here at Maha we spent the summer months ramping up production and working toward achieving our 4,850 BOPD production goal at the Tie field. In order to reach that goal, three components must converge at the same time: (1) the combined well production capability on the field must exceed 4,850 BOPD, (2) the Tie Production Facility must be able to safely handle and separate the incoming oil, water and associated gas from the wells, and, (3) there need to be somewhere to take (sell) the finished product.  To complicate matters, the Tie field is not connected to a pipeline system, the sales agreements need to cater for both oil and gas production. And since both products are co-dependent (oil and gas volumes are proportionally linked) it makes for many moving pieces that must come together, as is detailed below.

Well Productivity (Tie Field) – now at over 6,000 BOPD
During this reporting period, the Attic Well (7-Tie-1D-BA) was completed and brought on production.  Both the Agua Grande and Sergi zones were completed individually allowing for independent production of each zone. The GTE-3 well was also recompleted from a co-mingled producer to a dual producer, also providing for individual zonal production. This completes the 2018/19 work program for well deliverability on the Tie field. The total combined production from the wells in the Field currently exceeds 6,000 BOPD and the field can be optimized to selectively produce the optimum mix of oil and gas.

Facility Handling Capacity (Tie Field) – now at 5,000 BOPD
By the end of 2018, temporary modifications to the Processing Facility at the Tie field were completed to allow for handling up to 5,000 BOPD of oil and associated gas. During the first half of 2019 the temporary modifications were permanently installed and commissioned.  As of today, with only minor commissioning and testing items remaining, the Tie Processing Facility is capable of consistently gathering, separating, treating and storing up to 5,000 BOPD.  The associated gas is separated and sent for sales.

Offtake Agreements (Tie Field) – now at 4,850 BOPD and 80,000 m3/day of gas
Gas
When the Tie Field was purchased in July of 2017 it was producing about 1,300 BOPD from a single well. The oil rate was limited by how much gas could be sold.  At that time, if more gas could have been sold then more oil could have been produced.  Through a series of negotiations with two primary gas customers, Maha was quickly able to increase the gas offtake volumes. As of today, the Company has secured approximately 80,000 m3/day of gas sales to a Compressed Natural Gas (CNG) customer and a Gas to Wire (GTW) customer. Additionally, +/- 6,000 m3/d is consumed internally by generators at the Processing Facility to provide electric power to the Tie Field operations. The target production of 4,850 BOPD currently generates production of approximately 86,000 m3 of gas per day – so with respect to gas, there are now sufficient arrangements in place to handle the target production rate.

Oil
With respect to oil, Maha has managed a very complicated picture. Tie oil will be trucked to two customers at three different terminals. The largest customer is a private refinery located very close to the Tie field. This refinery has progressively increased their demand for Tie oil; starting in late 2017 at 900 BOPD and now up to 2,200 BOPD. At the end of 2018, and in conjunction with refinery’s decision to double its’ processing capacity, Maha agreed with the refinery to increase deliveries to 3,000 BOPD by the middle of 2019. The refinery undertook a series of upgrades during the first half of 2019, with the last upgrade being completed in July 2019. The refinery is now awaiting final regulatory approvals to commence processing the expansion volumes which are expected by mid-September.  Thereafter, Maha should be able to consistently deliver 3,000 BOPD to the refinery.

Petrobras, the State Oil Company of Brazil, which owns most of the oil and gas infrastructure in Bahia is the Company’s second customer.  From first production of Tie field, Petrobras has been receiving 500 – 1,100 BOPD at a nearby pipeline pumping terminal and since 2017, Maha has been in discussions with Petrobras about increasing the deliveries into the regional pipeline system. In early 2019, and as a result of these discussions, Petrobras proposed an alternative plan to accept an additional 750 BOPD through a second pumping terminal it would upgrade. There is a new agreement in place with Petrobras for that volume. In June, a test delivery of Tie crude oil to the new Pumping terminal was undertaken with no issues. Petrobras now awaits regulatory approval to commence receiving oil from Maha there. 

So long as the planned gas customer facilities are commissioned on time, the Company should regularly be able to deliver 3,300 BOPD from the Tie field from now on. Once the refinery and Petrobras receive final regulatory approvals, the Company will commence trucking the additional 1,550 BOPD (800 + 750). It is estimated that by the end of September, the Company should regularly deliver 4,850 BOPD of Tie crude oil for sale.

Tartaruga
The Tartaruga field, is producing at the current maximum plant capacity of about 500 – 800 BOPD (gross).   The 7-TTG-3D-SES well was spudded on 12 July, 2019.  As at 1 August, the 13-3/8” casing had been set and cemented at 886 m. The objective of this well is to delineate and test certain untested intervals of the Penedo sand reservoir. Upon completion of the 7-TTG-3D-SES well, the 107D well will be re-entered, recompleted, cleaned out and brought on production. Whilst currently the Tartaruga facility is operating at capacity handling production from the 7TTG well, when certain facility upgrades are completed it is expected that the 107D well will immediately increase  production at Tartaruga; following which the 7-TTG-3D-SES well will be tied in and the permanent upgrade of the processing facility completed.

Production and Current Production Guidance
In our August 23rd 2019 Press Release I expressed my frustration that delays in normal course regulatory approvals/commissioning at our customers facilities caused the Company to revise downward its annual average production forecast. The frustration is that in all other respects we have made remarkable progress; we can produce more oil than we can sell, and as outlined above all the physical construction and upgrades are completed at the various required facilities. Our current production capacity in Brazil exceeds 6,500 BOPD while our current sales capabilities limits us to 3,900 BOPD of daily sales and production. Upon the above final approvals/commissioning the Company will be in a position to produce, deliver and sell 5,400 BOPD almost immediately.  This is an outstanding accomplishment that the revised forecast should not detract from.

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

“Jonas Lindvall” Managing Director

Q2 Webcast

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

Adviser

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

For more information, please contact:          

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

or

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

or

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

Miscellaneous      

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on 26 August 2019, at 1:00 am CET.

Maha in Brief

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

Important Information

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

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

Attachments

• Maha Energy AB – Q2 2019 Report
• Maha Energy AB Press Release – Q2 2019 Results

                                                           
Press release
Stockholm
22 May 2019

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

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

First Quarter 2019

• Daily oil & gas production for Q1 2019 averaged 2,669 BOEPD (Q1 2018: 1,762 BOEPD).
• Revenue of USD 11.8 million (Q1 2018: USD 8.6 million)
• EBITDA of USD 7.7 million (Q1 2018: USD 4.6 million)
• Net result of USD 4.2 million (Q1 2018: USD 2.3 million)
• Basic earnings per share of USD 0.04 (Q1 2018: USD 0.02)
• Diluted earnings per share of USD 0.04 (Q1  2018: USD 0.02)
• Operating netback of USD 9.0 million or USD 40.22/bbl (Q1 2018: USD 5.9 million or USD 37.02/bbl)
• Cash and cash equivalents balance of USD 19.8 million

FINANCIAL SUMMARY

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

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB (“Maha” or the “Company”),

I am happy to report on another quarter of positive financial and operational results.  Revenues and net financial and operational results remain strong and are expected to grow as more production is brought online in the current positive pricing environment.

107D (Tartaruga Field)

While the year started with operational difficulties on the 107D well (Tartaruga field) requiring completion of the well in a slightly unconventional way -with perseverance 107D is now completed, perforated, hooked up and ready for production. As earlier reported, the 107D well was completed using a 3-1/2” liner instead of the planned 4-1/2” pre-perforated liner requiring specialty equipment to perforate the now ‘smaller’ liner.  This equipment was finally assembled in April and the operation was subsequently successfully completed.  Positive indications at surface in the form of pressure and hydrocarbon flows were observed immediately.  This is very encouraging, considering 107D is a 25-year-old well that has produced over 780,000 barrels of oil to date.  The well is now being tested and is free-flowing to surface. Excessive drilling debris (drilling mud and completion water) extended the clean-up period. The production team is carefully testing the well to ensure proper representative test results are obtained before the well is placed on permanent production.

Boipeba and Attic Well (Tie Field)

The much-anticipated Attic well was spudded during the quarter and in April, the well penetrated the Boipeba exploration target.  After some early delays due to a lightning strike on the derrick, the Boipeba was finally evaluated and though the Boipeba sandstone was encountered as per prognosis, the reservoir was poorly developed and filled with water. The well was subsequently completed in the Agua Grande and Sergi formations which when comingled tested 1,691 BOEPD through a 2-3/8” tubing and with a 28/64” choke. Production was constrained by surface equipment limitations.  Currently, the well is being recompleted to remove the equipment limitations and allow the well to be produced through a dual 2-3/8” completion – effectively doubling the capacity of the completion.  The Attic well did not disappoint. 

We are now in the very fortunate position that the Tie Field wells can deliver more oil than we can currently sell. We are making great progress with customers to increase our offtake capacity by another 750 BOPD, giving us the capability to sell up to 4,850 BOPD from this field.  I am hopeful this will be in place sometime during the summer.

7TTG Workover (Tartaruga)

The 7TTG Workover was completed in February with production numbers well above expectations.  As the well continued to clean up from the hydraulic stimulation, production increased steadily.  The well was producing close to 900 BOPD from the P1 zone alone (gross volume) –and that is before we optimize the pump.  We are very happy with this result. Since the P6 zone is still not opened up, we can expect even higher production rates from the 7TTG well. A very favourable result for a well that was only producing 190 BOPD prior to being shut it in last year.

Near Term Production

With all this new production coming on stream, our teams are having to quickly adjust Tie and Tartaruga plant parameters and to find new markets for the oil.  A welcome challenge!   There will be certain short-term interruptions in May and June in our production as the teams work through tie-in work and fluid treatment issues. 

I continue to be grateful for all the support and encouraging e‐mails we receive from our extended family of “Maha Investors”.

“Jonas Lindvall”
Managing Director

Q1 Webcast

There will be a live webcast today, 22 May at 16:00 CET (Stockholm time) to review and discuss the First Quarter results and provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr. Mats Jonsson and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli. For further details please consult the Company’s website: www.mahaenergy.ca

Adviser

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

For more information, please contact:          

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

or

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

or

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

Miscellaneous      

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on 22 May 2019, at 1:00 am CET.

Maha in Brief

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

Important Information

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

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

Attachments

• Maha Energy AB – Q1 2019 Results
• Maha Energy AB Press Release – Q1 2019 Results

                                                           
Press release
Stockholm
28 February 2019          

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

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

Fourth Quarter 2018

• Daily oil & gas production for the fourth quarter averaged 2,454 BOEPD (Q4 2017: 1,597 BOEPD). The Tartaruga Field was shut-in during the fourth quarter as a result of ongoing drilling operations at 107D.
• Revenue of USD 12.6 million (Q4 2017: USD 6.9 million)
• EBITDA of USD 8.5 million (Q4 2017: USD 2.9 million)
• Net result for the period of USD 18.3 million, which includes USD 11.3 million of recognized deferred tax recovery and USD 0.8 million of other gains during the fourth quarter (Q4 2017: USD 2.5 million)
• Basic earnings per share of USD 0.19 (Q4 2017: USD 0.03)
• Diluted earnings per share of USD 0.17 (Q4 2017: USD 0.03)
• Operating netback of USD 9.4 million or USD 43.26 per barrel (Q4 2017: USD 4.6 million or USD 31.48 per barrel)
• Cash and cash equivalents balance of USD 20.3 million

Twelve Months Ended 31 December 2018

• Daily oil & gas production for the Twelve months 2018 averaged 1,804 BOEPD (2017: 917 BOEPD).
• Revenue of USD 38.1 million (2017: USD 14.6 million)
• EBITDA of USD 22.4 million (2017: USD 3.2 million)
• Net result for the period of 25.6 USD million which includes USD 11.3 million of recognized deferred tax recovery and USD 0.8 million of other gains during the fourth quarter (2017: USD -2.8 million)
• Basic earnings (loss) per share of USD 0.26 (2017: USD -0.03)
• Diluted earnings (loss) per share of USD 0.25 (2017: USD -0.03)
• Operating netback of USD 26.9 million or USD 41.57 per barrel (2017: USD 8.7 million or USD 26.73 per barrel)

FINANCIAL SUMMARY

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB (“Maha” or the “Company”),

I am proud to confirm that in Q4, Maha continues to build on its quarter to quarter very strong financial results. Q4 highlights include; exceptional progress in completing our 2018 Capital Program, and excellent net revenues notwithstanding a mild ‘roller coaster’ ride in oil prices. 

Oil Price
Oil price peaked at USD 86/bbl (Brent) in early October, only to drop by 40% before the year end.  This was followed by a New Year rebound and a currently stabilized price of about USD 62/bbl.  Because of efficient operations and the quality of its reserves – at USD 60/bbl, Maha receives a strong USD 41.57/bbl Yearly average netback. Maha continues to be bullish on an oil price above USD 60/bbl (Brent) for the foreseeable future which, of course, compares favorably to the USD 50/bbl price in May, 2017, when Maha’s 300M SEK Bond was placed.

Tie Field Processing
I am grateful to our Production Operations team that has successfully increased the Tie Field processing capacity to 5000 BOPD by the 31st December, 2018 target date under budget- though some ongoing work remains such as installing a permanent 4-bay loading facility and two remaining oil storage tanks. This work will be completed shortly.  Therefore, opposite to before, the Tie facility can now process more oil and gas than the Tie Field wells can currently produce and deliver. 

Attic Well (Tie Field), GTE-3
Recompletion and Offtake
Expected oil production from drilling the now spudded Attic Well together with production from the two currently Tie producing wells GTE-3 and GTE-4 should fill this excess processing capacity. As the Attic Well is being drilled “up dip” of the ‘free flowing’ GTE-4 well, Maha has good reason to expect excellent results. Once the Attic Well is on production, further operations at GTE-3 will finish the work started last June by recompleting the comingled well to a dual producer for additional production. At that point – if all goes well – Tie Field will be able to deliver more oil than it can currently sell.

To that end, Maha’s commercial team in Brazil and Canada has been busy securing additional offtake arrangements (over and above the current 4100 BOPD) and is confident there will be a ‘home’ for up to 5000 BOPD of Tie Field production in the very near future.

7TTG Workover (Tartaruga)
The 7TTG Workover was completed quickly after the drilling rig was moved from the 107 D location and the 3-1/2” stuck tubing was fished out of the hole.  A new and dedicated jet pump has now been installed that is currently cleaning stimulation fluids from the formation.

Prior to the Workover, 7TTG produced about 190 BOPD from the P6 zone using a surface jet pump that was shared with its sister well, 107D.  Two new zones (P4 and the newly stimulated P1) have now been opened for production in addition to the existing P6 zone.   The results from this operation are eagerly awaited.  Once the above clean-up is complete, the 7TTG will be returned to production.

107D Well Testing (Tartaruga)
For those of you that have followed our news over the last 6 months, you know the 107D Well was an exercise in perseverance, endurance and self-belief for our drilling team.  Despite multiple stuck pipe incidents caused by an unstable formation above the reservoir, a 500 m. horizontal hole was drilled through the productive P1 zone proving; a). the continued lateral extent of the P1 formation and b). the successful applicability of horizontal drilling at Tartaruga.  We are currently mobilizing special slim-hole perforating equipment to perforate the 3-1/2” liner before we can production test this well.

Tartaruga Field Processing and Operations
At the Tartaruga Field, the correct sizing of processing equipment is dependent on liquid and gas throughput. Maha knows it will initially be constrained by the ability to process gas produced in association with oil at the field.   To that end, Maha is working with a Brazilian contractor that will convert the associated gas to electricity. Required environmental licenses to proceed with the installation of gas to wire equipment were obtained during the quarter.  As soon as Maha ascertains the expected production levels for the 107D and 7TTG Wells (above) it will design and upgrade the Tartaruga plant to handle the expected increases in production from the current production capability of +/- 500 bbl/d.

LAK Field Update
At the LAK Field, weather and staffing related issues have prevented Maha from bringing the newly drilled horizontals on production.  The crew at LAK are currently working to commence production and injection before the end of the first quarter of 2019 with a goal of “proving up” the technology can create cashflow positive operations at LAK which could then, in turn, lead to a full field development. 

Reserves
Industry Standard Reserve definitions and procedures that Chapman Petroleum Engineering Ltd. apply required a periodic economic and technical evaluation of the LAK technology implementation. As reported, this resulted in LAK’s probable reserves being downgraded by 4.7 million barrels this year. 

The Company’s decision to accelerate the development plan at Tartaruga Field resulted in 3.1 million barrels of reserves being migrated from 3P Possible Reserves to 2P Probable reserves for an overall Companywide reduction in 2P reserves of about 5%.  As the new drilling results from the 2018 Capital program were not available this year other expected increases in proven reserves were not recorded in 2018 but should appear in 2019.  Total production volumes for 2018 were 647,607 BOE’s- about 5% of Maha’s proven reserves.

I continue to be grateful for all the support and encouraging e-mails we receive from our extended family of “Maha Investors”.  2019 is shaping up to be a great year for Maha.

“Jonas Lindvall”
Managing Director

Q4 Webcast

There will be a live webcast today, 28 February at 17:00 CET (Stockholm time) to review and discuss Maha Energy’s Fourth Quarter results and to provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and will be hosted by Laikas Mr. Mats Jonsson and will feature Maha Energy’s CEO Jonas Lindvall and Maha Energy’s CFO Andres Modarelli. For further details please consult the Company’s website: www.mahaenergy.ca

Adviser

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

For more information, please contact:          

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

or

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

or

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

Miscellaneous      

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on February 28, 2019, at 3:00 am CET.

Maha in Brief

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

Important Information

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

1 Q4 2017 figures include previously disclosed changes to the 2017 Fourth Quarter Report in April 30, 2018 press release

Attachments

• Maha Energy 2018_Q4 Report
• Maha Energy AB Press Release – Q4 2018 Results

                                                           
Press release
Stockholm
29 November 2018

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 ABAnnounces Filing of Third Quarter Report

Maha Energy AB (publ) ("Maha" or the "Company") is pleased to announce its third quarter results.  The report is attached to this press release and available on the Company's website at www.mahaenergy.ca

Third Quarter 2018

• Daily oil & gas production for the third quarter averaged 1,565 BOEPD (Q3 2017: 1,671 BOEPD). The Tartaruga field continues to be shut-in during the third quarter as a result of ongoing drilling operations at 107D.
• Revenue of USD 9.0 million (Q3 2017: USD 6.2 million)
• EBITDA of USD 5.4 million (Q3 2017: USD 2.3 million)
• Net result for the period of USD 3.2 million (Q3 2017: USD -0.4 million)
• Earnings per share of USD 0.03 (Q3 2017: USD 0.00)
• Operating netback of USD 6.6 million or USD 46.17 per barrel (Q3 2017: USD 3.9 million or USD 25.58 per barrel)
• Current unrestricted Cash and cash equivalents balance of USD 22.2 million

Nine Months Ended 30 September 2018

• Daily oil & gas production for the nine months 2018 averaged 1,585 BOEPD (2017: 687 BOEPD).
• Revenue of USD 25.5 million (2017: USD 7.7 million)
• EBITDA of USD 13.9 million (2017: USD 0.3 million)
• Net result for the period of 7.4 USD million (2017: USD -5.3 million)
• Earnings per share of USD 0.08 (2017: USD -0.06)
• Operating netback of 17.5 USD million or 40.70 USD per barrel (2017: 4.1 USD million or 22.86 USD per barrel)

FINANCIAL SUMMARY

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

I am pleased to present our third quarter report that Maha demonstrates a continuing strong financial position notwithstanding the "feverish pace" of our field level capital and production operations.  Maha's transformational "three pronged" (drilling, surface facilities expansion and crude oil and gas offtake arrangements at each field) program to increase production dominated the quarter.  Despite slightly lower than anticipated Q3 production numbers (due to extended shut in at Tartaruga while drilling is completed) the buoyant oil price resulted in a record earning quarter for the Company.

Tartaruga Field

While delays were experienced at the Tartaruga operations (including the 107D sidetrack) we are pleased the capital program is now fully "back on track".  The Drilling Rig finished mobilization on 20 September, and the 107 D well was thereafter re-entered and prepared for a horizontal sidetrack.  As announced on October 17 – the drill-string parted necessitating repairs to the Drilling Rig and fishing of the drill-string.  Happily, drilling is again underway to complete the horizontal sidetrack at Tartaruga.  On completion of the 107D sidetrack, the Drilling Rig will be moved over to the 7TTG well where a new Penedo zone will be perforated and brought on production.  While the delays at Tartaruga reduced the production volumes and pushed back the drilling of the 'Attic Well' at the Tie Field; better than expected production results from Tie Field and the "new rig" for the Attic Well (see below) largely mitigate these effects.

Tie Field

At the end of Q3, the GTE-3 producing well was reconfigured to allow comingled production after technical problems hindered the short string to be selectively produced, as planned.  The comingling of these two zones is temporary and once the Tie Field facilities are expanded to handle 5,000 BOPD; GTE-3 will be worked over to allow both zones to produce individually, which translates to higher production volumes.  At the end of Q3, the Tie Field facilities were producing at maximum capacity.

As recently announced, a second drilling rig to drill the Attic Well has been contracted.   This decision was taken to ensure that the 2019 production goal does not fall behind due to the delays at Tartaruga.  Increased production from the Tie Field, Maha's principal producing asset, largely mitigates the production shut in at Tartaruga at a Corporate level.  The expected production from the 107D Sidetrack and the Attic Well will be the "gravy" to the already tremendously successful program!

Last, the final phase at the Tie Field facilities expansion is being completed including the new separators, water injection skids, tanks and other processing equipment that are, as this is written, being installed and commissioned.

LAK Field

At the end of the Q3 – Maha commenced the planned eight well drilling program at LAK Ranch in Wyoming.  The program was completed approximately 2 weeks ahead of schedule and below budget.  The purpose of this campaign was to finish what was started in 2014/15 but delayed because of the dip in commodity prices.  We now have six horizontal (or near horizontal) production wells supported by nine vertical water injectors (which wells are in the process of being tied in) which completes this Phase of the new hot water injection plan.  We anticipate the eight wells drilled this year will cause LAK to consistently deliver net back positive cashflow.  Based on the near-term results from the now completed 'Phase 3" program, we will decide how we best to proceed with this asset.

Conclusion

We look forward with great anticipation to Q4 2018 especially the completion and testing of the 107D horizontal sidetrack and completion of the Tie Field facility expansion.

I continue to be grateful for all the support we receive from our family of "Maha Investors" and as we quickly move towards the end of 2018 – I am sure we will look back and conclude this was as a truly transformational year for Maha.  Finally, I wish everyone Happy Holidays.

"Jonas Lindvall"
Managing Director

Q3 Webcast

There will be a live webcast tomorrow, 30 November at 1600 CET (Stockholm time) to review and discuss Maha Energy's Third Quarter results and to provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and will be hosted by Laikas Mr. Mats Jonsson and will feature Maha Energy's CEO Jonas Lindvall and Maha Energy's CFO Andres Modarelli. For further details please consult the Company's website: www.mahaenergy.ca

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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

or

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

or

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on November 29, 2018, at 3:00 am CET.

Maha in Brief

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

Important Information

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

—

[1] Q4 2017 figures include previously disclosed changes to the 2017 Fourth Quarter Report in April 30, 2018 press release

[2] Includes positive adjustment of TUSD 1,423 in relation to FY 2017. Result for the Q4 2017 period before adjustment was $1,059 and Earnings per share of 0.01.

Maha Energy 2018_Q3 Report Press Release
Maha Energy 2018_Q3 Report

—
This announcement is distributed by West Corporation on behalf of West Corporation 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 2018_Q3 Report

Maha Energy 2018_Q3 Report Press Release

Press release

Stockholm

29 August 2018

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 Filing of Second Quarter Report

Maha Energy AB (publ) ("Maha" or the "Company") is pleased to announce its second quarter results.  The report is attached to this press release and available on the Company's website at www.mahaenergy.ca.

Second Quarter 2018

• Daily oil & gas production for the second quarter averaged 1,429 BOEPD (Q2 2017: 259 BOEPD). Planned production shutdowns at the Tartaruga field due to well workover operations reduced second quarter production compared to first quarter of 2018
• Revenue of USD 7.9 million (Q2 2017: USD 1.0 million)
• EBITDA of USD 4.0 million (Q2 2017: USD -1.0 million)
• Net result for the period of USD 1.9 million (Q2 2017: USD -3.6 million)
• Earnings per share of USD 0.02 (Q2 2017: USD -0.04)
• Operating netback of USD 5.1 million or USD 39.22 per barrel (Q2 2017: USD 0.2 million or USD 11.76 per barrel)
• Following the quarter end, the Company recompleted the GTE-3 well. The Sergi formation has, on its own, initially tested at 960 BOPD, 218 BWPD and 261 MSCFPD of gas with the assistance of the newly acquired jet pump and has now been placed on production.

Financial Summary

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

It is noteworthy Maha's acquisition of the Tie and Tartaruga producing oil fields in Brazil is well timed with the ongoing recovery and stabilization of world oil markets. Globally:

 "2017 was the third consecutive year of decline in global energy investment with energy efficiency the lone sector of growth" (*) writes the International Energy Agency (IEA) in the World Energy Investment Report for 2018 that was released in July, 2018.  The report goes on:

"Oil and gas companies are doing more with less …

Following the peaks in oil and gas upstream investment reached in 2014, investment collapsed abruptly as a result of lower prices. 2017 investment rebounded by 2% in real terms, and we estimate the same level of growth for 2018.The oil and gas industry has been traditionally characterized by long-lead time projects with predictable production profiles. Yet as a result of the shale revolution in the United States this trend is changing and the industry is re-thinking the way they choose, execute and manages projects. Furthermore, investment in conventional assets (responsible for the bulk of supply) remains focused on expansion of existing projects rather than developing new sources of production."

(See Table in PDF version attached)

 
The report shows that after the recent downturn, capital investment in the upstream oil and gas sector bottomed out in 2016. In 2017 there was a slight (2%) increase in capital spending – but annual spending is still 40% less than what it was in 2014.  At the peak in 2014, annual capital expenditures in the oil and gas sector were almost USD 800 billion. In 2017, capital spending was USD 440 billion, up modestly from USD 425 billion in 2016.

It is 4 years since world oil price fell from USD 110/bbl to a low of USD 26/bbl.  The evidence would suggest it is now safe to assume that the sector has stabilized; Oil prices are up and stable; capital investment has stabilized; the US rig count is stable.  Demand, on the other hand, continues its' relentless upward march with the world poised to breach a 100 million barrel/day of consumption this year notwithstanding efforts towards electric vehicles and efficiencies.  Demand has increased, on average, about 1.5% per year since 1980.  Rising consumption, the shift away from investment in long-term projects and the USD 1 trillion reduction in upstream investments from 2015-2017 raises serious questions about the industry's ability to adequately supply the world's future oil & gas requirements.  The threat of new sanctions on Russia and Iran will also, in all likelihood, affect supply.

These observations should be cause for concern.  I encourage everyone to read the report – it is full of interesting analysis and facts, including the rise of Electric Vehicles (EV's) and the corresponding massive demand for mobility as China, India and Africa continue to modernize their economies.

That said I remain bullish on the oil price and I think Maha's timing is near perfect.  The work in Brazil will increase production just as price fully recovers.  There is a lot going on, the most exciting of which are Maha's two announced drilling projects in Brazil.

The first – the 107D sidetrack will be the first horizontal well drilled at Tartaruga. It should spud any day.  The Penedo sandstone target is an excellent candidate for this type of technology. The aim is to drill a 500 meter horizontal production hole into a zone that has produced over 650,000 barrels of oil with hardly any water.  We are confident the outcome will be oil – drilling will tell how much.

The second – a vertical production well (the Attic Well) is planned to be drilled on the crest of the Tie structure.  The structure is a 3-way fault bounded structure that extends across multiple reservoirs.  Both the Agua Grande and the Sergi reservoirs are known to be oil bearing and the structurally high well location is expected to access previously unproduced oil and gas from both reservoirs.  Both zones are expected to be free flowing and will not initially require artificial lift. The Attic well is now anticipated to be spudded in October. The Attic Well will also explore the previously undrilled Boipeba structure, which could contain oil.

Financially, the second quarter was healthy for Maha despite the planned production shutdowns at the Tartaruga field.  Higher oil prices and more production at the Tie field contributed to good consistent results for Maha.

Operationally, while work at Tartaruga did run into some problems because the work over unit hired was too small to pull an (unexpected) stuck existing completion string, the plan is to move the contracted drilling rig across the Tartaruga license area to the 7TTG well to finish the recompletion after the 107D sidetrack is finished.

At the Tie Field there is excellent response to the water flood project started in October last year.  The Agua Grande zone remains free flowing with very little water and the gas oil rate has returned to normal.  While the Sergi zone has started to experience some water influx which could lead to an accelerated decline, the introduction of the newly purchased (and delivered) jet pump at GTE4 will increase production from both zones and prevent the decline in the Sergi zone.

We thank you for your continued support.

"Jonas Lindvall"

Managing Director

(*)World Energy Investment 2018, International Energy Agency (IEA) 17 July, 2018. (https://webstore.iea.org/world-energy-investment-2018)

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:

Jonas Lindvall (CEO)

Tel: +1 403 454 7560        

Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)

Tel: +1 403 454 7560

Email: ron@mahaenergy.ca

or

Andres Modarelli (CFO)

Tel: +1-403-454-7560

Email: andres@mahaenergy.ca

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on August 29, 2018, at 7:00 am CET.

Maha in Brief

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

Important Information

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

—

[1] Q4 2017 figures include previously disclosed changes to the 2017 Fourth Quarter Report in April 30, 2018 press release

[2] Includes positive adjustment of TUSD 1,423 in relation to FY 2017. Result for the Q4 2017 period before adjustment was $1,059 and Earnings per share of 0.01.

Maha Energy AB Press Release – Q2 2018 Report
Maha Energy Q2 2018 Report

—
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 Q2 2018 Report

Maha Energy AB Press Release - Q2 2018 Report

                                                           
Press release
Stockholm
29 May 2018

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 Filing of First Quarter Report

Maha Energy AB (publ) ("Maha" or the "Company") has today released its first quarter results.  The report is attached to this press release and available on the Company's website at www.mahaenergy.ca.

First Quarter 2018

• Daily oil & gas production for the first quarter averaged 1,762 BOEPD (Q1 2017: 115 BOEPD)
• Revenue of USD 8.6 million (Q1 2017: USD 0.5 million)
• EBITDA of USD 4.5 million (Q1 2017: USD -1.0 million)
• Result for the period of USD 2.3 million (Q1 2017: USD -1.3 million)
• Earnings per share of USD 0.02 (Q1 2017: USD -0.02)
• Operating netback of USD 5.9 million or USD 37.02 per barrel (Q1 2017: TUSD -9 or -1.17 per barrel)

[1] Q4 2017 figures include previously disclosed changes to the 2017 Fourth Quarter Report in April 30, 2018 press release
2 Includes positive adjustment of TUSD 1,423 in relation to FY 2017. Result for the Q4 2017 period before adjustment was $1,059 and Earnings per share of 0.01

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

When the Gran Tierra Brazil operations acquisition closed in July of last year, Brent oil price was USD 48/bbl. The investment decision was easy because the acquisition made great sense even at those oil prices. The average Brent oil price for the quarter was USD 66.86/bbl. The math is simple – the rising oil price has greatly increased Maha's value and cash flow.

Maha's Strong Current Financial/Cash Position
Maha closed Q1 with a very strong available cash position of USD 22.8 million (USD 4.0 million more than what we started the year with). The 2018 Capital Plan is expected to be fully funded out of current cash flow – so barring the unforeseen this cash position should remain intact. Our Q1 2018 EBITDA is up over 54% from Q4 2017 – at USD 4.6 million. Maha's Q1 profit (after tax and finance costs) is USD 2.3 million.

Our shareholders will recall to fund the GTE Acquisition Maha issued a 300 million SEK Bond. A quick health check shows Maha has at the end of Q1 USD 22.8 million (SEK 190 million) in cash against total debt of SEK 300 million. Once the 2018 production expansion program is complete this cash balance should increase.

2018 Capital Budget Proceeding – On Track
At the Tie Field we are preparing the currently non-free flowing GTE-3 oil well to accept artificial lift. A workover will be required to recomplete the well with a jet pump, and all equipment for this has been ordered. This work is scheduled for June, although we are still awaiting some specialty equipment that will be brought in from Canada and the USA. Immediately after drilling the 107D horizontal sidetrack on Tartaruga, we will mobilize the same drilling rig to travel the 350 km from Tartaruga to Tie in order to drill a new producing well (the "Attic" well). The Attic well is anticipated to be spudded in August. The Attic well will also explore the previously undrilled Boipeba structure, which could contain oil.

When the work on the Tie field is completed towards the end of Q3, we will have 3 producing wells, instead of one. This is very beneficial not only because it will increase production, but it also allows for a more uniform pressure drawdown on the field. Hand in hand with the field work at the Tie Field, Maha is securing both gas and oil sales contracts for the incremental volumes expected from the three wells.

At Tartaruga Field, all is in place for operations to commence during the second quarter. Work has already started on the 7TTG well, where the 7TTG well will be recompleted and the previously untapped P1 and P4 sands will be perforated and placed on comingled production with the P6 sand. After changing out the small 1-1/2" tubing completion with a larger and more robust 2-7/8" completion, a dedicated jet pump will be installed. Previously a single jet pump powered both the 7TTG and 107D wells. This work will be completed during the second quarter of this year.

Once the 7TTG well is completed, a larger drilling rig will be moved in to re-enter and sidetrack the 107D producing well. We will again target the P1 sand, but in a more optimum structural position, and using horizontal drilling technology. Using horizontal drilling technology, we will expose over 400 m. of producing reservoir, compared to the existing +/- 15 m in a vertical well.

At LAK Ranch we started planning and contracting for the completion of Phase 3. Phase 3 was interrupted in 2015/16 due to low oil prices, but results from existing wells are promising and we are therefore going to drill the remaining 6 injectors and 2 horizontal producers. Spudding of the wells are expected in September this year and work is expected to take 8 weeks to complete. Upon completion of Phase 3, LAK will be netback positive, meaning that production will generate extra cash to allow further growth through internally generated cash flow.

Room for Growth
As has been previously presented – Maha has 6 blocks in the oil prone Reconcavo basin, the development potential at the Tie Field, 27 stacked sands at Tartaruga (of which 23 remain untested) and the substantial oil in place at LAK Ranch (at the shallow depth of 350 m). It is clear Maha has plenty to do and room to grow within its own suite of assets.

Website
Finally, I encourage you to visit our fresh new website and our YouTube channel. We post almost daily video clips of how work is progressing in the field.

We thank you for your continued support.

"Jonas Lindvall"
Managing Director

Webcast
There will be a live webcast today, May 29 at 1600 CET (Stockholm time) to review and discuss Maha Energy's First Quarter 2018 results and to provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and will be hosted by Laikas Mr. Mats Jonsson and will feature Maha Energy's CEO Jonas Lindvall and Maha Energy's CFO Andres Modarelli. For further details please consult the Company's website: www.mahaenergy.ca

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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

or

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

or

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on May 29, 2018, at 7:00 am CET.

Maha in Brief

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

Important Information

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

Maha Energy AB Press Release – Q1 2018
2018_Q1 Report

—
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 - Q1 2018

2018_Q1 Report

                                                           
Maha Energy AB (publ)
Biblioteksgatan 1
SE-111 46 Stockholm
www.mahaenergy.ca

Press release
Stockholm
27 February 2018

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 Filing of Fourth Quarter and Year end 2017 Report

Maha Energy AB (publ) ("Maha" or the "Company") has today released its fourth quarter and 2017 year-end report.  The report is attached to this press release and available on the Company's website at www.mahaenergy.ca.

Fourth Quarter 2017
· Daily oil & gas net production for the fourth quarter averaged 1,597 BOEPD (Q4 2016: 44 BOEPD)
· Revenue of USD 6.9 million (Q4 2016: USD 0.047 million)
· EBITDA of USD 3 million (Q4 2016: USD -1.1 million)
· Result for the period of USD 1.1 million (Q4 2016: USD -0.087 million)
· Earnings per share of USD 0.01 (Q4 2016: USD 0.00)
· Operating netback of USD 31.77 per barrel (Q4 2016: N/A)
· The Company initiated post-acquisition consolidation of the Brazilian operations by closing the Aracaju office and reducing its staff 
· Subsequent to year end, the Company received proceeds of USD 1.7 million (SEK 13.3 million) for the exercise of 2,074,717 Maha-A TO 1 Warrants at a strike price of SEK 6.40 prior to expiry on January 15, 2018 (representing approximately one third of all of the IPO related Warrants outstanding)

12 Months 2017
· Total Production for the year: 334,579 BOEs compared to 16,838 BOEs for the same period 2016 
· Revenue of USD 14.6 million compared to USD 0.3 million from Canadian discontinued operations for the same period 2016
· Net Result after tax of USD -4.3 million compared to USD -1.9 million for the same period 2016
· Net Result of USD -0.05/share for the period compared to USD -0.03/share for the same period 2016
· The Company does not anticipate any dividend distributions during 2018

Webcast
There will be a live webcast will on February 28 at 1600 CET (Stockholm time) to review and discuss the 4th Quarter Financial Results and to provide an operational update.  The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and will be hosted by Laikas Mr. Mats Jonsson and will feature Maha Energy's CEO Jonas Lindvall and Maha Energy's CFO Andres Modarelli.  For further details please consult the Company's website: www.mahaenergy.ca

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

We closed 2017 on a very positive note with Maha reaching a number of key milestones in an improved industry business environment. First- this is the first quarter in the history of the Company that a positive net result is reported; second- Maha's reserves continue to increase; and, third- Maha has enjoyed an increasing oil price trend that continued throughout the last quarter.

Whilst 2017 was a year of growth by acquisition; 2018 will be a year of growth through the drill bit.  Maha has a very ambitious capital budget for 2018 that should result in solid and steady growth for Maha. The key highlights for the Q4 are as follows:

· EBITDA for Q4 was TUSD 2,965  
· Net Result (after tax) for Q4 was TUSD 1,059
· Proven Reserve are up 11% at 9.5 million barrels
· Proven plus Probable Reserves are up 26% at 34.3 million barrels
· Maha produced and sold 133,619 barrels of oil during the quarter.
· Maha produced and sold 79.828 MMSCF of gas during the quarter.
· Average Daily production for the quarter was 1,597 BOEs/day
· Company Netback USD 31.77 /BOE

Reserves
With the acquisitions of the Tie Field and the Tartaruga Field, the Company is rapidly moving into a more robust stage of growth.  Along with the improving quarterly results, the Company's reserves growth reflects the Company's now solid asset foundation as shown in the graph below.

(Please see Graph in PDF attached)

Tartaruga Field: 
Petrophysical and geophysical work undertaken at the end of 2017 along with material balance analysis has provided further evidence of larger volume accumulations at Tartaruga.  The lack of water production and a steady gas oil ratio after the jet pump installation indicates larger reserves volumes than initially mapped. Remapping and an in-depth investigation of the petrophysical characteristics of the 20+ sandstone layers in the Penedo sandstone now provides for a more realistic volume model for the Pendeo sandstone.  Since only 2 of the 27 mapped sandstone layers in the  
Penedo have been placed on production and only 2 additional sandstone layers have been tested, this analysis confirms Tartaruga as a future robust production asset.

Tie Field:  
Remapping of the Tie field confirmed the Proven and Probable (2P) volumes and the revised geophysics changed the shape of the subsurface structures somewhat.  The Tie Field produced 0.48 million barrels in 2017 which resulted in slightly reduced reported Proven Reserves.  The Proven and Probable (2P) Reserves remain very similar to those of reported as at December 31st, 2016.

LAK Ranch:  
The Proven Reserves remain small (34,000 bbls), however, the very decent values for Probable and Possible reserves continue to validate this asset's potential.  Remember, the oil in place is only between 200 m – 600 m below the earth's surface.

A natural progression of the Company's assets is that reserves will continue to migrate from the Possible category into the Probable, and from the Probable to the Proven category.

The Boipeba
During the recent remapping of the Tie Field structures, a deeper structure very similar to the currently producing Sergei and Agua Grande formations was mapped.  This structurally closed sandstone formation, the "Boipeba", is a regionally producing sandstone.  The Boipeba has not been drilled on the Tie Field, and hence constitutes an excellent Near Field Exploration target.

In an effort to evenly distribute the production load over the two producing reservoirs on the Tie field, and to increase production, a new production well will be drilled on the Tie field during 2018.  The position of this production well will be placed so that the Boipeba formation can be penetrated and tested in an optimal position.  This type of drilling for Near Field Exploration targets is ideal; should the Boipeba prove to not contain oil, it will still be completed at the shallower producing intervals. Really a free shot at a significant exploration structure.  The Boipeba well will be drilled on the crest of the structure and will intersect the Agua Grande, Sergei and the Boipeba at an optimal position.

Both the Agua Grande and the Sergei formations are expected to flow to surface without the requirements for artificial lift.

As we continue into 2018, the pace of growth at Maha is expected to increase.  The capital plan (as previously announced on February 22, 2018) and work program to increase production is now well on its way and we look forward to a very busy and productive year.

We thank you for your continued support.

Jonas Lindvall
Managing Director

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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

or

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

or

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on February 27th, 2018, at 5:30 pm CET.

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

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

2017-Q4 Report and Financials
Maha Energy AB Q4 Report Press Release

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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

2017-Q4 Report and Financials

Maha Energy AB Q4 Report Press Release

Maha Energy AB (publ) Biblioteksgatan 1 SE-111 46 Stockholm www.mahaenergy.ca Press release Stockholm November 29th, 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 Filing of Q3 Financials Maha Energy AB (publ) ("Maha" or the "Company") has today released its Q3 Financials Statements for the quarter ended September 30, 2017.  The Q3 Financials Statements are attached and available on the Company's website at www.mahaenergy.ca. Highlights of Third Quarter 2017 · The Company closed the previously announced corporate acquisition of Gran Tierra Energy Inc.'s Brazilian business unit for TUSD 37,917 and subsequently settled final closing adjustments in its favor for TUSD 1,397, resulting in total final consideration of TUSD 36,520. · EBITDA for the third quarter was TUSD 2,259. · Daily oil & gas Company production for the third quarter averaged 1,671 BOEPD. · The Company signed additional gas offtake agreements to debottleneck production from the Tie Field in Brazil, through the sale associated gas from increased oil production volumes. Results of Third Quarter 2017 · Company sold Production of 142,975 barrels of oil and 64.8 million scf of gas for a combined average production of 1,671 BOE/day, before royalties and taxes for the period compared to 0 (zero) bbls for the same period 2016. · Revenue of TUSD 6,173 for the period compared to TUSD 0 (zero) for the same period 2016. · Net Result of TUSD (402) for the period compared to TUSD (537) for the same period 2016. · Net Result of 0.00 per share for the period compared to (0.01) per share for the same period 2016. Letter to Shareholders Dear Friends and Fellow Shareholders of Maha Energy AB, It is with pleasure Maha reports Q3 USD 2.259 million EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization); the first full quarter since closing of the acquisition of Grand Tierra's Brazilian operations (the "Transaction") on July 1st 2017. This of course compares favorably with Maha's negative EBITDA of USD 1.976 million for the first half of 2017. Highlights Key highlights for the Q3 are: · EBITDA for Q3 was TUSD 2,259 · Operating Result for Q3 was TUSD 1,265 · The Gran Tierra Transaction closed on 1 July 2017. · Maha produced and sold 142,975 barrels of oil during the quarter. · Maha produced and sold 64.774 MMSCF of gas during the quarter. · Average Daily production for the quarter was 1 671 BOEs/day · Company Netback USD 25.58/BOE Positive Cashflow At closing of the Transaction Brent Oil Price was USD 47.08/bbl; Brent has since strengthened by some 20%.  This, of course, contributes positively to Maha's Q3 cash flow.   At the end of Q3, Brent oil prices were back at levels not seen since the 2014/15 when the oil commodity cycle bottomed. USD 11 million Cash Security As earlier reported, to close the Transaction, Maha (in addition to the purchase price), was required to post approximately USD 11 million as cash security for surety bonds to the Agencia Nacional do Petroleo of Brazil ("ANP") for certain work obligations and abandonment liabilities. Maha was successful in negotiating a reduction in the "cash" security it needed to place by USD 7.5 million. The effect is that Maha has now freed an additional USD 7.5 million in cash originally earmarked for the surety bond security that can be deployed in developing the Tie field, faster. As at 22 November, 2017, we settled final closing adjustments for the Transaction resulting in return of cash USD 1.4 million of the purchase price from Gran Tierra Inc. Next steps Tie Field Since the close of the transaction, we have been busy optimizing production at the Tie field, removing commercial barriers to more production, and improving our technical understanding of the asset.  Some of the key endeavors undertaken during the quarter were: · Work is under way evaluating the seismic data to better understand the connection between the main field and the undrilled southern portion. · We initiated the procurement process for the design, manufacture and installation for two separate jet pumps, one on each of the GTE4 and GTE3 wells, to boost the field's production potential.  The order was placed at the end of November, and delivery is expected during the first quarter              next year. · The plans to debottleneck production by improving the ability to handle associated gas continued during the quarter, whereby, Agreements were signed to more than double our current gas offtake capacity.  These new facilities are anticipated to be in place by the end of January next year. · The marketing team in Brazil continue to find new and imaginative outlets to sell oil production including transportation of production to out of province refineries where there is demand for the product. The expectation is oil offtake capacity will grow in harmony with increased production                  capacity.  In particular an offtake agreement was signed during the quarter to deliver 1,000 BOPD to a local refinery. · Water injection (as previously reported) is now fully installed, commissioned and operational. This pressure maintenance program will continue during 2018 with expected continuous positive results on productivity. · Finally, planning is underway to drill an additional well to reduce the overall drawdown on the reservoir and to provide an important option for gas re-injection.  Re-injecting the produced gas will help remove any future associated gas production restrictions and improve reservoir performance. Tartaruga Field Our work at Tartaruga field continues – both in relation to technical operations and administrative improvements and efficiencies: · During Q3, work to re-evaluate the difficult petrophysics has resulted in a better and more accurate petrophysical understanding of the stacked reservoirs at Tartaruga. · The technical team also completed reprocessing of the certain 3D seismic in the beach transition zone resulting in better representation of the subsurface at Tartaruga. · Negotiations are being completed to provide for commercial offtake of associated gas from the field. · Plans are now underway to workover the 7TTG producing well with the objective to improve productivity of the existing P6 sand and to open up previously unproduced zones. · The previously announced 107D horizontal sidetrack is planned for the first half of 2018. We are pleased to announce that partner and regulatory approval have now been received, however, environmental requirements limit the drilling operations to the months between April and September          of each year which contributes to some delay. · An additional and separate jet pump has been ordered for Tartaruga to allow for individualized production from each well.  Delivery is expected during the first quarter of 2018. · The Company has commenced its rationalization of the Tie and Tartaruga operations. Effective November 2017, the Aracaju office has been closed and certain local staff made redundant.  Tartaruga accounting and administration is now handled in Rio de Janeiro with existing staff and                    operations have been consolidated in the field. LAK Field Recent laboratory core flooding work along with actual LAK hot water flood results are very encouraging and plans are underway to alter and expand the current hot water flood.  As these plans are developed over the next few months, further information will be communicated with more details. As can be seen, Q3 has been a very busy quarter with multiple projects taking shape.  I am very proud of the focus and effort being put in by the Maha team in Canada, the US, and Brazil.  These efforts are now beginning to translate into tangible positive results with more to come; this all sets us up for an exceptional 2018. We thank you for your continued support. Jonas Lindvall Managing Director Adviser FNCA Sweden AB is the Company's Certified Adviser. For more information, please contact:
Jonas Lindvall (CEO) Tel: +1 403 454 7560 Email: jonas@mahaenergy.ca or Ron Panchuk (CCO) Tel: +1 403 454 7560 Email: ron@mahaenergy.ca or Andres Modarelli (CFO) Tel: +1-403-454-7560 Email: andres@mahaenergy.ca Miscellaneous This information is published in accordance with the EU Market Abuse Regulation 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 November 29th, 2017, at 7:59 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 First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca. Important Information Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) ("Securities Act") or applicable laws in other jurisdictions. 2017-Q3 Financials
Maha Energy AB Press Release – Q3 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

2017-Q3 Financials

Maha Energy AB Press Release - Q3 2017

Press release

Stockholm

August 29th, 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 Filing of Q2 Financials

Maha Energy AB (publ) ("Maha" or the "Company") has today released its Q2 Financials Statements for the quarter ended June 30, 2017.  The Q2 Financials Statements are attached and available on the Company's website at www.mahaenergy.ca.

Highlights of Second Quarter 2017

• The Company completed a Bond Financing for SEK 300,000,000 to finance the previously announced acquisition of the Brazilian business unit of Gran Tierra Energy Inc. ("Gran Tierra").
• The Company completed a Guaranteed Rights Offering for gross proceeds of SEK 91,727,215 to finance the Gran Tierra acquisition.
• The Company established July 1 as the date for closing of the acquisition of the Brazilian business unit of Gran Tierra and the Closing occurred.
• Company sold Production on the Tartaruga Field increased by 115% to an average of 213 BOPD during the quarter.  The increase was primarily due to the successful workover of the 107D well which was completed during the first quarter.

Results of Second Quarter 2017

• Company sold Production of 19,393 bbls for the period compared to 0 (zero) bbls for the same period 2016
• Revenue of KUSD 995 for the period compared to KUSD 0 (zero) for the same period 2016
• Net Result of KUSD (3,626) for the period compared to KUSD (651)  for the same period 2016
• Net Result of (0.4) /share for the period compared to (0.2)/share for the same period 2016

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

The Q2 financial results are very much as expected.  The additional production from the Tartaruga Field had a positive impact on our revenue, and LAK Ranch revenue continues to be capitalized (thus does not appear on the 'revenue' lines consistent with previous quarters).  What was unexpected was the quick approval by the Brazilian authorities of Maha's acquisition Gran Tierra Energy's ("GTE") Brazil operations which came early in the quarter.

In the Q1 Letter to Shareholders, I had indicated Maha was in the process of completing the financing for Maha's acquisition of 100% of GTE's Brazilian operations for a cash consideration of USD 35 million (before post closing adjustments) and the assumption of approximately USD 11 million in Government Guarantees and Letters of Credits (the "Acquisition").   I am pleased to report the Acquisition closed on 1 July, 2017 – much earlier than anticipated.  Naturally we are thrilled with this outcome.

The financing was very complicated and involved several inter-dependent steps, which were each critical path to success.  Our team worked tirelessly to ensure each part was successfully completed on time. I am very grateful to everyone involved.

In the end, the Bond and the Rights Issue closed in June and Maha received Brazil Government go-ahead earlier than anticipated. This in turn allowed closing of the Acquisition to occur straight away, with-out the necessity of tying up capital in an escrow account.  Completion of the Acquisition now positions us to focus on production from our assets and revenue.

These new blocks are in varying stages of evaluation and our work in fully understanding the subterranean details has just begun.  Part of our current work is to independently verify the previously identified prospects mapped by GTE indicating approximately 48 million barrels of potentially recoverable oil. Fortunately, modern 3D seismic is available on all the blocks as an aid in this process.

Production continued to grow during the second Quarter with Tartaruga leading the way.  Company production was up 85% compared to the first Quarter (Q2 Maha production was 22,000 bbls compared to 11,885 bbls in Q1 before all Royalties).  No major shut downs occurred during the quarter, however, the 7TTG well at Tartaruga did start to show signs of reduced production due to a suspected leak in the downhole production tubing.  Plans are underway to rectify this problem during the second half of the year.   At LAK Ranch production remained steady at 2,606 bbls of oil sold this quarter. The effects of the hot water flood are stabilizing and we see a good response in the two main production wells.  Our team at LAK expects further improvements into the next half of the year.

To conclude; the second quarter was a very busy quarter with focus on completing the complicated financing for the GTE transaction and the Acquisition.  The Company is now in a good place financially, has a world class menu of assets and with laser sharp focus and execution is expecting to enjoy production increases during the second half of the year.

We thank you for your continued support.

Jonas Lindvall

Managing Director and CEO

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:

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

or

Ron Panchuk (CCO)

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on August 29th, 2017, at 8:00 pm CET.

Maha in Brief

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

Important Information

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

Maha Energy AB Press Release – Q2 2017
2017-Q2 Financials

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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 AB Press Release - Q2 2017

2017-Q2 Financials

Press release

Stockholm

May 31, 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 Q1 Financials

Maha Energy AB (publ) ("Maha" or the "Company") has today released its Q1 Financials Statements ending March 31, 2017.  The Q1 Financials Statements are attached and available on the Company's website at www.mahaenergy.ca.

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:

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

or

Ron Panchuk (CCO)

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on May 31, 2017, at 7:00 pm CET.

Maha in Brief

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

Important Information

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

Maha Energy AB Press Release – Q1 Financials
Maha Financials Q1 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 AB Press Release - Q1 Financials

Maha Financials Q1 2017