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

Press release
Stockholm
April 1, 2020

MAHA ENERGY AB ANNOUNCES THE ACQUISITION OF CERTAIN ONSHORE PRODUCING PROPERTIES IN THE ILLINOIS BASIN, USA.

Maha Energy AB (“Maha”) (NASDAQ OMX First North: MAHA A) is pleased to announce that its wholly owned subsidiary Maha Energy (US) Inc (“Maha US”) has entered into an agreement to acquire certain oil producing assets in the Illinois Basin, USA, through the purchase of all outstanding shares in Dome AB Inc., a Texas corporation (“Dome AB”), from Dome Energy AB (publ) (the “Seller”). The purchase price amounts to a cash consideration of US$ 4.0 million adjusted in respect to any working capital in Dome AB at the time of the closing of the transaction, and the assumption of US$ 0.25 million in current liabilities, and the possibility of an additional contingent consideration if certain production and oil price milestones are met, as detailed below.

The acquisition of the Illinois Basin assets strengthens Maha’s production capabilities in the United States, with the addition of a total of 3374.44 net acres of oil and gas leases. The total amount of production of the Illinois Basin assets is currently, as of 1 March 2020, 160 barrels of oil per day and the net debt of the acquired company is zero.

“The acquisition is in line with Maha's strategy to grow through acquisitions when there is significant potential to create added value for our shareholders. With our strong cash position, we have the opportunity to act in these turbulent times and we are now able to increase our presence in North America and to continue our diversification strategy.” stated Anders Ehrenblad, Chairman of the board of directors of Maha.

Jonas Lindvall, CEO of Maha Energy said: “These light oil (35° API) producing assets are low risk, shallow and solid performing assets. Modern technology coupled with shallow multiple independent oil reservoirs squarely place these assets in the low risk production area of our 40:40:20¹ portfolio pyramid. The property has sufficient upside to allow for significant production increase. And even though we are reducing our capital spend in Brazil, our strong cash position allows us to pounce on accretive transactions like this without jeopardizing our 2020 production guidance.”  

A future contingent additional payment to the purchase price will be made if certain oil price and production level milestones are met before 2023. Maha and its subsidiaries are under no obligation to reach the production level set out in the Production Milestone.

About the Illinois Basin assets
Maha is purchasing approximately 160 BOPD of Dome AB oil production as at 1 March, 2020. There are approximately 140 BOPD currently ‘behind pipe’, including one Drilled but Uncompleted (DUC) well, that Maha will place into production as soon as the oil market recovers. Furthermore, there are a total of 31 proven but undrilled locations, 19 probable undrilled locations and 48 possible undrilled locations on the purchased lease area. According to an independent Third Party reserve report² dated 1 January, 2020, the Dome AB Inc. reserves are as follow²:

¹ 40:40:20 asset portfolio pyramid assumes, 40% low risk producing assets, 40% development and appraisal assets, and 20% near field exploration assets.
² Reserve Report completed by Registered Professional Engineer in the State of Texas (license 50970) Mr. Amiel David, PeTech Enterprises, Inc. 5707 Spanish Oak, Houston, TX 77066 USA.  Reserve Report is based on a WTI US$ 57/bbl flat for the year 2020.  Monetary values are expressed as Net Present Values discounted at 10%.

The Illinois basin is one of the oldest oil producing basins in N. America having produced over 4 billion barrels of oil to date.  Oil was initially discovered by accident in 1853 according to historical records and oil is found in multiple shallow Dolomite and sandstone reservoirs.  Most producers in the area produce oil from 3 separate reservoirs that act independent of each other.  This is a conventional oil play that requires low cost drilling and stimulation operations. Maha will be able to use legacy tax pools from its other operations in the USA.  During 2019, Dome Energy AB Inc produced a total of 64,000 barrels of oil at a netback of approximately US$ 31/bbl. Realized price is WTI minus US$ 3/bbl.

With reference to Kvalitena AB’s (the main shareholder of Maha Energy) holding of shares in Dome AB (publ) (approximately 15% per 13 January 2020) and his possible conflicts of interest thereof, Harald Pousette (Former CFO of Kvalitena AB and CEO of Kvalitena Industrier AB) has recused himself and not participated in any of the Board of Directors’ decisions nor preparations thereof in connection with the transaction.

Advisers
Setterwalls Advokatbyrå AB acted as legal adviser (as to Swedish law) to Maha in connection with the acquisition of Dome.

For more information, please contact:     

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

or

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

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on April 1, 2020, at 00:15 a.m. CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditor is 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 Growth Market stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
April 1, 2020

MAHA ENERGY AB ANNOUNCES THE ACQUISITION OF CERTAIN ONSHORE PRODUCING PROPERTIES IN THE ILLINOIS BASIN, USA.

Maha Energy AB (“Maha”) (NASDAQ OMX First North: MAHA A) is pleased to announce that its wholly owned subsidiary Maha Energy (US) Inc (“Maha US”) has entered into an agreement to acquire certain oil producing assets in the Illinois Basin, USA, through the purchase of all outstanding shares in Dome AB Inc., a Texas corporation (“Dome AB”), from Dome Energy AB (publ) (the “Seller”). The purchase price amounts to a cash consideration of US$ 4.0 million adjusted in respect to any working capital in Dome AB at the time of the closing of the transaction, and the assumption of US$ 0.25 million in current liabilities, and the possibility of an additional contingent consideration if certain production and oil price milestones are met, as detailed below.

The acquisition of the Illinois Basin assets strengthens Maha’s production capabilities in the United States, with the addition of a total of 3374.44 net acres of oil and gas leases. The total amount of production of the Illinois Basin assets is currently, as of 1 March 2020, 160 barrels of oil per day and the net debt of the acquired company is zero.

“The acquisition is in line with Maha's strategy to grow through acquisitions when there is significant potential to create added value for our shareholders. With our strong cash position, we have the opportunity to act in these turbulent times and we are now able to increase our presence in North America and to continue our diversification strategy.” stated Anders Ehrenblad, Chairman of the board of directors of Maha.

Jonas Lindvall, CEO of Maha Energy said: “These light oil (35° API) producing assets are low risk, shallow and solid performing assets. Modern technology coupled with shallow multiple independent oil reservoirs squarely place these assets in the low risk production area of our 40:40:20¹ portfolio pyramid. The property has sufficient upside to allow for significant production increase. And even though we are reducing our capital spend in Brazil, our strong cash position allows us to pounce on accretive transactions like this without jeopardizing our 2020 production guidance.”  

A future contingent additional payment to the purchase price will be made if certain oil price and production level milestones are met before 2023. Maha and its subsidiaries are under no obligation to reach the production level set out in the Production Milestone.

About the Illinois Basin assets
Maha is purchasing approximately 160 BOPD of Dome AB oil production as at 1 March, 2020. There are approximately 140 BOPD currently ‘behind pipe’, including one Drilled but Uncompleted (DUC) well, that Maha will place into production as soon as the oil market recovers. Furthermore, there are a total of 31 proven but undrilled locations, 19 probable undrilled locations and 48 possible undrilled locations on the purchased lease area. According to an independent Third Party reserve report² dated 1 January, 2020, the Dome AB Inc. reserves are as follow²:

¹ 40:40:20 asset portfolio pyramid assumes, 40% low risk producing assets, 40% development and appraisal assets, and 20% near field exploration assets.
² Reserve Report completed by Registered Professional Engineer in the State of Texas (license 50970) Mr. Amiel David, PeTech Enterprises, Inc. 5707 Spanish Oak, Houston, TX 77066 USA.  Reserve Report is based on a WTI US$ 57/bbl flat for the year 2020.  Monetary values are expressed as Net Present Values discounted at 10%.

The Illinois basin is one of the oldest oil producing basins in N. America having produced over 4 billion barrels of oil to date.  Oil was initially discovered by accident in 1853 according to historical records and oil is found in multiple shallow Dolomite and sandstone reservoirs.  Most producers in the area produce oil from 3 separate reservoirs that act independent of each other.  This is a conventional oil play that requires low cost drilling and stimulation operations. Maha will be able to use legacy tax pools from its other operations in the USA.  During 2019, Dome Energy AB Inc produced a total of 64,000 barrels of oil at a netback of approximately US$ 31/bbl. Realized price is WTI minus US$ 3/bbl.

With reference to Kvalitena AB’s (the main shareholder of Maha Energy) holding of shares in Dome AB (publ) (approximately 15% per 13 January 2020) and his possible conflicts of interest thereof, Harald Pousette (Former CFO of Kvalitena AB and CEO of Kvalitena Industrier AB) has recused himself and not participated in any of the Board of Directors’ decisions nor preparations thereof in connection with the transaction.

Advisers
Setterwalls Advokatbyrå AB acted as legal adviser (as to Swedish law) to Maha in connection with the acquisition of Dome.

For more information, please contact:     

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

or

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

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on April 1, 2020, at 00:15 a.m. CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditor is 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 Growth Market stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

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

Press Release
Stockholm
March 20, 2020

Maha Energy AB (publ) – Announces revision of 2020 capital program – an operational update, and a question and answer webcast on Monday 23 March

• Reduction in capital program from US$ 20.7 million to US$ 12 – 13 million with a further reduction of US$ 4.8 million possible, if future conditions dictate.
• 2020 production guidance remain unchanged (5,000 – 5,500 BOEPD annual average).
• Further testing and stimulation of 7-TTG-3D-SES (“Maha-1”) suspended in order to efficiently redeploy capital under the current market conditions.
• Tie Field remains main focus of 2020 production activity.
• Question and Answer (Q&A) Session with CEO Jonas Lindvall on Monday 23 March, 2020 at 18:00 CET.

Maha Energy AB ("Maha" or the "Company") today announced revisions to its 2020 capital program in response to recent commodity price volatility. All dollar amounts are in United States ("US") dollars, unless otherwise indicated.

Jonas Lindvall, President and Chief Executive Officer of Maha, comments: "As a result of current and foreseeable oil price weakness, we are reducing operating activities and our capital program for 2020. We plan to continue operating at reduced activity levels until there are clear signs of a recovery in oil prices. Despite this planned reduction in capital investment, the 2020 production guidance will not be affected.”

Revised 2020 Capital Program
The 2020 capital budget is revised to a maintenance range of US$ 8 to 12 million and further reductions in operating costs are being implemented. In addition to reducing the costs, Maha is also benefiting from the recent depreciation of the Brazilian Real against the US Dollar. The Brazilian Real has declined 25% versus the US dollar from the original budget estimate. The majority of the operating costs and G&A within Brazil are denominated in Brazilian Reals.

Jonas Lindvall continues: “We are always focused on value. To that end, our team rigorously assess project economics and will not deploy capital if commodity prices do not support sufficient returns.  Maha owns and operates producing assets with low declines and low cost structures (OPEX costs in the US$ 5/bbl range), and both the Tartaruga and Tie field will be instrumental in the continued success of Maha.”

The contingent Maha-2 well at Tartaruga will now be postponed until 2021. This will reduce the 2020 capital budget by some US$ 8.3 million. A further possible, but unlikely, future reduction is the Tie-2 water injection well (US$ 4.8 million) at the Tie field. These two projects will have no impact on the 2020 production guidance. The Company will continually assess the current market conditions before a final decision is made on a potential postponement of this well.

Operational Update
Tartaruga
The Company has elected to suspend testing of Maha-1 on Tartaruga for several reasons:

(a) it is becoming increasingly difficult to move specialized stimulation equipment, including explosives, in and out of the Tartaruga location due to reduced Government administrative personnel activity because of the effect of the Coronavirus,
(b) the remaining testing operations cover previously tested and hydrocarbon bearing zones that will become ‘trapped’ behind pipe due to the current Tartaruga Facility +/- 800 BOPD handling limit,
(c) it allows the Company to utilize capital more effectively elsewhere in the organization in response to the low oil prices.

The higher than expected oil rates from the 107D well, which tested at a surface restricted rate of 939 BOPD in February, will more than adequately fill the current production handling capacity at the Tartaruga Facility of approximately 800 BOPD. The Tartaruga facility is currently undergoing an expansion program whereby the facility is upgraded to handle up to 2500 BOPD and 2500 MSCFPD of associated gas. While important subsurface information would be gathered from the well test, little is gained by completing the Maha-1 testing program until such time the Tartaruga Facility is able to handle volumes greater than 800 BOPD.

Tie Field
Despite this planned reduction in capital investment, the Company remain focused on the continued production development of the Tie oil field.

GTE-4
A workover of the GTE-4 well has commenced and is forecasted to be completed before the end of March. GTE-4 was a dually completed free flowing well that has now reached the normal point of needing artificial lift for flow optimization. This well will now be turned into a pumping well and production is expected to resume to above previous production volumes.

Tie South-1 (“TS-1”) and Tie South-2 (“TS-2”)
Final environmental approvals were obtained in February for these two wells. Planning is far advanced, and location preparation work is expected to start in early April. A drilling rig has been located and is currently being contracted. All tangible equipment for these wells has already been purchased. Each well is anticipated to take 40 – 45 days to drill and complete. TS-1 is a near vertical dual producer whilst the TS-2 is planned to be a dual water injector.

Maha will continue with regulatory, planning and land access activities on key future growth projects at the Tie field which have a minimal cost but can take a significant period of time to complete.

Scheduled Question and Answer (“Q&A”) Session with CEO Jonas Lindvall
In response to a number of questions surrounding the current low oil prices, Nyhetsbyrån Direkt in association with Laika Consulting will hold a Q&A session with Maha CEO Jonas Lindvall on Monday 23 March at 18:00 CET on Direct’s Youtube channel https://youtu.be/aUmhGzAq4yE. Interested parties are welcome to submit their questions in advance by sending an email to victoria@mahaenergy.ca. Mark your questions “Q&A”.

For more information, please contact:     

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

or

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditor is 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 Growth Market stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

­­­

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

Press release
Stockholm
March 12, 2020

Maha Energy AB (publ) – Comments on current market conditions

Maha maintains a very close eye on the current market conditions. Using up-to-date production information, pricing and spending limits, the Company monitors the financial well-being of the company very closely. As of today, the company has determined that all future financial obligations can be met, including full repayment of the bond in May 2021, given the current oil market conditions. Furthermore, and if necessary, the company has many operational options at its disposal to address a prolonged depressed oil price.

Maha has already taken steps to reduce operating expenses. For example, at the end of March, operations at the LAK Ranch oil field will be suspended until further notice.  The ‘pre-development’ LAK Ranch heavy oil field is uneconomic at the current oil prices. 

CEO Jonas Lindvall comments: “During these turbulent times we are acting at all levels to safeguard the health of our employees and to ensure that the production and testing operations continue without interruption. Naturally many circumstances are outside our control, but we are doing everything within our power to ensure a safe working environment for our employees and subcontractors so that we minimize impact to our operations.”

Maha is implementing a three-pronged approach to the threat of the virus:

1. Health and safety of our workers and subcontractors. Monitoring the health of all employees, minimizing travel, avoiding attending large meetings, educating and encouraging personal hygiene, ensuring more frequent sanitizing at all Maha facilities, avoiding public transport and promoting general well-being.
2. Monitoring the performance of subcontractors. The Operations team are in close contact with subcontractors promoting similar steps to that which Maha is implementing.
3. Stress testing the financial well-being of the Company. The Management Team run an economic model which is updated bi-weekly and continuously stress tested using current production rates and oil prices. 

“We appreciate the support of our shareholders and understand that there are many questions about the Company and the operations, especially now. However, as a publicly listed company, there are strict regulations that govern communication that make it difficult to answer individual specific questions. We will therefore continue to communicate with our shareholders via the conventional channels of press releases and interim reports. We will also address questions from shareholders at specific occasions, primarily in connection with each quarterly report. Our analyst coverage also provides an excellent source of information to those who may wish to examine our production and financial metrics closer.  I encourage interested investors to use this readily available information in order to help us ensure that all shareholders receive the same information simultaneously”, says CEO Jonas Lindvall.

For more information, please contact:        

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

or

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditor is 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 Growth Market stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
March 4, 2020

Maha Energy AB (publ) Announce February Production Volumes

Production Volumes

The Company's aggregate sales production for the month of February totaled 79,186¹ barrels of oil and 59.435 million scf of gas for a combined average production of approximately 3,072 BOE/day², before royalties and taxes.

Oil deliveries from the Tie field were affected due to striking workers at the Petrobras delivery stations between 3 February and 19 February (inclusive).  This led to reduced production from the Tie Field during the affected period.  Furthermore, gas deliveries to CDGN were curtailed at the end of the month due to scheduled maintenance at one of the end customers with full deliveries slated to commence again on March 5th.

No deliveries were made from the Tartaruga Field for six days at the beginning of February due to 107D well testing work.

The Petrobras strike ended on February 20 and both receiving stations are back to full operations.  Tartaruga is also back to normal production capacity.

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

For more information, please contact:        

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

or

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

Maha in Brief

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

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

Press release
Stockholm
February 9, 2020

Maha Energy announce positive 107D well test results

107D (Tartaruga)
The well test on 107D is now complete and Maha is pleased to report the following (gross volume) results:

On Free Flow
Oil Rate: 626 BOPD
Gas Rate: 227 MSCFPD
Water/Emulsion: 177 BPD

On Pump (reduced power)*
Oil Rate: 939 BOPD
Gas Rate: 343 MSCFPD
Water/Emulsion: 304 BPD

During the 20-day test period, which was split between free flowing and pumping operations, a steady trend of increasing oil and gas volumes were recorded. During the same period, the water and oil emulsion percentage was steadily reducing.

Jonas Lindvall, CEO of Maha commented: “The results from the 107D well test is above our expectations. Prior to the horizontal sidetrack, the 107D well was unable to flow naturally. The fact that it free flows to surface at the combined rate of 803 BFPD is very encouraging. The race is now on to increase the oil and gas handling capacity of the Tartaruga processing facility.”

*During jet pumping operations, the jet pump was restricted because the surface handling facilities reached capacity with this better than expected result. 

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil and is the Operator. Petrobras holds the remaining 25%.

Abbreviations:
BOPD: Barrels of Oil Per Day
MSCFPD: Thousand Standard Cubic Feet Per Day
BFPD: Barrels of Fluid Per Day

For more information, please contact:        

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

or

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 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.

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

Press release
Stockholm
February 3, 2020

Maha Energy AB (publ) (“Maha” or the “Company”) Announce January Production Volumes

Production Volumes

The Company's aggregate sales production for the month of January totaled 94,665¹ barrels of oil and 69.467 million scf of gas for a combined average production of approximately 3,427 BOE/day², before royalties and taxes.

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

For more information, please contact:        

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

or

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

Maha in Brief

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

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

Press release
Stockholm
January 30, 2020

Maha Energy AB (publ) Announce Approval of Additional 800 BOPD Offtake Volume for Tie Field Oil Production

Tie Field Oil Refinery Offtake Arrangement

Maha is pleased to announce the final approval by Brazilian Authorities for an increase in refined oil products volume for one of the company’s key customers. As previously communicated, Maha was waiting for the local refinery to receive a final approval by Brazilian Authorities to expand its’ refining volumes. 

The approval means that Maha can increase Tie Field oil deliveries to that specific refinery by an additional 800 BOPD. Overall delivery availability to the refinery is now 3 000 BOPD to Maha.

“We are very pleased that this approval is finally secured. Maha now have crude oil offtake agreements in place at the Tie Field for a total of 4 850 BOPD. When we assumed the field in July, 2017, offtake was limited to 1 100 BOPD.” Jonas Lindvall, CEO of Maha Energy AB said.

For more information, please contact:        

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

or

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 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.

Maha Energy AB (publ)
Strandvägen 5A
SE-11451 Stockholm
www.mahaenergy.ca

Press Release
Stockholm
January 30, 2020

Maha Energy AB announces December 31, 2019 Reserves Report with 25% increase in 2P reserves

Chapman Petroleum Engineering Ltd. (“Chapman”) has completed their annual reserve determination for the Company. The 2P oil reserves are up by approximately 25% compared to year end 2018, primarily due to an increase in the Tie Field reserves (as communicated in press release dated 25 September, 2019).

Maha Reserves¹ as at 31 December, 2019

^{1 Volumes are Net to Maha Energy AB and are expressed before royalties and taxes.
2 The Tartaruga Concession Agreement expires in 2025 but provides mechanisms for extension based on the continued productivity of the field.  Management is confident that such an extension will be approved and the reserves assume that the extension will be granted. The following reserve volumes are attributable to the extension period: 1P:- 2.44 m bbls, 2P:- 8.21 m bbls and 3P:- 20.11 m bbls.
3 Chapman Petroleum Engineering Ltd. uses the following oil price forecast for Brent Spot in $USD/STB:}

The average gas price for the gas reserves at Tie Field over the next five years is forecasted by Chapman to be $1.39 USD/MSCF.

The main changes to this years’ reserve volumes are:

• 1.5 million barrels increase in P90 (proven) reserves in Brazil
• 6.7 million barrels increase in P50 (probable) reserves at Tie

The increase of the P50 (probable) reserves at the Tie Field are due to seismic remapping of the Tie structure after drilling the Attic Well, where the structure top was encountered significantly deeper than what was earlier prognosticated.  In effect, the structure is now determined to be less steep and aerially larger. At Tartaruga, P90 (proven) reserve volumes were slightly increased (1.158 million bbls) because of results of the 7TTG workover and the resulting production increase from the Penedo1 sandstone.

The reserves review and issuance of this reserve report for the Company was made by the independent petroleum engineering consultants Chapman Petroleum Engineering Ltd., Calgary, Canada. The report has been calculated in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH), compliant with the National Instrument NI51-101 standards and the professional practice standard under the Permit to Practice.

Maha Energy AB, through its subsidiaries owns and operates a legal and beneficial 75% working interest in the SES-107D Block (Tartaruga) onshore Sergipe State Brazil, a 99% working interest in the LAK Ranch heavy oil field in Wyoming USA, and a 100% working interest in the Tie Field onshore Bahia State Brazil.

About reserves

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

• analysis of drilling, geological, geophysical, and engineering data,
• the use of established technology, and
• specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed

Reserves are classified according to the degree of certainty associated with the estimates.
Proved reserves (P90) are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves (P).

Probable reserves (P50) are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves (2P).

Possible reserves (P10) are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved + probable + possible reserves (3P).

For more information, please contact:        

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

or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
Email: victoria@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 January 30, 2020, at 5:00 am CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market 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.

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

Press Release
Stockholm
January 29, 2020

Maha Energy AB (publ) Announces Tartaruga Operational Update.

107D (Tartaruga)

The remedial repair operations on the 107D horizontal are now complete. The split 7” casing was successfully removed and replaced with new casing. The well is now undergoing clean up flow and well testing. The well is flowing without the assistance of artificial lift. Once well testing and clean out operations are complete, the Company will disclose the results.

The 107D completion consists of a 2-7/8” downhole Jet Pump assembly, and future plans include placing the well on artificial lift. The fact that the 107D free flows to surface is very encouraging because; (a) prior to the horizontal sidetrack the 107D well was dead and required artificial lift to produce oil, and (b) by stepping away from the original wellbore and drilling horizontally, Maha has demonstrated the applicability of horizontal drilling as a very beneficial extraction technology for the Penedo sandstone reservoirs. This is the first horizontal wellbore to have been drilled in the Penedo sandstone reservoir.

The Braserv 147 workover rig was repositioned over the Maha-1 well on January 23 and after rig up and commissioning operations has now started operations to commence well stimulation and well testing. The current operation on Maha-1 is pulling out of the hole with tubing and preparing to perforate the first test interval. During the rig move, both the 107D and 7TTG wells were temporarily shut in for safety reasons. The 7TTG well is now back on production. 

Maha-1 is primarily an appraisal well to provide much needed well information for the Tartaruga Field Development Plan. Well testing on Maha-1 is expected to take between 60 – 90 days, and will target up to five different intervals in the Penedo sandstone.  Results of the first testing interval(s) will dictate the final number of testing intervals. Results of the Maha-1 well test, in line with industry practice, will be communicated at the end of the well testing operations.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil. Petrobras holds the remaining 25% and is non-operator.

For more information, please contact:        

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

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on January 29, 2020, at 4:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market 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.