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Maha Energy AB: Announces the Appointment of New Interim Chief Financial Officer and the Redemption all C1 shares

on 5 de January de 2017 5 de January de 2017

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
5 January 2017

Maha Energy AB (publ) ("Maha" or the "Company") Announces the Appointment of New Interim Chief Financial Officer and the Redemption all C1 shares

New Interim Chief Financial Officer ("CFO")

Maha announces that effective January 2, 2017, Mr. Brad Giblin has resigned as CFO of Maha Energy Inc. Brad will be replaced by a new Interim CFO, Mr. Mark Hopkins. Mark has over 35 years' experience in the oil and gas industry in senior financial, operational and executive leadership roles. Mark is presently also CFO of a prominent oil and gas service company in North America. Prior to that Mark served as CFO of Azabache Energy Inc., which operated in Argentina and Colombia and president of Canadian distribution operations for National-Oilwell. Prior to that Mark worked with Pricewaterhouse Coopers in Calgary and Venezuela. Mark has a Bachelor of Commerce from the University of Saskatchewan and is a Chartered Accountant.

Jonas Lindvall, Maha's CEO commented:

"I welcome Mark Hopkins to our team. Mark has a great deal of experience in South America and we believe will be a great fit and helpful addition to our South American operations. I would like to thank Brad for his service with Maha. We wish him well in his future endeavors."

C1 Share Redemption

The Board of Directors of Maha has resolved to redeem the 1,844,527 C1 shares in accordance with the redemption clause in the articles of association.

As outlined in Maha's Prospectus, all C1 shares were issued to Amha Swedish Exchange Co AB in order to facilitate delivery of Maha AB shares in the event any outstanding Maha (Canada) warrants issued by the subsidiary Maha Energy Inc. during 2014 were exercised. The exercise period for the warrants expired in November and December 2016. No warrants were exercised as the strike price was higher than the market price. As the C1 shares no longer have a purpose they will be redeemed at no cost to the Company and at their original quotient value.

Upon registration of the redemption, the share capital will be reduced from SEK 804,710 to SEK 784,420 and the total number of shares will be reduced from 73,155,521 to 71,310,994. In addition to the 56,522,199 A-shares listed on Nasdaq First North, there are 12,140,795 B-shares and 2,648,000 C2-shares in the Company.

For more information, please contact:

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

Ron Panchuk

Tel: +1 403 454 7564
Email: ron@mahaenergy.ca

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on 5 January 2017, at 23:59 CET.

Maha in Brief
Maha Energy AB is a Swedish public limited liability company. Setterwalls Advokatbyrå AB acts as legal adviser to the Company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte.

The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success, of Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates two oil-fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

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

Maha Energy AB Press Release January 5 2017

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

Maha Energy AB Press Release January 5 2017

Maha Energy AB: announces Guarantors sell 4,000,000 locked-up shares to Kvalitena AB (publ)

on 12 de December de 2016 12 de December de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
12th December 2016

This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. See also section IMPORTANT INFORMATION below.

Maha Energy AB (publ) ("Maha" or the "Company") announces Guarantors sell 4,000,000 locked-up shares to Kvalitena AB (publ)

Maha advises that certain Guarantors (as described in previous Press Releases of the Company dated June 7, 2016 and June 30, 2016) that are subject to a lock-up in place until January 29 2017 (the "Lock-up") have entered into an agreement to sell 4,000,000 class A Shares of the Company to the Company's cornerstone shareholder Kvalitena AB effective December 9, 2016. According to the terms of Guarantee Agreement, any proposed sale of class A shares under the Lock-up by Guarantors must be approved by Stockholm Corporate Finance and the Company which approval was sought and obtained. These shares will remain subject to the Lock-up until January 29th 2017. Kvalitena AB will now own 21.9% of the Class A and B Shares of the Company and are the Company's largest shareholder.

Jonas Lindvall, CEO of Maha Energy commented:

"We are very pleased that our largest shareholder and partner Kvalitena AB continues to demonstrate confidence in Maha and its management. The Company is entering into an exciting growth phase just as the oil market rebounds which should greatly benefit Kvalitena AB and all of our shareholders."

Harald Pousette, CEO of Kvalitena Industrier AB commented:

"After working with the Company and its management for over six month we are very positive to what have been achieved so far and the future outlook for the Company. Kvalitena will long term support Maha Energy in its ambition to be a first class oil company."

For more information, please contact:

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

Ron Panchuk

Tel: +1 403 454 7564
Email: ron@mahaenergy.ca

Miscellaneous

The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success, of Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company will operate two oil-fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Energy AB – Guarantor Sale Press

Maha Energy AB - Guarantor Sale Press

Maha Energy AB: Announces closings of acquisition of UP Petróleo Brasil Ltda (the Operator of the Tartaruga Field) and Petro Vista Energy Petróleo do Brasil Ltda.

on 9 de December de 2016 9 de December de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
9th December 2016

This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. See also section IMPORTANT INFORMATION below.

Maha Energy AB ("Maha or the "Company") announces closings of acquisition of UP Petróleo Brasil Ltda (the Operator of the Tartaruga Field) and Petro Vista Energy Petróleo do Brasil Ltda.

Maha is pleased to announce the closing in escrow of its acquisition of 100% of UP Petróleo Brasil Ltda. ("UPP" or the "Operator") from TDC Engineering Inc. (the "UPP Acquisition") and 100% of Petro Vista Energy Petróleo do Brasil Ltda. (the "PVE Acquisition"; collectively the "Acquisitions") occurred today, December 9, 2016. Upon routine registration with the Province of Sergipe Commercial Board, which is expected within 10 working days, all escrow conditions will be released and closing completed at which time Maha (through its subsidiary), will become operator of the Tartaruga Field.

Upon closing of the UPP and PVE Acquisitions, Maha will have a 67.5% working interest in the Tartaruga field which is currently producing approximately (gross) 230 bbls/d. The remaining 7.5% working interest in the Tartaruga Field owned by TDC Engineering Inc. (through its subsidiary) will be closed pursuant to relevant contractual and accounting arrangements shortly after January 1st, 2017. The Company will issue a further update press release upon this event.

As earlier announced, in anticipation of these closings, the Company has been planning for a workover of the SES 107 well on the Tartaruga field. Upon release from escrow, the Company will commence securing equipment and services for the workover. The workover of SES 107 entails the removal of an existing production string and the recompletion of the well with a jet pump similar to the pump currently pumping oil on the adjacent 7-TTG well.

Jonas Lindvall, CEO of Maha Energy commented:

"We are very pleased to have finalized closing of our acquisition of the operated working interest in the Tartaruga Field in Brazil. With this major milestone, we look forward to continued organic growth at both our LAK (Wyoming) and Tartaruga (Brazil) projects as well as though future accretive acquisitions taking advantage of the current low oil commodity cycle. We will now proceed with the previously announced planned workover of the previously producing SES 107 well, which is scheduled to start in January, subject to services availability."

For more information, please contact:

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

Ron Panchuk
Tel: +1 403 454 7564
Email: ron@mahaenergy.ca

Miscellaneous

The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success, of Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets in jurisdictions we are able to successfully operate. The Company operates two oil-fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Energy AB Brazil – Closing Press Release

Maha Energy AB Brazil - Closing Press Release

Maha Energy AB: announces notification from the Brazil National Oil Agency of clearance to close acquisition of the Operator of the Tartaruga field in Brazil.

on 29 de November de 2016 29 de November de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
29 November 2016

This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. See also section IMPORTANT INFORMATION below.

Maha Energy AB announces notification from the Brazil National Oil Agency of clearance to close acquisition of the Operator of the Tartaruga field in Brazil.

Maha is pleased to announce that the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis ("ANP") has provided confirmation that no additional approvals are required from ANP for Maha to proceed with the previously announced acquisition of 100% of UP Petróleo Brasil Ltda. ("UPP") from TDC Engineering Inc. (the "UPP Acquisition"). The Company will now proceed with closing under the relevant Quota Purchase Agreements of the UPP Acquisition and the previously announced acquisition of 100% of Petro Vista Energy Petróleo do Brasil Ltda. (collectively the "Acquisitions").

In anticipation of these closings the Company has been planning for a workover of the SES 107 well on the Tartaruga field. Upon closing of the Acquisitions and subject to rig and equipment availability the Company will commence field operations and the workover.

Jonas Lindvall, CEO of Maha Energy commented:

"We are very pleased to have received this notification from ANP which allows for the closing of the highly anticipated acquisition of the operated working interest in the Tartaruga Field in Brazil. This asset marks a major milestone for us and provides a great foothold in Brazil. The Tartaruga field is currently producing approximately (gross) 230 bbls/d and we believe the planned workover of the previously producing SES 107 well has the ability to greatly increase the field production."

For more information, please contact:

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

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

Miscellaneous

The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success, of Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company will operate two oil-fields, Tartaruga in Brazil (subject to Brazilian Government approvals and closing) and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Energy AB Brazil – ANP Notification

Maha Energy AB Brazil - ANP Notification

Maha Energy AB: announces its third quarter and nine months ending September 30, 2016 report.

on 29 de November de 2016 29 de November de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
29 November 2016

Maha Energy AB (the "Company" or "Maha") today announces the release of its third quarter and nine months ending September 30, 2016 report. The report is available hereto and on the Company's website at www.mahaenergy.ca.

Consolidated Key Ratios
				Three months ended September 30,	Nine months ended September 30,
				2016	2015	2016	2015
Revenue	77,219	145,588	180,304	559,273
Equity/assets ratio	97%	95%	97%	95%
Return on equity	(2%)	(4%)	(6%)	(8%)
Debt/equity ratio 1	–	–	–	–
Interest coverage ratio 1	–	–	–	–
Weighted average number of common shares outstanding 2	61,851,563	43,256,930	49,387,796	43,225,362
Basic and diluted loss per common share	(0.01)	(0.02)	(0.04)	(0.04)
Dividends paid per share	–	–	–	–
(1) The Company does not have any indebtedness nor interest payments
(2) Weighted average number of common shares is calculated based on the number of class A and class B shares outstanding during the period and does not include the convertible class C shares (C1 and C2) which have no interest in the net assets of the Company nor entitled to dividends until the underlying Maha (Canada) stock options and share purchase warrants are exercised and exchanged for Maha (Sweden) class A shares.

Listing on Nasdaq First North Stockholm

On July 29, 2016, Maha Energy AB's class A shares (trading symbol Maha A) and share purchase warrants (trading symbol Maha A TO 1) commenced trading on the Nasdaq First North Stockholm stock exchange. Concurrent with the listing on the First North stock exchange, the Company completed a financing (the "Offering") at 19 SEK per unit whereby each unit consisted of 4 Class A shares and 1 share purchase warrant. The Company raised SEK 108.0 million SEK (US$ 12.6 million as at final closing date, August 5, 2016 US/SEK exchange rate 8.56) in cash proceeds and issued 6,204,963 units (24,819,852 A-Shares and 6,204,963 share purchase warrants) including 513,010 units that were issued to the guarantor group as payment of 9% fees owed under the guarantee agreements.

The Company intends to use the proceeds from the Offering along with the existing working capital to:

fund the acquisitions in Brazil;
fund drilling and workover operations in Brazil;
start the initial phase 3 development at the Company's LAK asset in Wyoming;
fund general and administrative expenses.

Share data

As at September 30, 2016 the Company had 68,078,782 shares outstanding of which 54,469,388 were class A shares, 13,609,394 were class B shares. In addition, Maha (Sweden) issued 4,592,527 convertible class C shares (C1 and C2). In the event that the existing Maha (Canada) stock options and warrants are exercised these convertible class C shares will be redeemed and exchanged for Maha (Sweden) Class A shares. In the event that the Maha (Canada) stock options and warrants are not exercised, the convertible class C shares will be redeemed and cancelled.

On November 2, 2016, the Company issue 484,212 new shares of class A at fixed price of SEK 10.25 per share of class A (i.e. in total SEK 4,963,173). The shares were issued as a result of a breach in the Guarantor's agreement which required the new shares to be "locked up" until January 29, 2017.

Subsequent to September 30, 2016, 1,468,599 Convertible B-Shares were converted into Maha (Sweden) A-Shares. As a result of this conversion the total number of Maha (Sweden) A-Shares and Convertible B-shares did not change.

On November 17, 2016 1,742,887 Maha (Canada) share purchase warrants, with an exercise price of US$1.75 (approximately SEK 16) expired. As such, 1,742,887 of the Convertible class C1 shares will be redeemed and cancelled.

On November 9, 2016 100,000 Maha (Canada) stock options with an exercise price of $0.45 were exercised and a 100,000 Maha (Sweden) A-Shares were issued along with a corresponding retraction of the convertible class C2 shares

As at November 29, 2016, the number of shares outstanding is as follows:

	Number of Shares by Class
	A	B	C1	C2	Total
Balance at September 30, 2016	54,469,388	13,609,394	1,844,527	2,748,000	72,671,309
Conversion of convertible B shares	1,468,599	(1,468,599)	–	–	–
Issuance of shares	484,212	–	–	–	484,212
Retraction of convertible C1 shares(1)	–	–	(1,742,887)	–	(1,742,887)
Exercise of Maha (Canada) options(1)	100,000	–	–	(100,000)	–
Total	56,522,199	12,140,795	101,640	2,648,000	71,412,634

(1) Retraction of convertible class C1 andC2 shares is subject to completion of the retraction process which as at November 29, 2016 had commenced but not formerly been registered with the Swedish Companies Registration Office.

A full description of the class A and convertible class B and C shares can be found in note 10 to the third quarter and nine months report ending September 30, 2016.

Brazil Acquisitions

On March 10, 2016, the Company entered into a definitive purchase and sale agreement with a private, Texas based company, which has a 37.5% working interest in the Tartaruga development block, located in the Sergipe Alagoas Basin of Brazil and is the designated operator of the block. The acquisition is subject to the approval of the Brazilian Government and the Brazilian National Oil Agency ("ANP"). The Company has paid a refundable deposit in the amount of US$ 500,000.

On January 18, 2016, the Company entered into a definitive purchase and sale agreement with Petro Vista Energy Corp whereby the Company will acquire an additional non-operated 37.5% working interest in the Tartaruga development block. The acquisition price of CAD $2.5 million will be paid in equal installments with the first payment upon successful approval of the transaction by the Brazilian Government and ANP and the second payment by December 2016. Maha has also entered into a loan agreement with Petro Vista Energy Corp whereby funds were provided for Petro Vista to resolve outstanding joint interest billings for up to $815,500. $750,000 of the loan will form part of the acquisition purchase price in the event of closing while the remaining amount will be deducted from the first installment.

Upon closing of the two acquisitions, the Company would be the operator and hold a 75% working interest in the Tartaruga Block.

Executive Team

The Company is pleased to announce the appointment of Mr. Tom Walker, P.Eng. as the Company's Chief Operating Officer. Mr. Walker brings to the Company an impressive background of artificial lift and heavy oil experience. Tom received his degree in Petroleum Engineering from the Colorado School of Mines in 1989. Tom started in the industry with ARCO Alaska Inc. followed by Occidental Petroleum in 2000, until 2008. At Occidental, Tom worked in several senior positions in California, Qatar and later Oman where he led a major steam assisted heavy oil development. Since 2008 Tom has worked on projects in Colorado, Wyoming North Dakota, Montana and Utah.

Mr. Walker's extensive experience in artificial lift technologies, water floods and other enhanced oil recovery technologies will be a significant asset to the Company. Tom is a Licensed Professional Engineer in the States of Colorado, Wyoming, Utah, California, North Dakota and Alaska.

Jonas Lindvall, CEO of Maha Energy commented:

"We are thrilled to have Tom join our executive team. His international background and extensive experience in enhanced oil recovery technologies will serve the Company well and enhance the skill set of our technically driven team.

Tom will replace Dan Thompson who is stepping down to focus on his retirement. We are very grateful to Dan for his spirited guidance and his service to the Company. Dan will continue on as an advisor to the Board and management of Maha (and a significant shareholder) so that we can continue to tap into Dan's 45+ years of industry experience.

Thanks very much Dan – and good luck in your retirement."

Results of operations

Canadian Assets

For the nine months ended September 30, 2016, the Company generated revenue of $180,304 on an average sales volume of 32 boepd compared with $559,273 of revenue during the nine months ended September 30, 2015 from an average of 62 boepd. Lower production volumes were a result of lower field activity due to a change in operatorship and lower oil prices.

The crude oil produced from the Manitou and Marwayne areas is 12° API. The Canadian Assets produced a total of 8,808 barrels net to Maha in the first nine months of 2016. The average price received was CAD $26.96

Operating costs associated with the Canadian Assets were $149,487 for the nine months ended September 30, 2016 compared with $312,517 for the comparable period ended September 30, 2015. Lower operating costs in 2016 were due to lower field activity.

In July 2016, the operator of the Canadian Assets, which had been in receivership since February 2015, was purchased by a Canadian Company. The new operator has indicated that field activity will increase during the second half of 2016 as they seek to increase production from existing wells by way of workovers.

LAK Ranch

As at September 30, 2016, the LAK Ranch asset is considered to be in the pre-production stage and is currently undergoing delineation and pre-development work. As such, operating costs net of revenues since the commencement of operations have been capitalized as part of the exploration and evaluation costs.

The LAK field was shut in starting April 2016 and remained shut in until August 2016, primarily due to low oil prices and the requirement for reservoir pressure maintenance. During the shut-in period, the Company commenced the capital investment to allow for produced water recycling, which is critical for handling of produced water and re-injection of water for pressure maintenance. The project was completed in August and production from a limited number of wells was re-established by the end of August 2016.

Technical work completed during 2015 has now laid the groundwork for the full field development plan. The full field development plan contemplates hot water injection, rather than steam playing a more significant role than originally anticipated. The extra cost of hot water injector wells are far offset by the elimination of steam requirements. The field development plan was evaluated by the Company's
independent reserve auditors, and the Company reserves for LAK Field at the end of November 2015 were 12.9 million barrels of oil (Proven and Probable (2P)).

General and administrative

During the nine months ended September 30, 2016, general and administrative ("G&A") costs were $1,187,485 compared to $999,992 for the same period September 30, 2015.

Transaction costs

During the nine months ended September 30, 2016, the Company incurred $435,972 in transaction costs which primarily related to marketing fees associated with the listing on Nasdaq First North and professional fees associated with the Brazil acquisition.

Stock-based compensation

Stock based compensation expense for the nine months ended September 30, 2016 was $115,171 similar to $118,493 for the comparable period September 30, 2015.

Maha Energy AB
Condensed Consolidated Interim Statement of Financial Position
As at	September 30		December 31
(Unaudited – Expressed in U.S. dollars)	2016		2015
Assets
Current assets
	Cash	$ 11,879,919		$ 4,592,780
	Accounts receivable	57,932		103,622
	Deposit & Loan (Note 5)	1,315,500		–
	Prepaid expenses and other	141,799		53,615
			13,395,150		4,750,017
Non-current assets
	Exploration and evaluation assets (Note 6)	17,085,367		16,314,660
	Property and equipment (Note 7)	1,704,907		1,745,058
	Performance bonds and other (Note 8)	150,794		161,595
			$ 32,336,218		$ 22,971,330
Liabilities
Current liabilities
	Accounts payable and accrued liabilities	$ 206,778		$ 350,461
Non-current liability
	Decommissioning provision (Note 9)	862,782		834,685
			1,069,560		1,185,146
Shareholders' equity(Note 10)	31,266,658		21,786,184
			$ 32,336,218		$ 22,971,330

Maha Energy AB
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(unaudited Expressed in U.S. dollars)
				Three months ended September 30	Nine months ended September 30
				2016	2015	2016	2015
Oil sales	$ 77,219	$ 145,588	$ 180,304	$ 559,273
Less: royalties	9,774	26,898	15,379	90,889
Total Oil revenues	67,444	118,690	164,924	468,384

Expenses
Production and operating	84,052	110,329	149,487	312,517
General and administration	501,169	318,076	1,183,259	999,992
Transaction costs	–	–	435,972	–
Stock-based compensation (Note 10)	27,787	53,373	115,171	118,493
Impairment of PPE & E&E	–	617,451	–	617,451
Depletion depreciation and accretion (Note 9)	20,101	109,777	59,624	342,736
Foreign currency translation loss/(gain)	(10,380)	(25,840)	9,844	(35,422)
				622,729	1,183,166	1,953,357	2,355,757
Comprehensive loss for the period	$ (555,285)	$ (1,064,476)	$(1,788,433)	$ (1,887,383)

Basic and diluted loss per common share	(0.01)	(0.02)	(0.04)	(0.04)
Weighted average number of common shares outstanding	61,851,563	43,256,930	49,387,796	43,225,362

Maha EnergyAB
Condensed Consolidated Interim Statement of Cash Flows
(Unaudited Expressed in U.S. dollars)
	Three months ended September 30	Nine months ended September 30
	2016	2015	2016	2015
Net loss for the period	$(555,285)	$(1,064,476)	$(1,788,433)	$(1,887,383)
Operating activities
Add backs:
Stock based compensation	27,787	53,373	115,171	118,493
Impairment	–	617,451	–	617,451
Depletion and depreciation and accretion	20,101	109,777	59,624	342,736
Unrealized foreign exchange (gain)/loss	(74,298)	(21,130)	(57,556)	(38,086)
Changes in non-cash working capital (note 14)	(430,041)	104,167	(191,455)	(140,177)
	(1,011,737)	(200,838)	(1,862,650)	(986,966)
Investing activities
Brazil deposits & loans	–	–	(1,315,500)	–
Purchase of developed and producing assets (note 7)	–	(13,934)	(5,500)	(195,645)
Purchase of exploration and evaluation assets (note 6)	(227,018)	(529,084)	(770,707)	(2,082,715)
Purchase of performance bonds (note 8)	12,154	–	10,800	(198)
Changes in non-cash working capital (note 14)	–	(564,018)	–	(1,531,044)
	(214,864)	(1,107,036)	(2,080,907)	(3,809,602)
Financing activity activities
Common stock and warrants issued for cash	12,683,206	–	12,683,206	35,784
Share issue costs	(1,076,471)	–	(1,457,789)	–
Changes in non-cash working capital (note 14)	5,279	–	5,279	–
	11,612,014	–	11,230,696	35,784

Net (decrease)/increase in cash during the period	10,385,413	(1,307,873)	7,287,139	(4,760,784)
Cash and cash equivalents, beginning of period	1,494,506	6,798,664	4,592,780	10,251,575
Cash and cash equivalents, end of period	11,879,919	5,490,791	11,879,919	5,490,791

This report has not been subject to review by the auditors of the company.

For more information, please contact:

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

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

Miscellaneous

The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success, of Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company will operate two oil-fields, Tartaruga in Brazil (subject to Brazilian Government approvals and closing) and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Financials September 30 2016
PRESS RELEASE November 29 2016 Third Quarter

Maha Financials September 30 2016

PRESS RELEASE November 29 2016 Third Quarter

Maha Energy AB: Undertakes a private placement of 484,212 new shares

on 2 de November de 2016 2 de November de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release
Stockholm
2 November 2016

This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. See also section IMPORTANT INFORMATION below.

Maha Energy AB undertakes a private placement of 484,212 new shares

The board of directors of Maha Energy AB (the "Company" or "Maha") has resolved to issue 484,212 new shares of class A (the "New Shares") at the fixed subscription price of SEK 10.25 per new share of class A (i.e. in total SEK 4,963,172).

The board of directors adopted the issue resolution with support from an authorization granted at an extraordinary general meeting. The subscription price has been determined based on the market price for the Company's shares during a certain period of time prior to the issue resolution and the board of directors deems the subscription price to be on market terms.

All new shares have been subscribed for by Rothesay Ltd. who was part of the Guarantee Consortium in the Initial Public Offering ("IPO") of the Company carried out earlier this year. According to this Guarantor, due to an administrative error, 484,212 shares subscribed for in the IPO were sold in the market contrary to certain transfer restrictions ("Lock-up Restrictions") which all Guarantors undertook to be bound by.

In resolution to the Lock Up Restriction irregularities identified above, this Guarantor has agreed to subscribe for a corresponding number of shares at today's market value which is both, considerably higher than the subscription price in the initial public offering and (based on the trading analysis by the Company) considerably higher than the price at which these shares were sold in the market earlier in the year. The New Shares issued will be bound by the same Lock Up Restrictions until 29 January 2017.

The registered share capital of the Company as of today is SEK 799,384 and the total number of shares is 72,671,309 (55,937,987 A-shares, 12,140,795 B-shares and 4,592,527 C-shares (1,844,527 C1 and 2,748,000 C2)). In addition, there are 6,204,963 outstanding warrants (the price for subscription of new A-shares through exercise of warrants is SEK 6.40 and subscription may take place up to and including 15 January 2018). The dilutive effects on the share capital as a result of the private placement will only be minor.

For more information, please contact:

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

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

Miscellaneous
This information is information that Maha is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above on 2 November 2016, at 11p.m CET.

Maha in brief
Maha Energy AB is a Swedish public limited liability company. Setterwalls Advokatbyrå AB acts as legal adviser to the Company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte.

The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the IPO and listing completed during the summer of 2016. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success, of Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company will operate two oil-fields, Tartaruga in Brazil (subject to Brazilian Government approvals and closing) and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

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

This press release neither constitutes, nor constitutes a part of, an offer or a solicitation of an offer to purchase or subscribe for securities in Maha. Neither the shares subscribed for nor the new shares have or will be registered in accordance with the Securities Act. Neither the shares subscribed for nor the new shares may, directly or indirectly, be transferred to or offered for sale in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where such measure could be subject to legal restrictions or to any person residing in such jurisdictions, or on such person's account, other than in accordance with applicable exemptions that do not require registration in accordance with the Securities Act or similar measures according to applicable laws in other jurisdictions.

Maha Energy AB – Private Placement November 2, 2016

Maha Energy AB - Private Placement November 2, 2016

Maha Energy AB: Inbjuder till informations träff samt operativ företags uppdatering

on 16 de September de 2016 16 de September de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

111 46 Stockholm

www.mahaenergy.ca

Pressmeddelande

Stockholm

16 september 2016

Detta pressmeddelande får inte offentliggöras, publiceras eller distribueras, direkt eller indirekt, i Australien, Hong Kong, Japan, Kanada, Nya Zeeland, Schweiz, Singapore, Sydafrika eller USA eller i någon annan jurisdiktion där distributionen av detta pressmeddelande skulle vara olaglig. Se även avsnittet VIKTIGT MEDDELANDE nedan.

Maha Energy AB inbjuder till informations träff samt operativ företags uppdatering

Maha Energy AB (publ) ("Bolaget" eller "Maha") kommer att hålla en informationsträff den 13 oktober i Stockholm där man kommer att ge en operativ uppdatering om Bolagets aktiviteter. Informationsträffen kommer även att sändas "live" via webben.

Årlig Informations träff för aktieägare

Bolaget vill bjuda in aktieägare samt intresserade individer till en presentation av Bolagets aktiviteter som följs av en informell reception av Bolagets styrelse och ledning. Träffen kommer att hållas i "T-Huset", på Engelbrektsplan 1, 114 34 Stockholm. Jonas Lindvall, Bolagets VD kommer att hålla en webb-sänd presentation om Bolagets aktuella aktiviteter som kommer att följas av ett par ord från Maha's Ordförande, Herr Wayne Thomson. Styrelsemedlemmar och delar av Bolagets ledning kommer att vara på plats för att svara på eventuella frågor efter presentationen. Deltagare ombeds att registrera sin närvaro via Bolagets hemsida, www.mahaenergy.ca.

Operativ Uppdatering

Kanada (Marwayne och Manitou tillgångarna)

En ny Operatör tillsattes de Kanadensiska tillgångarna i juli i år efter en längre konkurs process. Den nya Operatören, Petrocapita Energy, är i full färd med att avsluta sitt tekniska arbete över tillgångarna som förvärvats från konkurs förvaltaren av Palliser Oil and Gas (Palliser). Ett initialt möte hölls med Petrocapita den 13 september för att diskutera eventuella utvecklings planer över de delade tillgångarna. Maha äger 50% intresse i Manitou och 30% intresse i Marwayne tillgångarna efter ett förvärv som gjordes i juli 2014 från Palliser Oil and Gas. Palliser sattes i konkurs förvaltning i februari 2015.

Wyoming (LAK Ranch)

I slutet av 2015 avslutades en rad studier som förknippade resultat från fält-studier, kärn-prover samt data simulering som indikerar reservoaren i LAK Ranch svarar positivt på en varm-vatten injicerings process (sk "Hot Water Flood"). Injicering av hett vatten i reservoaren resulterar i ett positivt tryck underhåll samt att oljans viskositet sänks av värmen. För att dra fördel av olje-prisets ut-bottning tidigare i år, så initierade Bolaget ett produktions uppehåll i början av april för att modifiera produktions anläggning till att kunna påbörja varm vatten injicerings processen. Under uppehållet så åtog sig Bolaget ett kapital program som nu skapat kapacitet i anläggningen att behandla och återvinna producerat vatten som är av ytterst vikt för att kunna bibehålla trycket i reservoaren under den framtida utvecklingen av fältet. Utfört arbete bestod av:

Inköp samt installation av två stycken 750 fat vinter isolerade gas uppvärmda vatten bevarings tankar som laddar, under högt tryck, varm vatten injicerings pumpen.

Installation och isolering av en 3 tums vatten ledning från tank batteriet till laddnings tankarna.

Uppgradering av vatten behandlings anläggningen för att kunna återanvända producerat vatten.

Fabrikation och installation av kemikalie-injicerings anläggning som behandlar injicerings vatten för borttagning av syre samt alkalisk tillsättning.

Projektet, som i stort sett står klart, kommer att behandla Bolagets hela vatten produktion för återanvändning som i sin tur reducerar de operativa kostnaderna för att värma och bibehålla trycket i reservoaren. Vatten injiceringen kommer att påbörjas i liten skala i början av oktober, 2016. I förväntan på varm vatten injiceringen så har Bolaget redan återupptagit produktionen genom att starta 4 produktions brunnar, och fler brunnar kommer att startas allt efter som vatten injiceringen ökar. Samtidigt som reservoaren laddas med varmt vatten så fortsätter Bolaget med att färdigställa planerna för utvecklingen av Fas 3 som innebär ytterligare borrningar av produktions hål samt injicerings hål.

Maha's tekniska team fortsätter att optimera LAK Ranch fullständiga utvecklings plan. Resultaten av varm vatten injiceringen kommer att inkluderas i den fullständiga utvecklings planen.

Brasilien (Tartaruga fältet)

Ansökan om ändring av moderbolag för Operatören av Tartaruga fältet lämnades in till Agencia Nacional de Petroleo (ANP) den 7 juli, 2016. När ansökan godkänts av de Brasilianska myndigheterna så kommer affären angående 75% arbets-intresse samt Operatörskapet i Tartaruga fältet slutföras. Ledningen övervakar processen angående godkännandet mycket nära genom Bolagets representant i Brasilien, som meddelar att processen framskrider enligt förväntan.

Operativa möten hölls i Aracaju, Brasilien, mellan den 1a och 9e september för att påbörja detaljerade planer omkring ökning av produktionen så snart affären slutförts. Planerna inkluderar en snabb workover där produktions-röret på en låg-producerande olje-brunn byts ut mot en pump. Allt material för denna workover finns redan på Tartaruga fältet, så det förväntas inga förseningar på grund av material med lång ledtid. Maha kommer också att börja planerings-arbete för ett horisontalt sidetrack där ett produktions hål återinträds och borras om till ett horisontalt produktions hål. Alla hittills borrade hål på Tartaruga har borrats i låg vinkel och ett horisontalt hål förväntas att öka produktionen väsentligt.

Maha's team har också haft positiva möten med Petrobras i Aracaju samt ANP i Rio de Janeiro där framtida arbetsprogram och samarbete diskuterades.

För mer information, vänligen kontakta:
Jonas Lindvall (VD)
Tel: +1 403 454 7560
E-post: Jonas@mahaenergy.ca

eller

Ron Panchuk
Tel: +1 403 454 7560
E-post: Ron@mahaenergy.ca

Övrigt

Ovanstående information har offentliggjorts i enlighet med lag om värdepappersmarknaden och/eller lagen om handel med finansiella instrument. Informationen publicerades klockan 06:00 den 16 september 2016.

Kort om Maha
Maha Energy AB är ett svenskt publikt aktiebolag. Bolagets föregångare, Maha Energy Inc., bildades 2013 av Jonas Lindvall och Ron Panchuk i Calgary, Kanada. I maj 2016 bildades den nya koncernen med Maha Energy AB som moderbolag i anledning av att notera Bolaget på NASDAQ First North i Stockholm. FNCA Sweden AB har anlitats som Certified Adviser

Maha agerar inom olje och gas sektorn och fokuserar på att utvärdera och utveckla kolvätefyndigheter. Maha's strategi är att hitta och utveckla underpresterande kolvätetillgångar på en global basis. Bolaget är verksam i Kanada, USA samt i Brasilien (förutsatt godkännande från brasilianska myndigheter och tillträde). Bolaget strävar efter en balanserad portfölj med olika tillgångar olika utvecklings faser.

Mer information hittar Ni på Bolagets hemsida : www.mahaenergy.ca.

VIKTIGT MEDDELANDE
Detta dokument har inte blivit godkänt av någon regulatorisk myndighet. Dokumentet är ett pressmeddelande och inte ett prospekt och investerare ska inte teckna eller köpa värdepapper som avses i detta dokument förutom på grundval av den information som finns i det prospekt inklusive tilläggsprospekt som har godkänts av Finansinspektionen och som kan laddas ner från Bolagets hemsida. Distributionen av detta pressmeddelande kan i vissa jurisdiktioner vara föremål för restriktioner enligt lag och personer som får tillgång till detta, eller del av detta, bör informera sig om och följa sådana legala restriktioner. Informationen i detta pressmeddelande ska inte utgöra ett erbjudande om att sälja värdepapper eller en uppmaning om att köpa värdepapper, inte heller ska det ske någon försäljning av de värdepapper vilka refereras till häri, i någon jurisdiktion där ett sådant erbjudande, uppmaning om att köpa eller försäljning skulle kräva framtagande av ytterligare prospekt eller annan erbjudandehandling, eller inte skulle vara lagenlig utan registrering eller tillämpligt undantag från registrering enligt värdepapperslagarna i en sådan jurisdiktion.

Detta pressmeddelande varken utgör, eller utgör en del av, ett erbjudande eller en uppmaning om ett erbjudande att köpa eller teckna värdepapper i USA. Värdepapperna omnämnda häri har inte och kommer inte registreras i enlighet med den amerikanska Securities Act of 1933 i dess senaste lydelse ("Securities Act"), och får inte erbjudas eller säljas i USA utan registrering i enlighet med Securities Act eller ett därtill relaterat undantag. Värdepapper omnämnda häri erbjuds inte till allmänheten i USA. Kopior av detta pressmeddelande görs inte och får inte distribueras eller skickas, i sin helhet eller delvis, direkt eller indirekt, till Australien, Hong Kong, Japan, Kanada, Nya Zeeland, Schweiz, Singapore, Sydafrika eller USA eller till någon annan jurisdiktion där distributionen respektive utskicket av detta pressmeddelande skulle vara olagligt.

Maha Energy Press Release 20160916 Swe

Maha Energy AB: Announces date of Annual Autumn Shareholder Event and Webcast and provide an Operational Update

on 16 de September de 2016 16 de September de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release

Stockholm

16 September 2016

Maha Energy AB announces date of Annual Autumn Shareholder Event and Webcast and provide an Operational Update.

Maha Energy AB (the "Company" or "Maha") today announces the scheduling of an Annual Autumn Shareholders Presentation and Reception to take place in Stockholm, Sweden on 13th October 2016 and provide an operational update.

Annual Autumn Shareholders Event

The Company is pleased to invite its shareholders and members of the investing community to a hosted presentation and reception at 4 pm on 13th October 2016 at the "T-House", Engelbrektsplan 1, 114 34 Stockholm. Mr. Jonas Lindvall – CEO and Managing Director of Maha, will present a broadcasted corporate and operation update for Maha followed by a few words from Maha's Chairman, Mr. Wayne Thomson. Members of the Board of Directors and management will be available for a Q&A session thereafter followed by a reception at the same venue. Maha would be grateful if those attending would pre-register for the event by following the registration procedure on the Company's website www.mahaenergy.ca.

Operations Update

The Company provides an Operational Update as follows:

Canada (Marwayne and Manitou Properties)

The new operator of the Marwayne and Manitou properties, Petrocapita Energy Inc. is completing its technical review of the properties it acquired from the Receiver-Manager of Palliser Oil and Gas Corp in July 2016. An initial meeting of the partners to review potential development plans for the properties was held in Calgary on September 14, 2016. The Company owns a 50% working interest in the Manitou property and a 30% working interest in the Marwayne property which were acquired from Palliser Oil and Gas Corp. in July 2014. Palliser Oil and Gas Corp was placed in receivership in February 2015.

Wyoming (LAK Ranch Property)

At the end of 2015, a series of combined field studies, core analysis and computer modelling demonstrated the positive viability of combined reservoir pressure maintenance and viscosity reduction using hot water. Taking advantage of the bottoming out of the oil commodity market, the LAK field was shut in at the beginning of April 2016 to undergo an expansive retrofit to convert the field from steam injection to water reinjection. During the shut-in period, the Company undertook a capital program to create capacity for produced water recycling which is critical for the re-injection of hot water and the pressure maintenance in Phase 3 of the overall field development. This capital work included:

Purchasing and commissioning of two completely refurbished heated and insulated 750 bbl each water tanks to provide hot purge water for the high pressure water injection pump.

Installation of a 3" hot water re-circulation line from the tank battery to the purge tanks.

Upgrading of the water treatment facilities to enable re-circulation of produced water.

Fabrication and installation of alkaline and de-oxygenation skids.

This project, which is substantially complete, will allow for the complete treating and re-cycling of all of the Company's produced water which in turn streamlines and significantly reduces the operating cost of heating and pressure maintenance of the reservoir. Commencement of water reinjection is scheduled for the first of October 2016. In anticipation of the hot water pressure maintenance program, 4 wells have been placed back on production and as the project is rolled out, more wells will be brought back on production. Simultaneous to recharging the reservoir, Maha continues to plan to begin the Phase 3 development which will include the drilling of production wells with associated hot water injection wells.

Maha's US technical team continues to put the finishing touches to the LAK Ranch Full Field Development Plan the finalization of which will be refined based on the results of the current hot water flood program.

Brazil (Tartaruga Field)

The applications to the Agencia Nacional de Petroleo ("ANP") of the Brazilian Government, necessary to approve the change of parent of the Operator of the Tartaruga Field to Maha, were filed on 7th July 2016. Upon this approval, closing under the relevant agreements of Maha's acquisition of a 75% working interest in and operatorship of the Tartaruga Field will commence. Management continues to closely monitor this approval process through its legal counsel in Brazil who have advised it is proceeding normally.

During the week of September 1st- 9th 2016, Maha's technical team travelled to Aracaju, Brazil for technical meetings with the operator and to commence planning of operations to be commenced immediately upon the above ANP approval and closing. These planned operations will include the workover and recompletion of an existing low production well. All surface equipment and the proposed production string are on site, with no long lead items required for the proposed workover. Maha will also commence planning and preparation for the drilling of a horizontal sidetrack whereby an existing production well will be re-entered. All production wells drilled on Tartaruga hereto have been near vertical and a horizontal well is expected to substantially enhance production from the field.

The team also attended successful meetings with Petrobras in Aracaju and ANP in Rio de Janeiro, where the future operations were discussed.

For more information, please contact:

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

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

Miscellaneous

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. 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 for purposes of undertaking an Initial Public Offering and a listing at the First North Exchange in Stockholm, Sweden. FNCA Sweden AB is the Company's Certified Adviser.

Maha Energy AB is active in the upstream oil & gas sector with a focus on appraising and developing under performing hydrocarbon assets on a global basis. The Company holds interests in oil producing assets in Canada, United States of America and (subject to Government approvals) onshore Brazil. The company is actively pursuing a well balanced portfolio of oil and natural gas interests, in different development stages.

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 Press Release 20160916 Swe
Maha Energy Press Release 20160916 Eng

Maha Energy Press Release 20160916 Swe

Maha Energy Press Release 20160916 Eng

Maha Energy AB: announces its second quarter and half year report ending June 30, 2016

on 29 de August de 2016 29 de August de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release

Stockholm

29 August 2016

Maha Energy AB announces its second quarter and half year report ending June 30, 2016

Maha Energy AB (the "Company" or "Maha") today announces the release of its second quarter and half year report dated June 30, 2016. The report is available hereto and on the Company's website at www.mahaenergy.ca.

Consolidated Key Ratios
				Three months ended June 30,	Six months ended June 30,
				2016	2015	2016	2015
Revenue	41,060	255,773	103,085	413,685
Equity/assets ratio	94%	95%	94%	95%
Return on equity	(3%)	(2%)	(6%0	(3%)
Debt/equity ratio 1	–	–	–	–
Interest coverage ratio 1	–	–	–	–
Weighted average number of common shares outstanding 2	43,087,430	43,061,434	43,087,430	43,037,816
Basic and diluted loss per common share	(0.02)	(0.01)	(0.03)	(0.02)
Dividends paid per share	–	–	–	–
(1) The Company does not have any indebtedness nor interest payments
(2) Weighted average number of common shares is calculated based on the number of class A and class B shares outstanding during the period and does not include the convertible class C shares (C1 and C2) which have no interest in the net assets of the Company nor entitled to dividends until the underlying Maha (Canada) stock options and share purchase warrants are exercised and exchanged for Maha (Sweden) class A shares.

Listing on Nasdaq First North Stockholm

On July 29, 2016, Maha Energy AB's class A shares (trading symbol Maha A) and share purchase warrants (trading symbol Maha A TO 1) commenced trading on the Nasdaq First North Stockholm stock exchange. Concurrent with the listing on the First North stock exchange, the Company completed a financing (the "Offering") at 19 SEK per unit whereby each unit consisted of 4 Class A shares and 1 share purchase warrant. The Company raised SEK 108.0 million SEK (US$ 12.6 million as at final closing date, August 5, 2016 US/SEK exchange rate 8.56) in cash proceeds and issued 6,198,074 units (24,792,296 A-Shares and 6,198,074 share purchase warrants) including 515,378 units that were issued to the guarantor group as payment of 9% fees owed under the guarantee agreements.

The Company intends to use the proceeds from the Offering along with the existing working capital to:

fund the acquisitions in Brazil;
fund drilling and workover operations in Brazil;
start the initial phase 3 development at the Company's LAK asset in Wyoming;
fund general and administrative expenses.

Share data

As at June 30, 2016 the Company had 43,087,430 shares outstanding of which 29,478,036 were class A shares, 13,609,394 were class B shares. In addition, Maha (Sweden) issued 4,592,527 convertible class C Shares (C1 and C2). In the event that the existing Maha (Canada) stock options and warrants (which expire November 2016) are exercised these convertible class C Shares will be redeemed and exchanged for Maha (Sweden) Class A shares. In the event that the Maha (Canada) stock options and warrants are not exercised, the convertible class C shares will be redeemed and cancelled.

Subsequent to June 30, 2016, Maha (Sweden) closed the Offering. As at August 29, 2016, Maha (Sweden) has 67,879,726 class A and B shares outstanding (54,270,332 class A-shares and 13,609,394 class B Shares) and 6,198,074 Maha (Sweden) share purchase warrants. In addition Maha (Sweden) has 4,592,527 convertible class C-Shares (C1 and C2). A full description of the class A and convertible class B and C shares can be found in note 10 to the second quarter and half year report ending June 30, 2016.

Brazil Acquisitions

Upon closing of the two acquisitions, the Company would be the operator and hold a 75% working interest in the Tartaruga Block. Management has commenced the approval process and believes that the process could be completed during the second half of 2016.

Results of operations Operations

Canadian Assets

For the six months ended June 30, 2016, the Company generated revenue of $103,085 on an average sales volume of 36 boepd compared with $413,685 of revenue during the six months ended June 2015 from an average of 65 boepd. Lower production volumes were a result of lower field activity as the operator was in receivership.

The crude oil produced from the Manitou and Marwayne areas is 12° API. The Canadian Assets produced a total of 6,119 barrels net to Maha in the first six months of 2016. The average price received was CAD $26.15.

Operating costs associated with the Canadian Assets were $65,435 for the six months ended June 30, 2016 compared with $202,188 for the comparable period ended June 30, 2015. Lower operating costs in 2016 were due to lower field activity and reduced workover costs.

LAK Ranch

As at June 30, 2016, the LAK Ranch asset is considered to be in the pre-production stage and is currently undergoing delineation and pre-development work. As such, operating costs net of revenues since the commencement of operations have been capitalized as part of the exploration and evaluation costs.

The LAK field was shut in starting April 2016 and remained shut in as of June 30, 2016, primarily due to low oil prices and the requirement for reservoir pressure maintenance. During the shut-in period, the Company commenced the capital investment to allow for produced water recycling, which is critical for handling of produced water and re-injection of water for pressure maintenance. The project was completed in August and production from a limited number of wells was re-established by the end of August 2016.

General and administrative

During the six months ended June 30, 2016, general and administrative ("G&A") costs were $682,090 compared to $681,916 for the same period June 30, 2015.

Transaction costs

During the six months ended June 30, 2016, the Company incurred $435,972 in transaction costs which primarily related to:

$350,673 marketing and non-direct costs associated with the Offering and the listing on Nasdaq First North Stockholm;
$86,298 in legal and transaction costs associated with the Brazil acquisitions

Stock-based compensation

Stock based compensation expense for the six months ended June 30, 2016 was $87,384 similar to $65,120 for the comparable period June 30, 2015.

Maha Energy AB
Condensed Consolidated Interim Statement of Financial Position
As at	June 30		December 31
(Unaudited – Expressed in U.S. dollars)	2016		2015
Assets
Current assets
	Cash	$ 1,494,506		$ 4,592,780
	Accounts receivable	40,906		103,622
	Deposit & Loan (Note 5)	1,315,500		–
	Deferred financing costs (Note 10)	381,318		–
	Prepaid expenses and other	101,242		53,615
			3,333,472		4,750,017
Non-current assets
	Exploration and evaluation assets (Note 6)	16,858,349		16,314,650
	Property and equipment (Note 7)	1,720,307		1,745,058
	Performance bonds and other (Note 8)	162,949		161,595
			$ 22,075,077		$ 22,971,330
Liabilities
Current liabilities
	Accounts payable and accrued liabilities	$ 573,958		$ 350,461
Non-current liability
	Decommissioning provision (Note 9)	860,699		834,685
			1,434,657		1,185,146
Shareholders' equity(Note 10)	20,640,420		21,786,184
			$ 22,075,077		$ 22,971,330

Maha EnergyAB
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(unaudited Expressed in U.S. dollars)
				Three months ended June 30	Six months ended June 30
				2016	2015	2016	2015
Oil sales	$ 41,060	$ 255,773	$ 103,085	$ 413,685
Less: royalties	4,646	46,164	5,605	63,991
Total Oil revenues	36,414	209,609	97,480	349,694

Expenses
Production and operating	11,050	120,930	65,435	202,188
General and administration	336,207	358,560	682,090	681,916
Transaction costs	269,337	–	435,972	–
Stock-based compensation (Note 10)	43,692	53,210	87,384	65,120
Depletion depreciation and accretion (Note 9)	19,127	126,309	39,523	232,959
Foreign currency translation loss/(gain)	8,181	(14,840)	20,224	(9,582)
				687,594	644,169	1,330,628	1,172,601
Comprehensive loss for the period	$ (651,180)	$ (434,560)	$(1,233,148)	$ (822,907)

Basic and diluted loss per common share	(0.02)	(0.01)	(0.03)	(0.02)
Weighted average number of common shares outstanding	43,087,430	43,061,434	43,087,430	43,037,816

Maha EnergyAB
Condensed Consolidated Interim Statement of Cash Flows
(Unaudited Expressed in U.S. dollars)
	Three months ended June 30	Six months ended June 30
	2016	2015	2016	2015
Net loss for the period	$(651,180)	$(434,560)	$(1,233,148)	$(822,907)
Operating activities
Add backs:
Stock based compensation	43,692	53,210	87,384	65,120
Depletion and depreciation and accretion	19,127	126,309	39,523	232,959
Unrealized foreign exchange (gain)/loss	(657)	(17,056)	16,742	(16,956)
Changes in non-cash working capital (note 14)	1,529,128	80,638	238,586	(244,344)
	940,110	(191,459)	(850,913)	(786,128)
Investing activities
Brazil deposits & loans	(1,315,500)	–	(1,315,500)	–
Purchase of developed and producing assets (note 7)	–	(47,368)	(5,500)	(181,711)
Purchase of exploration and evaluation assets (note 6)	(220,030)	(1,187,970)	(543,689)	(1,553,631)
Purchase of performance bonds (note 8)	(1,354)	(65)	(1,354)	(198)
Changes in non-cash working capital (note 14)	–	289,567	–	(967,026)
	(1,536,884)	(945,836)	(1,866,043)	(2,702,566)
Financing activity activities
Common stock and warrants issued for cash	–	28,046	–	35,783
Deferred finance costs	(381,318)	–	(381,318)	–
	(381,318)	28,046	(381,318)	35.783

Net (decrease)/increase in cash during the period	(978,092)	(1,109,249)	(3,098,274)	(3,452,911)
Cash and cash equivalents, beginning of period	2,472,598	7,907,913	4,592,780	10,251,575
Cash and cash equivalents, end of period	1,494,506	6,798,664	1,494,506	6,798,664

This report has not been subject to review by the auditors of the company.

For more information, please contact:

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

Ron Panchuk

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

Miscellaneous

The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success, of Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company will operate two oil-fields, Tartaruga in Brazil (subject to Brazilian Government approvals and closing) and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

Important Information

Maha Financials June 30 2016
PRESS RELEASE August 29, 2016

Maha Financials June 30 2016

PRESS RELEASE August 29, 2016

Maha Energy AB: announces update on the final outcome of its initial public offering

on 5 de August de 2016 5 de August de 2016

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release

Stockholm

5 August 2016

Maha Energy AB announces update on the final outcome of its initial public offering

Maha Energy AB (the "Company" or "Maha") today announces the receipt of the final payment of SEK 15.2 million from its cornerstone investor with the expecting closing on or before 10th August, 2016.

The Offering

The Company expects a Final Closing of its initial public offering of units in the form of new shares of class A and warrants giving right to subscribe for new shares of class A (the "Offering") in connection with a listing on Nasdaq First North Stockholm.

The Offering was carried out in order to broaden the shareholder base and provide working capital, mainly to finance development operations and acquisitions. The subscription price was set at SEK 19 per unit (each unit consisting of four (4) new shares of class A and one (1) warrant giving right to subscribe for one (1) new share of class A). Nothing is to be paid for the warrants and the subscription price per share was thus SEK 4.75.

Final Closing

The final payment of SEK 15.2 million has been received by the Company from its cornerstone investor, Kvalitena AB. The Final Closing will occur on or before 10th August, 2016 (the "Final Closing"). The Company expects to issue 818,917(1) as part of the Final Closing. In total, including the initial closing (July 26, 2016) and the Final Closing, the Company has now received SEK 107.7 million of subscription proceeds to date and will issue up to a maximum of 6,198,074 units.
(1)There remains approximately SEK 316,000 unpaid (one guarantor of SEK 250,000 and SEK 66,000 from retail investors) which are expected to be received prior to Final Closing.

Capital Structure

On Final Closing and registration with the Swedish Companies Registration Office, the share capital will increase with SEK 36,032 from SEK 761,162 to SEK 797,194 and the number of shares will increase from 69,196,585 to 72,472,253. Each of the maximum warrants 6,198,074 issued may be exercised for subscription of one (1) new share of class A and may thus entail an additional increase of the share capital and number of shares (if exercised).

Company Ownership

Upon registration with the Swedish Companies Registration Office following the Final Closing, the Company's major shareholders will be as follows:

	Following Final Closing
Major Shareholders	Shares Held (1)	% of Outstanding Shares (2)	Warrants Held
Kvalitena AB	11,041,665	16.3%	2,760,414
Nerthus Investments Ltd	8,200,000	12.6%	–
Jonas Lindvall	4,711,610	6.9%	–
Newcastle Energy Corp	2,960,193	4.4%	–
Ron Panchuk	2,763,342	4.1%	–
Rothesay Ltd	2,484,212	3.7%	621,053
Talal Al Subhi	2,394,738	3.5%	–
Invium Partners AB	1,801,052	2.7%	450,263
Pervasive Capital AB	1,801,052	2.7%	450,263
Total	38,157,864	56.2%
Total Number of Maha A-Shares and Maha B-Shares	67,879,726

(1)Shares held represents Maha A-Shares and Maha B-Shares which are held directly or indirectly by the noted shareholder.
(2)Percentage of outstanding shares represents the shareholders holding of A-Shares and B-Shares in relation 67,879,726 (total number of Maha A-Shares and B-Shares following Final closing).

Cash Position

As at 30 June 2016, the Company (on a consolidated basis) had approximately SEK 21.3 million of working capital and no long term debt. Following the Final Closing of SEK 13.7 million net proceeds, the Company estimates it will have total working capital of approximately SEK 120.7 million.

Use of Proceeds

The Company plans to use the working capital balance of SEK 120.7 million available after Final Closing as follows, (stated in order of precedence):

Description	SEK (million)
Remaining payments required for PVE and TDC Acquisitions	44.5(1)
Drilling and workover operations on Tartaruga Block, initial Phase III LAK Ranch development and administrative expenses through December 31, 2017	66.2
Total	120.7

(1)The final purchase price is adjusted in accordance with each quota purchase agreement for normal course working capital, long-term liabilities, payments, prepayments, currency fluctuations etc.

Advisers

Stockholm Corporate Finance AB acts as financial adviser and Setterwalls Advokatbyrå AB acts as legal adviser to the Company in connection with the Offering. FNCA Sweden AB has been engaged as Certified Adviser.

For more information, please contact:

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

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

Miscellaneous

Maha in Brief
Maha Energy AB is a Swedish public limited liability company. The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success, of Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company will operate two oil-fields, Tartaruga in Brazil (subject to Brazilian Government approvals and closing) and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca.

This press release neither constitutes, nor constitutes a part of, an offer or a solicitation of an offer to purchase or subscribe for securities in Maha. Invitation to subscribe for securities in Maha has only been made in accordance with the prospectus published on 31 May 2016 and the supplementary prospectus published on 7 June 2016. Neither the shares and warrants subscribed for nor the new shares have or will be registered in accordance with the Securities Act. Neither the shares and warrants subscribed for nor the new shares may, directly or indirectly, be transferred to or offered for sale in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where such measure could be subject to legal restrictions or to any person residing in such jurisdictions, or on such person's account, other than in accordance with applicable exemptions that do not require registration in accordance with the Securities Act or similar measures according to applicable laws in other jurisdictions.

PRESS RELEASE August 5

—
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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
HUG#2033611

PRESS RELEASE August 5