Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

                                                           
Press release
Stockholm
29 November 2018

This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions.
                                                                                                  
Maha Energy ABAnnounces Filing of Third Quarter Report

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

Third Quarter 2018

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

Nine Months Ended 30 September 2018

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

FINANCIAL SUMMARY

(TUSD, unless otherwise noted)	Q3 2018	Q2 2018	Q1 2018	Q4 2017[1]	Q3 2017	Nine Months 2018	Nine Months 2017	FY 2017
Net Daily Production (BOEPD)	1,565	1,429	1,762	1,597	1,671	1,585	687	917
Revenue	9,049	7,859	8,629	6,939	6,173	25,537	7,665	14,604
EBITDA	5,392	3,960	4,566	2,930	2,259	13,918	283	3,213
Net result for the period	3,213	1,859	2,306	2,482([2])	(402)	7,378	(5,331)	(2,849)
Earnings per share (USD)	0.03	0.02	0.02	0.03	(0.00)	0.08	(0.06)	(0.03)
Cash and cash equivalents	22,292	20,914	22,779	18,729	18,372	22,292	18,372	18,729

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

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

Tartaruga Field

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

Tie Field

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

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

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

LAK Field

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

Conclusion

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

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

"Jonas Lindvall"
Managing Director

Q3 Webcast

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

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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

or

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

or

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

Miscellaneous

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

Maha in Brief

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

Important Information

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

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

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

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

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

Maha Energy AB (publ) Biblioteksgatan 1 SE-111 46 Stockholm www.mahaenergy.ca Press release Stockholm November 29th, 2017 This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Maha Energy AB Announces Filing of Q3 Financials Maha Energy AB (publ) ("Maha" or the "Company") has today released its Q3 Financials Statements for the quarter ended September 30, 2017.  The Q3 Financials Statements are attached and available on the Company's website at www.mahaenergy.ca. Highlights of Third Quarter 2017 · The Company closed the previously announced corporate acquisition of Gran Tierra Energy Inc.'s Brazilian business unit for TUSD 37,917 and subsequently settled final closing adjustments in its favor for TUSD 1,397, resulting in total final consideration of TUSD 36,520. · EBITDA for the third quarter was TUSD 2,259. · Daily oil & gas Company production for the third quarter averaged 1,671 BOEPD. · The Company signed additional gas offtake agreements to debottleneck production from the Tie Field in Brazil, through the sale associated gas from increased oil production volumes. Results of Third Quarter 2017 · Company sold Production of 142,975 barrels of oil and 64.8 million scf of gas for a combined average production of 1,671 BOE/day, before royalties and taxes for the period compared to 0 (zero) bbls for the same period 2016. · Revenue of TUSD 6,173 for the period compared to TUSD 0 (zero) for the same period 2016. · Net Result of TUSD (402) for the period compared to TUSD (537) for the same period 2016. · Net Result of 0.00 per share for the period compared to (0.01) per share for the same period 2016. Letter to Shareholders Dear Friends and Fellow Shareholders of Maha Energy AB, It is with pleasure Maha reports Q3 USD 2.259 million EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization); the first full quarter since closing of the acquisition of Grand Tierra's Brazilian operations (the "Transaction") on July 1st 2017. This of course compares favorably with Maha's negative EBITDA of USD 1.976 million for the first half of 2017. Highlights Key highlights for the Q3 are: · EBITDA for Q3 was TUSD 2,259 · Operating Result for Q3 was TUSD 1,265 · The Gran Tierra Transaction closed on 1 July 2017. · Maha produced and sold 142,975 barrels of oil during the quarter. · Maha produced and sold 64.774 MMSCF of gas during the quarter. · Average Daily production for the quarter was 1 671 BOEs/day · Company Netback USD 25.58/BOE Positive Cashflow At closing of the Transaction Brent Oil Price was USD 47.08/bbl; Brent has since strengthened by some 20%.  This, of course, contributes positively to Maha's Q3 cash flow.   At the end of Q3, Brent oil prices were back at levels not seen since the 2014/15 when the oil commodity cycle bottomed. USD 11 million Cash Security As earlier reported, to close the Transaction, Maha (in addition to the purchase price), was required to post approximately USD 11 million as cash security for surety bonds to the Agencia Nacional do Petroleo of Brazil ("ANP") for certain work obligations and abandonment liabilities. Maha was successful in negotiating a reduction in the "cash" security it needed to place by USD 7.5 million. The effect is that Maha has now freed an additional USD 7.5 million in cash originally earmarked for the surety bond security that can be deployed in developing the Tie field, faster. As at 22 November, 2017, we settled final closing adjustments for the Transaction resulting in return of cash USD 1.4 million of the purchase price from Gran Tierra Inc. Next steps Tie Field Since the close of the transaction, we have been busy optimizing production at the Tie field, removing commercial barriers to more production, and improving our technical understanding of the asset.  Some of the key endeavors undertaken during the quarter were: · Work is under way evaluating the seismic data to better understand the connection between the main field and the undrilled southern portion. · We initiated the procurement process for the design, manufacture and installation for two separate jet pumps, one on each of the GTE4 and GTE3 wells, to boost the field's production potential.  The order was placed at the end of November, and delivery is expected during the first quarter              next year. · The plans to debottleneck production by improving the ability to handle associated gas continued during the quarter, whereby, Agreements were signed to more than double our current gas offtake capacity.  These new facilities are anticipated to be in place by the end of January next year. · The marketing team in Brazil continue to find new and imaginative outlets to sell oil production including transportation of production to out of province refineries where there is demand for the product. The expectation is oil offtake capacity will grow in harmony with increased production                  capacity.  In particular an offtake agreement was signed during the quarter to deliver 1,000 BOPD to a local refinery. · Water injection (as previously reported) is now fully installed, commissioned and operational. This pressure maintenance program will continue during 2018 with expected continuous positive results on productivity. · Finally, planning is underway to drill an additional well to reduce the overall drawdown on the reservoir and to provide an important option for gas re-injection.  Re-injecting the produced gas will help remove any future associated gas production restrictions and improve reservoir performance. Tartaruga Field Our work at Tartaruga field continues – both in relation to technical operations and administrative improvements and efficiencies: · During Q3, work to re-evaluate the difficult petrophysics has resulted in a better and more accurate petrophysical understanding of the stacked reservoirs at Tartaruga. · The technical team also completed reprocessing of the certain 3D seismic in the beach transition zone resulting in better representation of the subsurface at Tartaruga. · Negotiations are being completed to provide for commercial offtake of associated gas from the field. · Plans are now underway to workover the 7TTG producing well with the objective to improve productivity of the existing P6 sand and to open up previously unproduced zones. · The previously announced 107D horizontal sidetrack is planned for the first half of 2018. We are pleased to announce that partner and regulatory approval have now been received, however, environmental requirements limit the drilling operations to the months between April and September          of each year which contributes to some delay. · An additional and separate jet pump has been ordered for Tartaruga to allow for individualized production from each well.  Delivery is expected during the first quarter of 2018. · The Company has commenced its rationalization of the Tie and Tartaruga operations. Effective November 2017, the Aracaju office has been closed and certain local staff made redundant.  Tartaruga accounting and administration is now handled in Rio de Janeiro with existing staff and                    operations have been consolidated in the field. LAK Field Recent laboratory core flooding work along with actual LAK hot water flood results are very encouraging and plans are underway to alter and expand the current hot water flood.  As these plans are developed over the next few months, further information will be communicated with more details. As can be seen, Q3 has been a very busy quarter with multiple projects taking shape.  I am very proud of the focus and effort being put in by the Maha team in Canada, the US, and Brazil.  These efforts are now beginning to translate into tangible positive results with more to come; this all sets us up for an exceptional 2018. We thank you for your continued support. Jonas Lindvall Managing Director Adviser FNCA Sweden AB is the Company's Certified Adviser. For more information, please contact:
Jonas Lindvall (CEO) Tel: +1 403 454 7560 Email: jonas@mahaenergy.ca or Ron Panchuk (CCO) Tel: +1 403 454 7560 Email: ron@mahaenergy.ca or Andres Modarelli (CFO) Tel: +1-403-454-7560 Email: andres@mahaenergy.ca Miscellaneous This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on November 29th, 2017, at 7:59 am CET. Maha in Brief Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca. Important Information Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) ("Securities Act") or applicable laws in other jurisdictions. 2017-Q3 Financials
Maha Energy AB Press Release – Q3 2017

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

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 its third quarter and nine months ending September 30, 2016 report.

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

or

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on 29 November 2016, at 8 a.m. CET.

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

The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 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.

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

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