ShaMaran Petroleum Corp. - 2011-04-20

The company intends to sell on a non-brokered, private placement basis, an aggregate of up to 56 million common shares of the company at a price of $0.90 per share to eligible investors that may include insiders for gross proceeds of approximately $50.4 million. Net proceeds of the private placement will be used towards ongoing work programs in Kurdistan and general working capital purposes.