ShaMaran Reports Third Quarter 2026 Results

Garrett Soden, President and CEO of ShaMaran

“Our Q3 2026 results demonstrate the earning power of ShaMaran's assets in the current oil price environment. EBITDAX was more than four times higher than the comparable quarter of 2025, despite the loss of one month of production due to shut-ins caused by the Iran war. Our average estimated realized net oil price during the quarter was over $107 per barrel. After quarter end, we received $26.7 million of oil sales proceeds and top-up payments. We also announced major steps that will grow the business and create long-term value. ShaMaran recently closed the Hamrin investment alongside our strategic partner, HKN. This represents a landmark entry into Federal Iraq that expands and diversifies our footprint beyond Kurdistan. The Hamrin field brings a complementary mix of production, reserves and cash flow, further strengthening our portfolio. We also successfully refinanced our corporate bond on more favorable terms, extending the maturity and reducing the interest rate, while raising additional capital to efficiently fund our investment in Hamrin. Finally, our proposed merger with Gulf Keystone is a transformational opportunity for both companies. The combination will create a larger, more diversified business with the scale and financial strength to deliver dividends and growth for many years to come. We look forward to completing the merger next year.”