The Maikop Formation, deposited in eastern Azerbaijan during Oligocene and Early Miocene times, contains prolific source rocks with primarily Type II organic matter. Paleontological analyses of dinoflagellate cysts revealed a Lower to Upper Oligocene age for the investigated succession near Angeharan. A major contribution of aquatic organisms (diatoms, green algae, dinoflagellates, chrysophyte algae) and minor inputs from macrophytes and land plants to organic matter accumulation is indicated by n-alkane distribution patterns, composition of steroids and δ13C of hydrocarbon biomarkers. Microbial communities included heterotrophic bacteria, cyanobacteria, chemoautotrophic bacteria, as well as green sulfur bacteria. Higher inputs of terrigenous organic matter occurred during deposition of the Upper Oligocene units of the Maikop Formation from Angeharan mountains. The terpenoid hydrocarbon composition argues for angiosperm dominated vegetation in the Shamakhy–Gobustan area.