MALKA OIL: The board of directors in Malka Oil resolves on a proposed new business plan

The board of directors in Malka Oil has at a board meeting on March 25, 2010
resolved on a proposed revised business plan for the company's business.

The business plan is subject to shareholder approval and Malka Oil will convene
an Extraordinary General Meeting to be held on April 27, 2010, for decision of
approval of the business plan or (if the business plan is not approved) for a
resolution on the winding up of the company. The notice will be published in the
Post- och Inrikes Tidningar, and Svenska Dagbladet on Tuesday Marcy 30, 2010 and
sent to the company's shareholders by ordinary mail and published on the
company's website.

The main content of the business plan is as follows:

The business shall be conducted under a new name: PetroGrand AB (publ).

Business concept: PetroGrand will carry on oil production via acquired Russian
oil companies and oil licenses. PetroGrand will also manage, enhance and sell
Russian oil assets.

Goal: By means of investments in the Russian oil sector, PetroGrand will become
one of Sweden's leading oil companies on the Russian market.

Strategy: PetroGrand will initially actively seek and execute strategic
acquisitions within the Russian oil sector. The company's acquisition strategy
will be characterized by:

·         Small, cash flow generating target companies that are oil producing or
near production.
·         Target companies that are in need of additional capital and have a
potential to be streamlined and enhanced by better management.
·         The acquisitions will be conditional upon PetroGrand's control and
significant influence in the form of its own management team at the target
company.
·         When a stable cash flow has been achieved, acquire Russian oil
licenses via state auctions and establish cooperation and partnership structures
with other oil companies as well as major investors in order to create
strategically justified and industrially logical oil license portfolios.

The revised business plan will be made available at the company's office and
published on the company's web page, as from March 30, 2010.

According to the business plan the board of directors further intends to
propose, subject to the shareholders meetings' approval of the business plan, a
dividend of SEK 0.02 per share, equivalent of approximately SEK 80 million, at
the annual general meeting 2010. The board of director's proposal is also
conditional upon that, during the time period between the approval of the
business plan and the annual general meeting, a capital need has not arisen due
to acquisitions under the business plan resulting in such dividend being
unjustifiable.


For further information, please contact:
Maks Grinfeld, MD, tel: +46 768 077 614
Sven-Erik Zachrisson, Chairman of the Board of Directors, tel: +46 8 41 05 45 96


For further information on Malka Oil AB, see the website www.malkaoil.com


Reasonable caution notice: The statement and assumptions made in the company's
information regarding Malka Oil AB's ("Malka") current plans, prognoses,
strategies, concepts and other statements that are not historical facts are
estimations or "forward looking statements" concerning Malka's future
activities. Such future estimations comprise but are not limited to statements
that include words such as "may occur", "concerning", "plans", "expects",
"estimates", "believes", "evaluates", "prognosticates" or similar expressions.
Such expressions reflect the management of Malka's expectations and assumptions
made on the basis of information available at that time. These statements and
assumptions are subject to a large number of risks and uncertainties. These, in
their turn, comprise but are not limited to i) changes in the financial, legal
and political environment of the countries in which Malka conducts business, ii)
changes in the available geological information concerning the company's
projects in operation, iii) Malka's capacity to continuously guarantee
sufficient financing to perform their activities as a "going concern", iv) the
success of all participants in the group, or of the various interested
companies, joint ventures or secondary alliances, v) changes in currency
exchange rates, in particular those relating to the RUR/USD rate. Due to the
background of the many risks and uncertainties that exist for any
oil-prospecting venture and oil production company in its initial stage, Malka's
actual future development may significantly deviate from that indicated in the
company's informative statements. Malka assumes no implicit liability to
immediately update any such future evaluations.



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