With effect from today June 11th 2010 the observation status is removed for the
shares in PETROGRAND AB (publ) (former Malka Oil AB), traded on NASDAQ OMX First
North in Stockholm. NASDAQ OMX Stockholm AB published its decision in a stock
market announcement on June 10th 2010.
The observation status has been in force since early 2009, during a period of
major uncertainty in respect of the financial situation and future business of
the company.
As a result of the sale of the company's production operations in Russia in
early 2010, the company's financial situation has been stabilized and as a
result of the decision to approve a new business plan at an extraordinary
general meeting in the end of April, the shareholders have given their support
for the future business of the company.
These circumstances made the company contact the stock exchange to discuss the
observation status and a process was initiated which led to yesterday's decision
by NASDAQ OMX.
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
Certified Adviser First North: HQ Bank
Reasonable caution notice: The statement and assumptions made in the company's
information regarding Petrogrand AB's ("Petrogrand") current plans, prognoses,
strategies, concepts and other statements that are not historical facts are
estimations or "forward looking statements" concerning Petrogrand'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 Petrogrand'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
Petrogrand conducts business, ii) changes in the available geological
information concerning the company's projects in operation, iii) Petrogrand'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, Petrogrand's actual future development may significantly deviate
from that indicated in the company's informative statements. Petrogrand assumes
no implicit liability to immediately update any such future evaluations.
[HUG#1423325]
