Selena Oil & Gas has signed a preliminary purchase agreement for asset in Perm

Selena Oil & Gas Holding AB (publ) has through its subsidiary Selena Oil & Gas
AB signed a preliminary purchase agreement for the acquisition of all the
shares in a Russian company, holding an oil and gas asset in the Perm region in
the Russian Federation. According to the target company, the asset has 1.7
million tons of C1 and C2 reserves and 3.6 million tons of C3, D1 and D2
reserves according to Russian classification. The purchase price is USD 10.8
million.


The target company is currently a non-producing company and its assets are
located in close proximity to Selena's existing producing oil assets.   Selena
Oil & Gas intends to carry out a full DeGolyer and MacNaughton Competent Person
assessment of the target company reserves and resources prior to the closing of
the transaction. The signed agreement is a preliminary agreement and is subject
to the successful completion of a financial, legal and geological due
diligence, and signing of the main purchase agreement, no later than by the
30th of October 2011.

 

Selena Oil & Gas intends to finance the transaction through a new issue of
shares or loan facilities.

 

Selena Oil & Gas is also actively reviewing several other potential acquisition
opportunities in the Perm region.

 

For further information, please contact:

Indrek Rahumaa, Chairman of the Board, tel +372 509 2080 or +7 (916) 180 31 62,
e-mail: indrek.rahumaa@selenaoil.com

 

Selena Oil & Gas Holding AB (publ) (former Emitor Holding AB) is engaged in the
production and transportation of oil and gas in the Volga-Ural region in the
Russian Federation, including Perm and Udmurtia. The company is listed on
NASDAQ OMX First North in Stockholm under the ticker SOGH. Mangold
Fondkommission is the company´s Certified Adviser and liquidity provider,
telephone +46 8-503 015 50.