Shelton Petroleum’s total oil production in January amounted to 15,800 barrels,
equivalent to 510 barrels per day.
The table below summarizes the production broken down by oil field.
┌─────────────────────┬──────┬────────┬───────┐
│ │Jan │Jan │Jan-Dec│
│ │ │ │ │
│ │2013 │2012 │2012 │
├─────────────────────┼──────┼────────┼───────┤
│Lelyaki │9,650 │ 9,500 │119,950│
├─────────────────────┼──────┼────────┼───────┤
│Rustamovskoye │6,150 │ 5,000 │57,900 │
├─────────────────────┼──────┼────────┼───────┤
│Total barrels │15,800│14,500 │177,850│
├─────────────────────┼──────┼────────┼───────┤
│ │ │ │ │
├─────────────────────┼──────┼────────┼───────┤
│Lelyaki │311 │ 306│328 │
├─────────────────────┼──────┼────────┼───────┤
│Rustamovskoye │198 │ 161│158 │
├─────────────────────┼──────┼────────┼───────┤
│Total barrels per day│510 │ 468│486 │
└─────────────────────┴──────┴────────┴───────┘
The new well #310 at the Lelyaki oil field in Ukraine was drilled to total
depth of 2040 meters at the end of 2012. During January, the authorities
reviewed and approved the well for testing and production. The operator has
commenced testing of the Carboniferous zone. The testing period is expected to
be completed within the next few weeks. Depending on the results, the operator
will either start production of oil from that zone or isolate it and perforate
the shallower Permian zone, which accounts for approximately 75 per cent of the
current Lelyaki field production.
Shelton Petroleum has a 45% working interest in Kashtan Petroleum (holder of
the license to the Lelyaki oil field) through its wholly owned subsidiary Zhoda
2001 Corporation. Ukrnafta, Ukraine's largest oil and gas company, owns the
remaining 55%. Shelton Petroleum holds 100% of the Rustamovskoye license in
Russia. The production data in the table above represents Shelton Petroleum’s
working interest.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, +46 709 565 141
robert.karlsson@sheltonpetroleum.com
www.sheltonpetroleum.com
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing
concessions in Russia and the resource-rich basins of Ukraine. The company
holds three licenses in the Volga-Urals area and has commenced production on
the Rustamovskoye field after a successful exploration program. In Ukraine,
Shelton Petroleum’s wholly owned subsidiary has a joint venture with Ukrnafta
and Chornomornaftogaz, two leading Ukrainian oil and gas companies. Shelton
Petroleum is pursuing an integrated business model and holds an equity stake in
Pan European Terminals PLC. The Shelton Petroleum share is traded on NASDAQ OMX
Stockholm under the under the symbol SHEL B.
