Shelton commences seismic program on Suyanovskoye in Russia

| Source: Shelton Petroleum AB
Shelton Petroleum has commenced fieldwork for the collection of 85 kilometers
of seismic on the Suyanovskoye field in Bashkiria. Shelton Petroleum has
previously carried out helium studies on Suyanovskoye that indicate the
presence of hydrocarbons and an active petroleum system. Suyanovskoye is
Shelton Petroleum’s largest license area and has significant potential. It
borders the company’s oil producing Rustamovskoye field.

The seismic program covers the eastern part of Suyanovskoye, which is the part
directly connected to Rustamovskoye. The purpose of the seismic program is to
identify structures for future drillings. Given successful exploration wells
and that commercial quantities of oil are found, Shelton Petroleum will then be
able to book oil reserves and commence production drilling.

Some fifteen wells were drilled on Suyanovskoye during the Soviet era in order
to study the local geology. Oil was encountered in several of the wells, but
they were never intended for production and were not drilled down to the depth
and geological formation (Devonian) from which Shelton Petroleum now produces
oil on the Rustamovskoye field.

  • Our current understanding of the geology indicates that there are
    structures extending from the producing Rustamovskoye field into
    Suyanovskoye. The purpose of the seismic program is to study this further
    and identify promising structures. We are optimistic about the field’s
    potential, and we also know that Bashneft produces oil from their fields
    just north of Suyanovskoye says Robert Karlsson, CEO of Shelton Petroleum.

Following the collection of the seismic data, they will be processed and
interpreted together with data from previous seismic campaigns and drillings.
The company expects to complete this work by summer 2013.

The oil facilities to handle production from Rustamovskoye are being
constructed only a couple of kilometers from the Suyanovskoye border. The
facilities will serve as a hub also to manage future oil production from
Suyanovskoye. Thus, Shelton Petroleum will quickly be able to get the oil from
the field to the market.


For more information, please contact:  

Robert Karlsson, CEO, Shelton Petroleum, +46 709 565 141


Facts about Shelton Petroleum

Shelton Petroleum is a Swedish company focused on exploring and developing
concessions in Russia and the resource-rich basins of Ukraine. In Russia, the
company holds three licenses in the Volga-Urals area in Bashkiria 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. The Shelton Petroleum share is traded on NASDAQ OMX Stockholm under
the under the symbol SHEL B.