Stockholm, 2014-04-17 09:32 CEST (GLOBE NEWSWIRE) --
Petrogrand AB (publ) ("Petrogrand") announced on 21 March 2014 at 16:05 CET a public cash offer to the owners of shares, convertible bonds and warrants in Shelton Petroleum AB (publ) ("Shelton Petroleum") ("the Offer"). In the press release issued on 4 April 2014, it was announced that the acceptance period for the Offer would be moved from 22 April 2014 up to and including 13 May 2014.
The Board of Petrogrand has decided to extend the acceptance period to 1 July 2014. Thus, the new acceptance period runs from 22 April 2014 to 1 July 2014. Settlement is expected to commence on about 10 July 2014.
This is a translation of the Swedish version. In case of any discrepancy between the English and the Swedish version, the Swedish version shall take precedence.
For further information, please contact:
Maks Grinfeld, CEO, phone: +46 8 5000 7810
Mikael Wallgren, Chairman, phone: +46 8 5000 7810
Certified Adviser First North: Mangold Fondkommission AB
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 RUB/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.