Independent fairness opinion on Shelton Petroleum’s settlement proposal

The Board of Directors of Shelton Petroleum has assigned Birger Jarl
Fondkommission to provide a fairness opinion on the share swap to dissolve the
cross-ownership with Petrogrand. The fairness opinion states that the proposal
is fair from a financial point of view.


Shelton Petroleum has presented a settlement proposal that will dissolve the
cross-ownership between Shelton Petroleum and Petrogrand. The proposal, which
has been put forward for resolution at general meetings in both companies, has
been designed to give the companies the necessary conditions to develop their
respective license portfolios on their own. The disputes and the strained
relationship between the companies affect the companies and their shareholders
negatively. It is therefore the opinion of Shelton Petroleum that it would be
better for the companies to go their separate ways rather than to deepen the
relationship by further joint operational activities.

Since Shelton Petroleum’s proposal involves a transaction with one of the major
shareholders in the company, the Board of Directors has arranged for an
independent assessment of the proposal. According to Birger Jarl
Fondkommission’s fairness opinion, the settlement proposal is fair to the
shareholders of Shelton Petroleum from a financial point of view. The fairness
opinion is available in Swedish at Shelton Petroleum’s website

http://www.sheltonpetroleum.com/index.php?page=annual-general-meeting-2&hl=eng.

The Board of Director’s proposal for an agreement with Petrogrand AB is subject
to resolution on the annual general meeting in Shelton Petroleum on 30 June
2014. Shelton Petroleum has also requested that the proposal is presented and
resolved on at a general meeting in Petrogrand AB on 27 June 2014.

 

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. 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 symbol SHEL B.

This is an English translation of the Swedish original. In case of
discrepancies, the Swedish original shall prevail.