Shelton Petroleum and Petrogrand want to dissolve the cross-ownership

        Print
| Source: Shelton Petroleum AB
multilang-release
Shelton Petroleum and Petrogrand have today entered into an agreement that will
facilitate for the companies to negotiate a breakup of the cross-ownership,
which in turn will enable the companies to focus on the development of their
operations and license portfolios. 


In accordance with the agreement, the parties will not use their voting rights
at the upcoming general meetings in June and will refrain from calling for new
shareholders’ meetings. Shelton Petroleum withdraws its request for
extraordinary general meeting and its share swap settlement proposal that was
announced on 4 June 2014 and Petrogrand undertakes not to prolong the cash
offer that expires on 1 July 2014. The companies will not acquire any
additional shares in each other. The agreement, which is valid until the end of
September 2014, will facilitate for the companies to negotiate a breakup of the
cross-ownership between the companies and does not limit the companies to
conduct and develop their respective businesses.

 

For more information, please contact:

Robert Karlsson, CEO Shelton Petroleum, tel +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.

The information provided herein is such that Shelton Petroleum AB is obligated
to disclose it pursuant to the Securities Markets Act (2007:528) and the
Takeover rules. The information was submitted for publication at 15:45 (CET) on
26 June 2014.

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