Petrogrand AB will not implement the offer on Shelton Petroleum AB

| Source: Petrogrand AB

Stockholm, 2014-07-02 11:04 CEST (GLOBE NEWSWIRE) --  

Petrogrand AB (publ) (“Petrogrand”) released in a statement on March 21, 2014 an offer for all shares in Shelton Petroleum AB (publ) (“Shelton”) for 18.6 SEK per share.

Petrogrand wants to communicate that the cash offer to Shelton’s shareholders will not be implemented. At the expiry of the acceptance period on July 1, 2014, a total of 248 901 shares, equal to 1.33 of the share capital and 0.97 of the votes, had been handed in. The condition that Petrogrand will own more than 50 % of the shares is therefore not fulfilled. This also means that Petrogrand will not buy the shares that have been handed in. The total number of shares owned in Shelton by Petrogrand is today 4 983 756, corresponding to 26.7 percent of share capital and 19.5 percent of votes in Shelton. Petrogrand have in an earlier statement communicated that the acceptance period will not be extended. Petrogrand has acquired 629 869 shares outside of the cash offer during acceptance period.


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.