Correcting of the press release for publication of Year-end Report 2014

Upon publication at 10: 53 of Selena Oil & Gas Holding AB year-end
report, an incorrect comment on the year-end report was published. The
correct text can be found below, with the full year-end report enclosed.


Year-end Report 2014 and Q4 2014

Selena Oil & Gas Holding AB makes progress and is aiming to expand
its production

In 2014 Selena Oil & Gas operational performance has shown a good
progress. The acquisition of two wells 21 and 24 at Fedortsevskoye Oil
field has been completed. Furthermore, the Company commissioned regular
production from well 21 in September and from well 24 in October. After
the commissioning for regular production, the combined output has been
around 15 tons or 100 bbl per day from both wells. In total 8 300 bbl
were produced in 2014.

With respect to further development, Selena Oil & Gas is pleased to
announce a receipt of an offer from LUKOil to acquire additional wells
on its oilfields Fedortsevskoye, Komarihinskoye and Kulighinskoye. At
least five more wells are made available on sound economic terms. Should
the Company secure adequate financing, these wells together represent
potential to raise the Company´s production from present level of 100
bopd by 400-450 bopd and reach above 500 bopd. The management is
involved in discussions with financial intermediaries in Stockholm with
an objective of securing adequate financing.

Since May 2014, many shareholders have inquired for precise information
on timeframe and on strategy for the re-listing of Selena Oil & Gas
Holding AB (Publ.). The principal reason for delay in executing the
strategy for re-listing is ongoing legal disputes at Stockholm’s
Tingsrätt. The settlement of disputes would make it possible for the
Company to start a listing process and to apply for re-listing of its
shares at an attractive public exchange.

12M 2014 EBITDA amounted to a loss of -4,977 TSEK (12M 2013: loss of
-9,088 TSEK) including a write down of -3,437 TSEK. Net Result was a
loss of -8,137 TSEK (12M 2013: a loss of -15,696 TSEK), including a net
finance loss of -2,963 TSEK.

 

For full financial report, please see attachment. The report will also
be published on www.selenaoil.com.

 

For further information, please contact:

 

Magnus Stuart, Managing Director

mobile +46 706 211 350,

e-mail: magnus.stuart@selenaoil.com

 

Selena Oil & Gas Holding AB (Publ) (former Emitor Holding AB) is
engaged in the exploration, and production of oil and gas in the
Volga-Ural region in the Russian Federation, around Perm. The Company´s
shares are temporarily not publicly listed, but the Company observes all
rules, practices and policies for any company subject to public listing.
Selena Oil & Gas Holding AB are in process of seeking for a new
listing. Mangold Fondkommission serves as before as the company´s
Adviser on public information.