Stockholm, 2015-03-13 16:40 CET (GLOBE NEWSWIRE) --
Mikael Wallgren (Chairman) and Lars Jacobsson (board member) announce their immediate resignation from the Board of Directors of Petrogrand due to differences of opinion within the Board of Directors regarding the company's future.
Following Mikael Wallgren's and Lars Jacobsson's resignations, the Board of Directors of Petrogrand consists of Maks Grinfeld, James Smith and Timur Rodionov. Timur Rodionov has been appointed new chairman of Petrogrand.
For further information, please contact:
Maks Grinfeld, CEO, phone: +46 8 5000 7810
Certified Adviser First North: Mangold Fondkommission AB, phone: +46 8-503 01 550
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.
