The agreement between Shelton Petroleum and Petrogrand has been approved by the shareholders in both companies

As previously announced the agreement between Shelton Petroleum AB and
Petrogrand AB was approved at the extraordinary general meeting held
today on 9 November 2015. The approval was conditional upon that an
extraordinary general meeting in Petrogrand also approved the agreement.
Petrogrand has now held its extraordinary general meeting and also the
shareholders of Petrogrand approved the agreement and the condition is
thereby fulfilled.


Approval of the shareholders in both companies was a prerequisite for a
completion of the transaction. The agreement will, among other things,
result in a combination of the Russian oil and gas assets of the
companies and a dissolution of the cross-ownership between the
companies.

The Board of Shelton Petroleum continues the implementation of the
different steps that are included in the agreement and will update the
shareholders when new information is available.

 

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 Ukraine. In Russia, the company
holds 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. Shelton Petroleum oil
and gas 2P reserves amount to 34 million barrels. The company’s share is
traded on Nasdaq Stockholm under the symbol SHEL B.