PETROGRAND AB HAS SIGNED A LETTER OF INTENT CONCERNING A RUSSIAN OIL COMPANY

Petrogrand on 6 April 2011 signed a Letter of Intent concerning the acquisition
of a Russian oil company in the Orenburg region, in southeast Russia.

After a due diligence period of two months, Petrogrand can exercise its option
to acquire the company.

Provided that all agreed terms from the side of the seller are verified during
the due diligence process, the purchase-price will amount to USD 50 million.
According to data from the State Committee for Natural Resources, the company's
reserves have been determined as C1+C2 of 5.4 million tons (or 39.4 million
barrels) and C3 of 29.5 million tons (or 215.9 million barrels), according to
the Russian classification.

Since the company today has a relatively low production of about 250
barrels/day, but with a great potential, Petrogrand will rapidly provide
necessary resources to increase production.

"The transaction represents an attractive opportunity to acquire an oil asset
with proven reserves, existing oil production and a significant development
potential in the Orenburg region. The region is well-known for its large
reserves of high quality oil, which means that oil from the region trades at a
higher price in the market", says Maks Grinfeld, CEO of Petrogrand.

For further information, please contact:

Maks Grinfeld, CEO, phone: +46 8 5000 7810

Sven-Erik Zachrisson, Chairman, phone: +46 8 41 05 45 96


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 RUR/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.

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