Dec 2010


In December 2009, Shelton Petroleum issued convertible bonds. In May 2010, some investors converted some or all of their holdings of convertible bonds into shares of series B. This resulted in a change in the number of shares and votes in Shelton Petroleum.

In December 2009, Shelton Petroleum issued convertible bonds in a nominal amount of approximately SEK 30 million. The convertible bonds were issued to certain selected qualified investors and certain other selected investors. The issue of the convertible bonds was based on the authorization resolved by the Extraordinary General Meeting held on 28 October 2009.

The conversion of the convertible bonds in December resulted in an issue of 1,000,000 shares of series B, which increased the total number of Shelton Petroleum B-shares to 522,981,287. Besides the B-shares, there are 9,028,593 A-shares in Shelton Petroleum. After the completion of the non-cash issuance, the number of votes in Shelton Petroleum amounts to 613,267,217, and the total number of shares amounts to 532,009,880.

For more information, please contact:

Robert Karlsson, CEO, Shelton Petroleum, tel +46 709 565 141



About Shelton Petroleum

Shelton Petroleum is a Swedish company focused on exploring and developing concessions in the Volga-Urals area in Russia and the resource-rich basins of Ukraine. Shelton Petroleum has built effective personal relationships, strategic regional partnerships and a portfolio of projects onshore and offshore. The company holds three licenses in the Russian republic of Bashkiria, located southwest of the Ural Mountains. The license blocks, which border one another, have an area of over 500 square kilometers and are surrounded by other producing oil fields. The company has commenced production from one of its two successful exploration wells in Russia. In Ukraine, Shelton Petroleum’s wholly-owned subsidiary Zhoda 2001 has a strategic partnership with Ukrnafta, Ukraine's largest oil and gas company. It provides Shelton Petroleum with a stake in the oil producing Lelyaki field in Chernigov Region close to Poltava. Shelton Petroleum also has a Joint Investment Agreement with Chornomornaftogaz, the leading Ukrainian oil and gas company in offshore development, that gives it a fifty per-cent stake in three major license areas in the Azov and Black Sea regions. Shelton Petroleum is a substantial shareholder in Tomsk Refining, a Swedish company that owns a brand new refinery in Tomsk in Western Siberia. Shelton Petroleum recently announced a share swap and strategic relationship with Baltic Oil Terminals PLC, an AIM listed company with a terminals and transshipment business in Kaliningrad on the coast of the Baltic Sea. The Shelton Petroleum share is traded on the NGM stock exchange under the under the symbol SHEL B. The company has applied for a listing of its share on NASDAQ OMX Main Market.

The information provided herein is such that Shelton Petroleum AB is obligated to disclose it pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. Submitted for publication at 5:30 p.m. on 30 December 2010.