Oct 2010

At the end of September 2010, Shelton Petroleum acquired 3,900,000 shares in Tomsk Refining AB. The consideration consisted of cash, a set-off of a loan and 31,140,845 new B-shares. This resulted in a change in the number of shares and votes in Shelton Petroleum in October.

The acquisition means that Shelton Petroleum becomes the second largest owner in Tomsk Refining with 3,900,000 shares in the company. The consideration payable by Shelton Petroleum for the shares consisted of approximately USD 1,000,000 in cash, a USD 3,000,000 loan set-off and 31,140,845 new B-shares in Shelton Petroleum. The newly issued shares increased the total number of Shelton Petroleum B-shares to 467,981,287. Besides the B-shares, there are 9,028,593 A-shares in Shelton Petroleum. After the completion of the issuance, the number of votes in Shelton Petroleum is 558,267,217, and the total number of shares amounts to 477,009,880.

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. 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 29 October 2010.