At the AGM on 17 May 2011, the shareholders of Shelton Petroleum resolved to carry out a reverse split in order to achieve a more appropriate number of shares and also to increase the transparency with regard to the price of the shares. The terms of the consolidation are 1:50, with the effect that 50 existing shares are consolidated into one new share. Based on the authorization granted by the AGM, it has been resolved that the record date shall be 6 July 2011.

Shares received from the consolidation are expected to be registered on the VP account on 7 July 2011.

Shareholders of A shares and B shares will free of charge receive the amount shares necessary to make the shareholding equally divisible by 50. The consolidation of the shares will be carried out automatically through Euroclear and the shareholders do not need to take any action. Following the consolidation, the number of shares will amount to 10,640,588, of which 180,580 are A shares and 10,460,008 are B shares.

For more information, please contact:

Robert Karlsson, CEO, Shelton Petroleum, tel +46 709 565141 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 the resource-rich basins of Ukraine. The company holds three licenses in the Volga-Urals region 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, two leading Ukrainian oil and gas companies. Shelton Petroleum is pursuing an integrated business model and has acquired a significant equity stake in 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.