On 22 January 2014 Shelton Petroleum AB announced an offer to acquire all the outstanding shares in Petrogrand AB. Maks Grinfeld and Mats Jansson are board members of both Shelton Petroleum and Petrogrand. Maks Grinfeld is also the CEO of Petrogrand. Due to the potential conflict of interest that may arise in relation to Shelton Petroleum’s offer, Maks Grinfeld and Mats Jansson has informed the Board of Directors in Shelton Petroleum that they resign from the board and that they will submit the deregistration documents to the Swedish Companies Registration Office.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, +46 709 565 141
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing concessions in Russia and the resource-rich basins of Ukraine. In Russia, the company holds three 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, two leading Ukrainian oil and gas companies. The Shelton Petroleum share is traded on NASDAQ OMX Stockholm under the symbol SHEL B.