Dec 2010

On 29 November 2010, the Board of Directors of Shelton Petroleum prepared a prospectus in Swedish for admission to trading of new shares. These shares were issued in connection with the previously announced new share issues completed in September and November after the acquisition of shares in Tomsk Refining AB and Baltic Oil Terminals PLC. As Shelton Petroleum announced its interim report for January-September 2010 on 30 November 2010, the Board has prepared a prospectus supplement that was approved and registered on 8 December 2010.

The prospectus and prospectus supplement have been approved and registered by the Swedish Financial Supervisory Authority in accordance with Chapter 2 sections 25, 26 and 34 respectively of the Act on trading in financial instruments and are available in Swedish at www.sheltonpetroleum.com.

For more information, please contact:

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



Shelton Petroleum is publishing this information in accordance with the Swedish Financial Markets Act (Sw. Lag om värdepappersmarknaden) and/or the Swedish Financial Trading Act (Sw. Lag om handel med finansiella instrument). This information was released for publication on 8 December 2010 at 17:30 CET.

The information in this press release does not constitute or form part of any offer to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of Shelton Petroleum. The information contained in this press release is not intended for publication, release or distribution in or into United States, Australia, Canada, South Africa, Japan, Hong Kong, New Zealand or any country under which laws and regulations there would exist an obligation to prepare, file, register or publish any information as a result hereof.

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.