Nov 2011
Sale of 10 400 barrels of oil from Lelyaki at November auction

At the monthly Ukrainian oil auction held today, a total of 10,400 barrels of oil net to Shelton Petroleum was sold at a price of USD 97 per barrel net VAT. The oil was lifted from the Lelyaki oil field.

“During the past three months we have been able to sell oil from the Lelyaki oil field at an attractive price level. We are very pleased with the cooperation with our partner Ukrnafta and are currently executing a field development program of new wells, workovers and sidetrack drilling to step by step enhance productivity and increase production volumes,” says Zenon Potoczny, President of Shelton Petroleum.

Production from the Lelyaki field in October amounted to 8,100 barrels net to Shelton Petroleum. This is an increase from the production in September which amounted to 7,000 barrels.

Shelton Petroleum holds a 45% interest in the Lelyaki oil field (Kashtan Petroleum) through its wholly owned subsidiary Zhoda 2001 Corporation. Ukrnafta, Ukraine’s largest oil and gas company, owns 55%.

For more information, please contact:

Zenon Potoczny, President, Shelton Petroleum, +1416566 7163 zenon.potoczny@sheltonpetroleum.com

Robert Karlsson, CEO, Shelton Petroleum, tel +46 709 565141 robert.karlsson@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 area 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 an 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.