At the Ukrainian oil auction on 20 July, a total of 10,400 barrels of oil net to Shelton Petroleum was sold at a price of USD 89 per barrel net of VAT. Proceeds from the auction amount to approximately USD 900,000, equivalent to SEK 6.4 million. The oil was lifted from the Lelyaki oil field.
Production from the Lelyaki field in June 2012 amounted to 10,100 barrels net to Shelton Petroleum. This equals a daily production of 337 barrels, which is an increase of 25 per cent compared to the average daily production in 2011.
Shelton Petroleum has a 45% interest in Kashtan Petroleum (holder of the license to the Lelyaki oil field) 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
Robert Karlsson, CEO, Shelton Petroleum, tel +46 709 565141 email@example.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 holds an equity stake in Baltic Oil Terminals PLC. The Shelton Petroleum share is traded on the NGM stock exchange under the under the symbol SHEL B.