21
Sep 2011
Sale of 8,500 barrels of oil from Lelyaki in Ukraine

At the monthly Ukrainian oil auction held today, a total of 8,500 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, where production was recently reinstated.

“We are very pleased that operations are back to normal at the Lelyaki oil field. The wells are on production and we have now sold our first oil following the shut-in that was recently lifted. Together with our partner Ukrnafta, we are looking forward to continuing a program of new wells, workovers and sidetrack drilling to enhance productivity from this asset and add incremental volumes,” says Zenon Potoczny, President of Shelton Petroleum.

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

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 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 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.