Oct 2011
Sale of 8,600 barrels of oil from Lelyaki at October auction

At the monthly Ukrainian oil auction held yesterday, a total of 8,600 barrels of oil net to Shelton Petroleum was sold at a price of USD 99 per barrel net VAT. The oil was lifted from the Lelyaki oil field.

“As previously announced, the wells at the Lelyaki oil field are back on production and we are now able to sell oil 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 enhance productivity and increase production 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


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 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.