“We have been following Tomsk Refining since 2009. The acquisition of a significant equity interest in the company, which owns a brand new refinery in one of Russia’s leading oil and gas producing regions, is an important step in line with Shelton Petroleum’s growth strategy. Together, Shelton Petroleum and Tomsk Refining could create an integrated oil company with successful exploration, production and downstream operations and we intend to discuss this possibility with other shareholders in Tomsk Refining,” says Robert Karlsson, CEO of Shelton Petroleum.

Tomsk Refining is the Swedish holding company of a wholly-owned refinery that refines crude oil into gasoline and diesel products. Operations are conducted outside the Russian city of Tomsk in Western Siberia. The refinery was built during 2006 to 2008 and has an existing processing capability of some 250,000 tons of crude oil per year, which Tomsk Refining expects to increase to up to 350,000 tons per year without major additional investments.

The acquisition means that Shelton Petroleum will become the second largest owner in Tomsk Refining with 3,900,000 shares in the company. The consideration payable by Shelton Petroleum for the shares consists of approximately USD 1,000,000 in cash, a USD 3,000,000 loan set-off and 31,140,845 new B shares in Shelton Petroleum. The new shares in Shelton Petroleum are expected to be issued within the next four weeks and are partly subject to a lock-up period. A future potential additional consideration may, if certain circumstances materialize within a specified time frame, be payable.

For more information, please contact:

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

robert.karlsson@sheltonpetroleum.com

www.sheltonpetroleum.com

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 found oil in its first two wells and measured commercial flow rates. 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. 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.