Shelton Petroleum and Petrogrand have today entered into an agreement that will facilitate for the companies to negotiate a breakup of the cross-ownership, which in turn will enable the companies to focus on the development of their operations and license portfolios.
In accordance with the agreement, the parties will not use their voting rights at the upcoming general meetings in June and will refrain from calling for new shareholders’ meetings. Shelton Petroleum withdraws its request for extraordinary general meeting and its share swap settlement proposal that was announced on 4 June 2014 and Petrogrand undertakes not to prolong the cash offer that expires on 1 July 2014. The companies will not acquire any additional shares in each other. The agreement, which is valid until the end of September 2014, will facilitate for the companies to negotiate a breakup of the cross-ownership between the companies and does not limit the companies to conduct and develop their respective businesses.
For more information, please contact:
Robert Karlsson, CEO Shelton Petroleum, tel +46709 565141
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing concessions in Russia and the resource-rich basins of Ukraine. In Russia, the company holds three licenses in the Volga-Urals area in Bashkiria 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. The Shelton Petroleum share is traded on NASDAQ OMX Stockholm under the symbol SHEL B.
The information provided herein is such that Shelton Petroleum AB is obligated to disclose it pursuant to the Securities Markets Act (2007:528) and the Takeover rules. The information was submitted for publication at 15:45 (CET) on 26 June 2014.
This is an English translation of the Swedish original. In case of discrepancies, the Swedish original shall prevail.