May 2013
Shelton Petroleum discovers oil in the new well at Rustamovskoye

Shelton Petroleum is pleased to announce that the new well at the Rustamovskoye oil field in Russia has encountered oil in a sandstone formation at the target depth. The well will now be tested.

The well was drilled to a total depth of 2,565 meters. Wireline log data show that the deviated well encountered oil in the Devonian sandstone formation from which the two previously drilled wells are producing. A five-meter interval will now be perforated and the well will be production tested during the coming weeks.

“We are pleased that we have encountered oil in three out of three wells at Rustamovskoye. Drilling has progressed according to plan and the logging indicates another successful drilling. The production tests will provide important information about the daily production volumes we can expect from this well”, says Robert Karlsson, CEO of Shelton Petroleum.

Shelton Petroleum currently produces over 500 barrels per day with the Rustamovskoye field contributing approximately 200 barrels per day. The company owns and operates three license areas forming a continuous block of over 500 square kilometers in Bashkiria, a leading Russian oil region.

For more information, please contact:

Robert Karlsson, CEO Shelton Petroleum, +46709 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. 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 under the symbol SHEL B.