May 2011
Shelton Petroleum recruits new CFO

Shelton Petroleum is delighted to announce that Gunnar Danielsson joins the company as Chief Financial Officer. Danielsson brings with him considerable experience and expertise from his years as a partner with Ernst & Young in Moscow and CFO at Kopylovskoye.

"Gunnar has a solid background within accounting and financial management, and extensive experience from working with listed companies. He has been active in Russia during many years and will contribute broadly to the future development of Shelton Petroleum," says Shelton Petroleum CEO, Robert Karlsson.

Danielsson’s most recent position is CFO at Kopylovskoye, a company listed on NASDAQ OMX First North focusing on exploration and production of gold in Russia. Previous experience also includes twelve years within the audit division of Ernst & Young. Seven of those were spent in Moscow, where he as partner was responsible for the audit of Nordic companies active in Russia and Russian companies listed on foreign stock exchanges. Gunnar, born 1960, is a Swedish citizen and holds a degree in Business Administration from Stockholm University.

For more information, please contact:

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 the Volga-Urals area in Russia and the resource-rich basins of Ukraine. The company holds three licenses in Russia 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. Ukrainian operations include onshore as well as offshore projects. Shelton Petroleum is pursuing an integrated business model and has acquired significant equity stakes in Tomsk Refining AB and Baltic Oil Terminals PLC, the latter being 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. The company has applied for a listing of its share on NASDAQ OMX Main Market.