Mar 2012
Shelton Petroleum signs Memorandum of Understanding with Nadra of Ukraine

Shelton Petroleum and state-owned Nadra of Ukraine (NJSC Nadra) have signed a Memorandum of Understanding (MoU), which allows the companies to cooperate and jointly explore opportunities in the oil and gas sector of Ukraine.

“We are very happy with the signing of the memorandum, since it strengthens our position and opens opportunities for us in finding new projects in Ukraine. NJSC Nadra has over 100 projects and licenses, which we will have a chance to review during the course of the year, and possibly cooperate on several of them,” says Zenon Potoczny, President of Shelton Petroleum.

“We are excited about the future cooperation with Shelton Petroleum and are always open to investments into the oil and gas sector of Ukraine,” commented Mr Oleg Proskuriakov, Chairman of the Board, NJSC Nadra.

In addition to the MoU, Shelton Petroleum has entered into an Agreement of Confidentiality with the State Service of Geology and Mineral Resources of Ukraine, represented by First Deputy Head Mr Lyubomyr Goncharuk. This state service works closely with NJSC Nadra and is responsible for all licensing activity in the oil and gas sector, including the transfer of a license, should Shelton Petroleum and NJSC Nadra start joint operations on an oil and gas project.

The agreements are a part of Shelton Petroleum’s strategy to build on its successful exploration and development programs. The company is continuously searching for attractive opportunities to complement and expand its existing portfolio of properties in Ukraine and Russia.

For more information, please contact:

Zenon Potoczny, President, Shelton Petroleum, +1416566 7163 zenon.potoczny@sheltonpetroleum.com

Robert Karlsson, CEO, Shelton Petroleum, tel +46 709 565141 robert.karlsson@sheltonpetroleum.com


About National Joint Stock Company Nadra of Ukraine

National Joint Stock Company Nadra of Ukraine plays a leading roll in the area of exploration and exploitation for subsurface resources in Ukraine. The main tasks of the company include realizing state interests in geological surveying; increasing the resource base; planning, organization and execution of prospecting and exploration work; and attracting investments for joint projects.

About the State Survey of Geology and Mineral Resources of Ukraine

The State Survey of Geology and Mineral Resources of Ukraine is a governmental authority, which is responsible for the activities related with control and efficient use of natural resources, geological studies and license issues.

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 holds an equity stake in Baltic Oil Terminals PLC. The Shelton Petroleum share is traded on the NGM stock exchange under the under the symbol SHEL B.