“Shelton Petroleum has successfully developed its portfolio of oil and gas assets, and it is a natural and important step for us to become listed on NASDAQ OMX. Among other things, listing on an exchange that is better known internationally will facilitate trading for our shareholders in North America and Ukraine. This will lead to greater liquidity in the share and a stronger position in the capital markets,” says Robert Karlsson, CEO of Shelton Petroleum.

Until this year, Shelton Petroleum was purely an exploration company. From 1 January the company has been reporting revenues from the sale of oil from the Lelyaki field in Chernigov Region outside Poltava in Ukraine. With this, Shelton Petroleum has entered into a production phase.

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For more information, please contact:

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

Zenon Potoczny, President Shelton Petroleum, tel. +1 416 566 7163

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, a strategic partnership with Ukrnafta, Ukraine's largest oil and gas company, 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 symbol SHEL B.