As previously announced the agreement between Shelton Petroleum AB and Petrogrand AB was approved at the extraordinary general meeting held today on 9 November 2015. The approval was conditional upon that an extraordinary general meeting in Petrogrand also approved the agreement. Petrogrand has now held its extraordinary general meeting and also the shareholders of Petrogrand approved the agreement and the condition is thereby fulfilled.
Approval of the shareholders in both companies was a prerequisite for a completion of the transaction. The agreement will, among other things, result in a combination of the Russian oil and gas assets of the companies and a dissolution of the cross-ownership between the companies.
The Board of Shelton Petroleum continues the implementation of the different steps that are included in the agreement and will update the shareholders when new information is available.
For more information, please contact:
Robert Karlsson, CEO Shelton Petroleum, tel +46709 565141 firstname.lastname@example.org www.sheltonpetroleum.com
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing concessions in Russia and Ukraine. In Russia, the company holds 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. Shelton Petroleum oil and gas 2P reserves amount to 34 million barrels. The company’s share is traded on Nasdaq Stockholm under the symbol SHEL B.