As previously announced, extraordinary shareholders’ meetings in both Shelton Petroleum and Petrogrand on 9 November 2015 approved an agreement between the two companies. As part of this agreement, Shelton Petroleum will acquire Petrogrand’s ownership in Sonoyta, holding USD 4 million and Petrogrand’s 49% stake in its Russian oil assets, for a consideration to be paid in Shelton Petroleum shares. Prior to this, Shelton Petroleum will distribute its Ukrainian operations to its shareholders and these operations are therefore not included in the transaction with Petrogrand.

Indicative time plan

Date Activity

7 December Last day of trading with right to participate in Shelton Petroleum’s distribution of the Ukrainian operations

8 December First day of trading without right to participate in Shelton Petroleum’s distribution of the Ukrainian operations

9 December Record date for Shelton Petroleum’s distribution of the Ukrainian operations

11 December Distribution of Shelton Petroleum’s Ukrainian operations

16 December Closing of the transaction whereby the shares in Sonoyta are transferred to Shelton Petroleum and 17 500 000 B shares are issued to Petrogrand

18 December Record date for Petrogrand’s distribution of the shares in Shelton Petroleum

22 December Distribution of Petrogrand’s shares in Shelton Petroleum

The time plan is indicative and dependent on among other things approval of a prospectus by the Swedish Financial Supervisory Authority (Swedish Finansinspektionen) prior to the issue of Shelton Petroleum shares.

Shelton Petroleum is arranging an OTC trading platform for the shares in the Ukrainian operations. It is expected that the trading can commence immediately following the distribution. Shelton Petroleum will publish on www.sheltonpetroleum.com a description of the Ukrainian company and its operations.

For more information, please contact:

Robert Karlsson, CEO Shelton Petroleum, tel +46709 565141

robert.karlsson@sheltonpetroleum.com

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.

The information provided herein is such that Shelton Petroleum AB is obligated to disclose it pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 17:30 CET on 27 November 2015.

This is an English translation of the Swedish original. In case of discrepancies, the Swedish original shall prevail.