Petrogrand and Shelton Petroleum: Complete Share Swap and Name Change to Petrosibir AB

The transaction with Shelton Petroleum AB (publ) is proceeding according to the previously published plan and renaming to Petrosibir AB.

• Petrogrand has subsrcibed for 17,500,000 newly issued B-Shares in Shelton Petroleum AB (publ). Petrogrand owns now about 61 percent of shares and approximately 52 percent of the votes in Shelton Petroleum AB (publ)
• As payment Shelton has received all shares in Sonoyta LTD, a former subsidiary of Petrogrand containing USD 4 million and 49 percent of the shares in a Cyprus company, Ripiano Holdings Ltd, which in turn holds the wholly-owned Russian subsidiaries with three production licenses in Komi.
• Shelton Petroleum AB (publ) will, in accordance with the decision of the general meeting, change the company name to Petrosibir AB (publ). The new name is expected to be registered with the companies Registration Office on 17 December 2015.

Petrogrand has subscribed for 17,500,000 newly issued B shares in Shelton Petroleum AB. Petrogrand now owns 22,200,000 B shares and votes in Shelton Petroleum AB.

After the issue the total number of shares in Shelton Petroleum AB is 36,161,247 and the total number of votes is 43,018,347.

Disclosure message has been sent to the Swedish financial supervisory authority (swe. “Finansinspektionen”).