Shelton Petroleum and Petrogrand Merger Approved by the Shareholders in Both Companies

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.