Urals Energy: Receives Tanker Cash, Pays Petraco and is Now Debt Free

The Board of Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that it has received the payment from Petraco Oil Company Limited following its recent tanker shipment.

Following receipt of the Tanker Payment, Urals Energy has also repaid $3.9 million plus interest representing the full amount drawn under the short-term loan from Petraco, further details of which were announced on 6 June 2014.

Andrew Shrager, Chairman, commented:
“We are pleased to be able to announce receipt of the Tanker Payment and the repayment of the short-term loan from Petraco, the result of which is that Urals Energy is now debt free. We look forward to updating shareholders on progress in securing an agreement to settle litigation with Mr V Rovneiko and our operational plans for 2015 over the coming weeks.”