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2014-03-10

PETROGRAND AB: Statement from the new elected Board of Petrogrand AB

Petrogrand AB
Company Announcement

Statement from the new elected Board of Petrogrand AB

Stockholm, 2014-03-10 16:55 CET (GLOBE NEWSWIRE) --

On 22 January 2014, Shelton Petroleum AB (publ) ("Shelton") made a public offer
to acquire all outstanding shares in Petrogrand AB (publ) ("Petrogrand"),
offering 0,30 B shares in Shelton for each share in Petrogrand. On 24 February
2014 commented the Board of Petrogrand on Shelton's offer and recommended
Petrogrand's shareholders not to accept the bid.

On 26 February 2014 Shelton has updated its offer to 0,34 B shares in Shelton
for each share in Petrogrand. The Board again recommended Petrogrand's
shareholders not to accept the updated bid.

On 21 February 2014 communicated to Petrogrand concluded a cooperation
agreement with Gazprom Neft. On 24 February 2014 Petrogrand has published a
correction of that press release in which it was stated that neither the
contractual negotiations with Gazprom Neft, the agreement itself nor the press
release had been firmly authorized or approved by the Board.

The Petrogrand extraordinary general meeting on March 7 2014 resolved that the
Board of Directors shall consist of five Board members in accordance with
proposal 1, stated in the Notice to EGM.

The EGM resolved, in accordance with the proposal 1, to re-elect Maks Grinfeld
and Mikael Wallgren as Board members. Lars Jacobsson was elected as a new
member of the Board. Timur Rodionov and James Smith previous deputy directors
were elected as Board members. Mikael Wallgren was appointed by the EGM to
serve as chairman of the Board.

The new Board has today 10 March 2014 decided to endorse the previous Board’s
recommendation to its shareholders not to accept the Shelton bid. Furthermore
the new board decided to give Petrogrand’s management a mandate to continue
negotiations with Gazprom Neft regarding the cooperation agreement about joint
work in Muromsky 2 and Nizhnepaninsky licence areas.

The Board of Directors

This is a translation of the Swedish version. In case of any discrepancy between
the English and the Swedish version, the Swedish version shall take precedence.

For further information, please contact:

Maks Grinfeld, CEO, phone: +46 8 5000 7810
Mikael Wallgren, Chairman, phone: +46 8 5000 7810
Certified Adviser First North: Mangold Fondkommission AB

Reasonable caution notice: The statement and assumptions made in the company's
information regarding Petrogrand AB's ("Petrogrand") current plans, prognoses,
strategies, concepts and other statements that are not historical facts are
estimations or "forward looking statements" concerning Petrogrand's future
activities. Such future estimations comprise but are not limited to statements
that include words such as "may occur", "concerning", "plans", "expects",
"estimates", "believes", "evaluates", "prognosticates" or similar expressions.
Such expressions reflect the management of Petrogrand's expectations and
assumptions made on the basis of information available at that time.

These statements and assumptions are subject to a large number of risks and
uncertainties. These, in their turn, comprise but are not limited to I) changes
in the financial, legal and political environment of the countries in which
Petrogrand conducts business, II) changes in the available geological
information concerning the company's projects in operation, III) Petrogrand's
capacity to continuously guarantee sufficient financing to perform their
activities as a "going concern", IV) the success of all participants in the
group, or of the various interested companies, joint ventures or secondary
alliances, V) changes in currency exchange rates, in particular those relating
to the RUB/USD rate. Due to the background of the many risks and uncertainties
that exist for any oil-prospecting venture and oil production company in its
initial stage, Petrogrand's actual future development may significantly deviate
from that indicated in the company's informative statements.

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