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2014-04-01

PETROGRAND WAIVES CONDITION IN THE PUBLIC CASH OFFER TO SHELTON’S SHAREHOLDERS

FFER TO SHELTON’S SHAREHOLDERS

Stockholm, 2014-04-01 19:08 CEST (GLOBE NEWSWIRE) --

This press release may not, directly or indirectly, be distributed or published
to or within Australia, Hong Kong, Japan, Kanda, New Zeeland, South Africa or
the United States of America. The offer is not given to (and acceptances will
not be admitted from) persons in these countries or persons in any other
country where an acceptance of the offer would require further documentation,
registration or other measures in addition to what is required by Swedish law.

Petrogrand AB (publ) ("Petrogrand ") announced a public cash offer on 21 March
2014 at 16:05 CET to the holders of shares, convertible bonds and warrants in
Shelton Petroleum AB (publ) ("Shelton") (the "Offer"). The Offer was
conditional of, among other things, that the total number of shares in Shelton
not exceed 16 585 929. Petrogrand hereby waives this condition. Other
conditions remain unchanged.

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

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