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2016-05-06

Petrosibir AB: New CEO in Petrosibir

The Board of Petrosibir has appointed Nikolai Millionshikov acting CEO of
Petrosibir.

Petrosibir has previously announced that Dmitry Zubatyuk has decided to resign
as CEO. The Board has appointed Nikolai Millionshikov acting CEO of
Petrosibir. Nikolai Millionshikov assumes the position on 9 May 2016. The
Board will leave it to the board that will be appointed at the AGM on 24 May
2016 to make the appointment permanent. The Board has obtained the major
shareholders’ views on the appointment of Nikolai Millionshikov.

Nikolai Millionshikov has 14 years experience from the oil and gas industry
and has a Master’s degree in geology from Moscow State University. He also
has a PhD in Mathematics from Moscow State University and a Diploma in
Financial Management. Nikolai has worked in companies such as RITEK, West
Siberian Resources, CH-Neftegaz, Matra and Rus Oil. Since 2014 Nikolai works
in First Oil as Exploration and Production Director, responsible for
technical departments and development strategy.

For more information, please contact:

Gunnar Danielsson, deputy CEO and CFO, +46 70 738 0585

Petrosibir, tel +46 8 407 1850 www.petrosibir.com

About Petrosibir

Petrosibir (previously Shelton Petroleum) is a Swedish company focused on
exploring and developing concessions in Russia. Petrosibir’s Ukrainian
operations have been distributed to its shareholders. The company holds
licenses in the Russian republics of Bashkiria and Komi. Petrosibir’s 2P oil
reserves amount to 32 million barrels. The company’s share is traded on
Nasdaq Stockholm under the symbol SHEL B until 4 February 2016. The company
will arrange a new trading platform so that the share can be traded also
following that date.

This is an English translation of the Swedish original. In case of
discrepancies, the Swedish original shall prevail.

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