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2014-05-14

Shelton Petroleum AB: Shelton Petroleum repurchases convertible bonds 2013/2014 and issues shares

The Board of Shelton Petroleum AB (publ) (“Shelton Petroleum
”) today repurchased convertible bonds 2013/2014 in the amount of SEK 9.5
million and in relation to this, under the authorization of the extraordinary
general meeting 9 January 2014, resolved, with derogation from the
shareholders’ pre-emption rights, to issue a maximum of 593,750 shares of
series A at a price of SEK 16 per share to the holder of the convertible bond
which was repurchased (“the Issue
”).

Shelton Petroleum has outstanding convertible bonds 2013/2014 which, according
to the conditions, can either be converted to shares of series B in the
company at a conversion price of SEK 16 per share in the period 1 – 15 June
2014, or repaid in cash on the maturity date 30 June 2014 to the extent they
have not already been converted.

In April 2014 one of the larger holders of the company’s convertible bond, who
held convertible bonds 2013/2014 in the total nominal amount of SEK 9.5
million (the total nominal amount of all the outstanding convertible bonds
2013/2014 amounted to approximately SEK 22.4 million), declared that he would
not convert his convertible bonds to shares of series B but instead demand a
cash repayment of the loan on the maturity date. The holder of the
convertible bond has in negotiations with the company declared himself
willing to exchange the convertible bond for shares of series A, as an
alternative to cash repayment. Shelton Petroleum has thoroughly evaluated the
available alternatives for the company. Taking into account, among other
things, the company’s cash situation and financial position and the
negotiations held with the holder of the convertible bond, it was assessed
that the best alternative for the company and its shareholders was to acquire
the convertible bond from the holder of the convertible bond for a
consideration equal to the nominal amount of the convertible bond (plus
accrued interest) and to issue shares of series A to the holder of the
convertible bond at a price of SEK 16 per share (equal to the conversion
price of the convertible bond), whereby payment could be done by way of
set-off of the said consideration (excluding accrued interest). With this
background, which also is the reason for the derogation from the
shareholders’ pre-emption rights, the board has resolved on the Issue.

Following the Issue (which was fully subscribed to) Shelton Petroleum’s share
capital increased by SEK 2,968,750 to SEK 89,271,860, the number of shares
increased by 593,750 to 17,854,372 (764,330 shares of series A and 17,090,042
shares of series B) and the number of votes increased by 5,937,500 to
24,733,342 votes. The new shares correspond to approximately 3.3 per cent of
the share capital and approximately 24 per cent of the votes in Shelton
Petroleum. Subscription and payment for the shares was made on 14 May 2014.

The Issue reduces Shelton Petroleum’s debt under the outstanding convertible
bond from approximately SEK 22.4 million to SEK 12.9 million.

Stockholm 14 May, 2014 Shelton Petroleum AB (publ)

The Board of Directors

For more information, please contact:

Robert Karlsson, CEO Shelton Petroleum, +46 709 565 141
robert.karlsson@sheltonpetroleum.com

www.sheltonpetroleum.com

The information provided herein is such that Shelton Petroleum AB is obligated
to disclose it pursuant to the Securities Markets Act (2007:528) and the
Takeover rules. The information was submitted for publication at 15.40 (CET)
on 14 May, 2014.

About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing
concessions in Russia and the resource-rich basins of Ukraine. In Russia, the
company holds three licenses in the Volga-Urals area in Bashkiria and has
commenced production on the Rustamovskoye field after a successful
exploration program. In Ukraine, Shelton Petroleum’s wholly owned subsidiary
has a joint venture with Ukrnafta and Chornomornaftogaz, two leading
Ukrainian oil and gas companies. The Shelton Petroleum share is traded on
NASDAQ OMX Stockholm under the symbol SHEL B.

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

Författare NGN

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