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2014-03-20

Shelton Petroleum AB: Shelton publishes supplement 2 to prospectus in connection with Shelton’s public offer to the shareholders of Petrogrand

THIS PRESS RELEASE MAY NOT, DIRECTLY OR INDIRECTLY, BE DISTRIBUTED OR
PUBLISHED TO OR WITHIN THE UNITED STATES OF AMERICA, AUSTRALIA, HONG KONG,
JAPAN, CANADA, NEW ZEALAND OR SOUTH AFRICA. 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.

Shelton Petroleum AB (publ) (”Shelton”) publishes supplement 2 to the
prospectus published on February 17, 2014 (the “Prospectus”) in connection
with Shelton’s public offer (“the Offer”) to the shareholders of Petrogrand
AB (publ) (“Petrogrand”). Supplement 2 to the Prospectus (“Supplement 2”)
has been approved and registered by the Swedish Financial Supervisory
Authority.

Supplement 2 has been prepared in connection with:

* Shelton's announcement on March 14, 2014 to complete the Offer, to increase
the consideration in the Offer from 0.34 to 0.44 Shelton B shares for each
share in Petrogrand and to extend the acceptance period up to and including
March 28, 2014.

Supplement 2 can be downloaded in electronic form from Shelton's website
www.sheltonpetroleum.com and from Pareto Securities AB’s ("Pareto
Securities”) website www.paretosec.com. A printed version of Supplement 2 can
be obtained at Shelton’s and Pareto Securities’ offices. Supplement 2 must be
read together with and forms an integral part of the Prospectus (as
supplemented) in all respects.

Stockholm, March 20, 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 12:45 (CET)
on March 20, 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.

IMPORTANT INFORMATION

THIS PRESS RELEASE MAY NOT, DIRECTLY OR INDIRECTLY, BE DISTRIBUTED OR
PUBLISHED TO OR WITHIN THE UNITED STATES OF AMERICA, AUSTRALIA, HONGKONG,
JAPAN, CANADA, NEW ZEALAND OR SOUTH AFRICA. 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.

This press release contains forward looking statements which in relation to
the Offer means certain risks and uncertainties, including the expected
advantages of the acquisition for Shelton and Shelton’s strategic and
operational expectations. Actual events or results can due to a number of
risks and uncertainties significantly differ from what has been described in
this press release, including among other things that the Offer cannot be
completed or that the completion is delayed and that the expected advantages
of the Offer for Shelton cannot be realized.

All information in this press release has been submitted as of March 20, 2014,
and Shelton has no intention, and does not undertake to, update the
information.

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

Författare NGN

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