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Shelton Petroleum AB: Successful seismic survey and upcoming reserves update

Shelton Petroleum has collected and analysed 95 kilometers of seismic data on
the Suyanovskoye oil field. Three promising structures with estimated
recoverable resources of approximately 47 million barrels of oil have been
identified. Shelton Petroleum is also conducting a Western independent
reserves audit on the producing Rustamovskoye oil field and the results will
be published shortly.

Shelton Petroleum has commenced an independent reserves audit for the
Rustamovskoye oil field in Bashkiria, Russia, from which the company is
producing oil following a successful drilling program. As previously
announced, the company believes that as a result of the positive drillings, a
new assessment will lead to a substantial increase in reserves compared to
the last report from 2009.

In addition, Shelton Petroleum has conducted a seismic survey on the adjacent
Suyanovskoye field. Although the first stage of the seismic program covers
only a third of the license area of 300 square kilometers, three promising
structures have been identified. In the opinion of the seismic company
responsible for the interpretation, the Russian C3 recoverable resources may
amount to approximately 47 million barrels of oil on the three structures. In
order to confirm these amounts, the company has commenced preparations for
additional seismic to tighten the grid in order to delineate the structures
and identify future drilling locations.

“These positive results open up new opportunities for Shelton Petroleum in
Bashkiria. Previous exploration has indicated the presence of hydrocarbons
and an active petroleum system and the seismic program now takes us several
steps forward as promising structures with significant resources have been
identified. Given further success in our exploration efforts, Suyanovskoye
may become equally if not more important for Shelton Petroleum than the
already producing Rustamovskoye field,” says Robert Karlsson, CEO of Shelton

The seismic survey shows multi-layer potential from the Carboniferous and
Devonian sandstones, that both could be drilled with a single well.
Bashkiria’s leading oil company Bashneft produces from the Carboniferous
layers due north of Suyanovskoye and west of Suyanovskoye Shelton Petroleum
produces from the Devonian layers on the Rustamovskoye field.

For more information, please contact:

Robert Karlsson, CEO, Shelton Petroleum, +46 709 565 141

About Shelton Petroleum

Shelton Petroleum is a Swedish company focused on exploring and developing
concessions in Russia and 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

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

Författare NGN

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