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Shelton Petroleum AB: Update from Shelton Petroleum

Shelton Petroleum provides an update on the extraordinary general meeting in
Shelton Petroleum and Petrogrand and the operations in Ukraine

Extraordinary general meeting in Petrogrand

Shelton Petroleum (Shelton) holds approximately 25 per cent of the shares in
Petrogrand. Shelton has in a letter, which was delivered to the board of
Petrogrand on 19 March 2014, requested that Petrogrand gives notice to an
extraordinary general meeting as soon as possible but no later than 2 April
2014, in order for the shareholders to appoint a new board in Petrogrand.
Shelton will hold a dialogue with other shareholders in Petrogrand in order
to create a board composition that will serve the interests of the
shareholders and create value in the company.

Extraordinary general meeting in Shelton Petroleum

In a letter dated 18 March 2014, Petrogrand claimed to own more than the
required 10 per cent of the shares in Shelton Petroleum, and on the basis of
this Petrogrand requested that the board in Shelton gives notice for an
extraordinary general meeting. Following that, Petrogrand has informed
Shelton about its shareholding at the time of the request. The board in
Shelton notes that the number of shares that Petrogrand owns is lower than
the 10 per cent required to request an extraordinary general meeting. Shelton
will therefore not give notice for an extraordinary general meeting based on
the request.

Shelton Petroleum’s operations in Ukraine

Shelton Petroleum’s operations in Ukraine consist of two joint ventures. The
producing Lelyaki oil field is part of a joint venture between Shelton
Petroleum’s wholly owned subsidiary Zhoda 2001 Corporation and Ukrnafta,
Ukraine’s largest oil and gas company. The daily operations at the Lelyaki
oil field have not been affected by the recent political events in Ukraine.

Shelton Petroleum’s wholly owned subsidiary Shelton Canada Corp is party to a
Joint Investment Agreement (JIA) with Chornomornaftogaz (CNG) regarding three
licenses in the Azov Sea and Black Sea to which CNG is the license holder.
Following a referendum on 16 March 2014, Crimea has declared independence
from Ukraine and requested to be part of the Russian Federation, which has
been granted by the Russian President and the Russian Parliament. The new
Crimean Prime-minister has declared that the CNG interests on Crimea will be
nationalized by the Crimean Republic. It has been reported that private
interests and agreements will be respected. Neither the referendum nor the
nationalization of CNG, which is in violation of the Ukrainian constitution,
has been recognized by the government in Kiev or the Western community.

Due to the events described above, the board of directors of Shelton Petroleum
perceives an increased risk regarding potential future financial benefit from
the JIA with CNG. This JIA accounted for 0 per cent of Shelton Petroleum’s
revenue and profit for 2013 and approximately 2 per cent of total assets in
the balance sheet as of 31 December 2013.

For more information, please contact:

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

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 08:45 (CET)
on 25 March 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.

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