Petrogrand AB requests conversion of Convertible 1

Stockholm, 2013-10-07 08:30 CEST (GLOBE NEWSWIRE) --  

Petrogrand AB has requested the conversion of Convertible debentures 1 of 30 000 000 SEK into 1 500 000 shares in Shelton Petroleum AB. For conversion purposes Shelton will issue 1 500 000 B -shares, thus after conversion the total number of shares in Shelton will amount to 12 140 588, of which 170 580  A- shares and 11 970 008 B-shares, and the total number of votes will amount to 13 675 808. Thus after conversion Petrogrand will have 12,36% of total shares and 10,97% of votes in Shelton.

For further information, please contact:

Maks Grinfeld, CEO, phone: +46 8 5000 7810 Mikael Wallgren, Chairman, phone: +46 8 5000 7810 Certified Adviser First North: Mangold Fondkommission AB

Reasonable caution notice: The statement and assumptions made in the company's information regarding Petrogrand AB's ("Petrogrand") current plans, prognoses, strategies, concepts and other statements that are not historical facts are estimations or "forward looking statements" concerning Petrogrand's future activities. Such future estimations comprise but are not limited to statements that include words such as "may occur", "concerning", "plans", "expects", "estimates", "believes", "evaluates", "prognosticates" or similar expressions. Such expressions reflect the management of Petrogrand's expectations and assumptions made on the basis of information available at that time.

These statements and assumptions are subject to a large number of risks and uncertainties. These, in their turn, comprise but are not limited to I) changes in the financial, legal and political environment of the countries in which Petrogrand conducts business, II) changes in the available geological information concerning the company's projects in operation, III) Petrogrand's capacity to continuously guarantee sufficient financing to perform their activities as a "going concern", IV) the success of all participants in the group, or of the various interested companies, joint ventures or secondary alliances, V) changes in currency exchange rates, in particular those relating to the RUB/USD rate. Due to the background of the many risks and uncertainties that exist for any oil-prospecting venture and oil production company in its initial stage, Petrogrand's actual future development may significantly deviate from that indicated in the company's informative statements.