Stockholm, 2014-02-24 15:02 CET (GLOBE NEWSWIRE) --
On 22 January 2014, Shelton Petroleum AB submitted a public offer to the shareholders of Petrogrand.
The Board of Directors of Petrogrand has engaged ABG Sundal Collier Norway ASA "ABG Sundal Collier" for making an independent valuation of Shelton Petroleum AB and its assets. ABG Sundal Collier is considered the leading investment bank in the Nordic region in respect of valuations of companies in the energy sector.
ABG Sundal Collier's assessment is that Shelton's offer is inadequate (see appendix).
After review of ABG Sundal Collier's valuation, the Board of Directors concludes that Shelton Petroleum AB's offer is substantially lower than an offer that the Board of Directors would recommend. The Board of Directors advises Petrogrand's shareholders not to accept the offer.
The Board of Directors,
This is a translation of the Swedish version. In case of any discrepancy between the English and the Swedish version, the Swedish version shall take precedence.
For further information, please contact: Mikael Wallgren, Chairman, phone: +46 8 5000 7810 Anders Ahlm, Board Member, 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.
