Shelton Petroleum extends the acceptance period for the

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. • The Offer has been accepted in the extended acceptance period by owners holding in total 1,397,974 shares in Petrogrand, corresponding to approximately 3.4 % of the shares in Petrogrand. • In total, Shelton holds 11,449,886 shares in Petrogrand, corresponding to 28.4 % of the shares in Petrogrand. • The acceptance period is extended up to and including April 11, 2014.   Shelton Petroleum AB (publ) (“Shelton”) announced on January 22, 2014 an offer to the shareholders of Petrogrand AB (publ) (“Petrogrand”) to acquire all outstanding shares in Petrogrand (the “Offer”). On February 26, 2014, Shelton announced an increase of the consideration offered from 0.30 to 0.34 Shelton B shares for each Petrogrand share and an extension of the acceptance period up to and including March 12, 2014. On March 14, 2014, Shelton announced a completion of the Offer, an increase of the consideration offered from 0.34 to 0.44 Shelton B shares for each Petrogrand share and an extension of the acceptance period up to and including March 28, 2014. The Offer has been accepted in the extended acceptance period by owners holding in total 1,397,974 shares in Petrogrand, corresponding to approximately 3.4 % of the shares and votes in Petrogrand. Settlement of consideration for the shares that have been submitted in the Offer’s extended acceptance period, which expired on March 28, 2014, is expected to commence on or about April 4, 2014. Consideration will initially consist of Shelton interim shares (Sw Shelton BTA), and transfer of interim shares to subscribers’ vp accounts will be notified through vp notices. There will be no notification of the transfer of Petrogrand shares from reservation accounts. Shelton interim shares will be exchanged for Shelton B shares as soon as possible after the issue has been registered with the Swedish Companies Registration Office. Exchange of interim shares to common shares is expected to take place during week 15 without separate notification. No trading in interim shares will be facilitated. Shelton has decided to extend the acceptance period up to and including April 11, 2014 CET 17.00 to allow shareholders who have not yet accepted the Offer to accept it. Settlement of consideration to shareholders who accept the Offer during the extended acceptance period may be effected continuously. However, final settlement is expected to take place on April 22, 2014. As the Offer is unconditional, shareholders who accept the Offer during the extended acceptance period do not have the right to withdraw their acceptances. Due to the shares that have been submitted in the Offer’s extended acceptance period, which expired on March 28, 2014, and the shares that may be submitted in the Offer’s extended acceptance period, which expires on April 11, 2014, the Board of Directors of Shelton have resolved on a new issue of a maximum of 4 444 000 B shares with payment in kind consisting of shares in Petrogrand at the above terms. The right to subscribe for shares shall exclusively be held by such shareholders in Petrogrand who have accepted the Offer. At full subscription, the Company’s share capital may be increased by a maximum of SEK 22 220 000. Subscription shall take place from April 2, 2014 up to and including April 22, 2014. The Board of Directors reserves the right to extend the acceptance period. As per the day of this press release, 615 108 B shares have been subscribed and allocated as a result of the shares that were submitted in the Offer’s extended acceptance period which expired on March 28, 2014. Shelton has not purchased any shares in Petrogrand outside the Offer. As of April 3, 2014, Shelton owns in total 11,449,886 shares, corresponding to approximately 28.4 % of the shares and votes in Petrogrand. Shelton keeps the right to extend the acceptance period. For other terms and conditions of the Offer please refer to the prospectus and supplements thereto that have been prepared in connection with the Offer, which can be downloaded in electronic form from Shelton's website www.sheltonpetroleum.com and from Pareto Securities AB’s website www.paretosec.com. Printed version of the documents can be obtained from Shelton’s and Pareto Securities’ offices.   Stockholm April 3, 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 9:20 (CET) on April 3, 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 April 3, 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.