Stockholm, 2015-01-26 16:06 CET (GLOBE NEWSWIRE) --
An Extraordinary General Meeting of the shareholders in Petrogrand was held earlier today (the "EGM"). The EGM was convened by the Board of Directors of Petrogrand for purposes of resolving on a proposed agreement with Shelton Petroleum AB (publ) ("Shelton Petroleum") to dissolve the cross-ownership between the companies.
Despite the news that an Extraordinary General Meeting of the shareholders in Shelton Petroleum held the same morning had voted down a corresponding proposal to dissolve the cross-ownership, the Board of Directors of Petrogrand decided to carry out the EGM, however with certain necessary adjustments of the Board of Directors' proposal:
The EGM resolved to approve the Board of Directors' proposal regarding an agreement with Shelton Petroleum to dissolve the cross-ownership between the companies. It was noted that the resolution was conditional upon that the Extraordinary General Meeting in Shelton Petroleum held the same day also approved the agreement. It was concluded that this condition had not been fulfilled.
Mikael Wallgren, chairman of the Board of Directors of Petrogrand, commented on the resolutions of the two Extraordinary General Meetings:
"The Board of Directors of Petrogrand regrets that the proposal to dissolve the cross-ownership with Shelton Petroleum has not been possible to carry out in the manner that Petrogrand had wished and worked hard for. It is important for Petrogrand and its shareholders that the company can continue to develop and focus on its business operations without the distractions that the cross ownership and related conflicts with Shelton Petroleum has meant this past year. Despite the great disappointment of the outcome of today's Extraordinary General Meeting in Shelton Petroleum, the Board of Directors of Petrogrand hopes that the companies will now be free continue with their respective business operations independently from each other and without further actions to the detriment of the shareholders."
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, phone: +46 8-503 01 550
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.
