Shelton Petroleum AB : Change in number of shares and votes

In December 2012 the number of A and B shares in Shelton Petroleum AB changed due to a conversion of 10,000 A shares to 10,000 B shares upon the request of a shareholder. After the conversion, the number of A shares amounts to 170,580 and the number of B shares amounts to 10,470,008. The total number of votes amounts to 12,175,808. This announcement is made following the registration of the conversion at the Swedish Companies Registration Office.

For more information, please contact:

Robert Karlsson, CEO, Shelton Petroleum, tel [phone]

[e-mail]

www.sheltonpetroleum.com

About Shelton Petroleum

Shelton Petroleum is a Swedish company focused on exploring and developing concessions in Russia and the resource-rich basins of Ukraine. The company holds three licenses in the Volga-Urals area 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. Shelton Petroleum is pursuing an integrated business model and holds an equity stake in Pan European Terminals PLC. The Shelton Petroleum share is traded on NASDAQ OMX Stockholm under the under the symbol SHEL B.

The information provided herein is such that Shelton Petroleum AB is obligated to disclose it pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 8:30 on 28 December 2012.