About Shelton Petroleum
Shelton Petroleum has built effective personal relationships, strategic regional partnerships and a portfolio of projects on and offshore. The company holds three licenses in the Russian republic of Bashkiria, located southwest of the Ural Mountains. The license blocks, which border one another, have an area of over 500 square kilometers and are surrounded by other producing oil fields. Shelton Petroleum has found oil in its first two wells and measured commercial flow rates.
In Ukraine, a strategic partnership with Ukrnafta, Ukraine's largest oil and gas company, provides Shelton Petroleum, through its wholly-owned subsidiary Zhoda 2001, with concessions in the oil producing Lelyaki in Chernigov Region close to Poltava. Shelton Petroleum also has a Joint Investment Agreement with Chornomornaftogaz, the leading Ukrainian oil and gas company in offshore development. The agreement gives the company a 50 per-cent stake in major license areas in the Azov and Black Sea regions.
Shelton Petroleum was previously named Petrosibir.
The Shelton Petroleum share is traded on the NGM stock exchange under the symbol SHEL B. The company has resolved to seek a listing on NASDAQ OMX Nordic Main Market in Stockholm.
The Rustamovskoye, Aysky and Suyanovskoye license blocks
The adjacent Rustamovskoye, Aysky and Suyanovskoye license blocks are situated some 330 km by car to the North-East of Ufa, the capital of Bashkiria. The Rustamovskoye block encompasses an area of 52 sq km. The Aysky block encompasses an area of 187 sq km. The largest and most recently-acquired block, Suyanovskoye, encompases an area of 300 sq km., which brings the company's total license area to 540 sq km. The blocks are surrounded by producing oil and gas fields, all of them controlled by the mid-size Russian joint stock oil company Bashneft.
Bashkiria
Shelton Petroleum's Russian license blocks are located in Bashkiria, a federal subject of the Russian Federation. Bashkiria is located south-west of the Ural Mountains. It is rich in crude oil reserves and was one of the principal centres of oil extraction in the Soviet Union.
Bashkiria has a population of four million and an area of 140,000 sq km. The capital is Ufa. Compared to the severe climate conditions of Siberia, Bashkiria is quite favourable as the climate allows work all year around.