Per Höjgård

Chairman

Per Höjgård is the chairman of the board. Mr. Höjgård has worked within the areas of business, finance and company management, having held the position of CFO of Preem AB for seventeen years.  Mr. Höjgård serves on the board of Preem AB, Sweden's largest oil company with sales of $12 billion. He holds a degree in Business Administration from the University of Lund. Mr. Höjgård is an independent member of the board in relation to the company and its majority shareholders.

Holding: 0 shares
Options: 3 253 805

Richard N. Edgar

Board Director

Richard N. Edgar is trained as a geologist and has been active in the oil industry in Canada and internationally for nearly 40 years. Mr. Edgar was formerly chairman of the board of Shelton Canada Corp. and currently serves on the boards of Avery Resources Inc., TriStar Oil and Gas Ltd., as well as Arrow Energy Ltd. Mr. Edgar is a member of the Petroleum Exploration Society of Great Britain, the Petroleum Exploration Society of Australia, the Canadian Society of Professional Geologists and the Association of Professional Engineers, Geologists and Geophysicists of Alberta which has awarded him the designation of Professional Geologist. He holds a BSc in Geology from the University of Alberta. Richard Edgar is an independent member of the board in relation to the company and its majority shareholders.

Holding: 4 637 771 B-shares
Options: 2 000 000

Ulf Cederin

Board Director

Ulf Cederin has 20 years' experience within finance, company management and financial markets. Mr. Cederin was the founder, CEO and member of the board of the NGM stock exchange, as well as the CEO of the listed company Nordic Growth Market NGM Holding AB for eight years. Before that, Mr. Cederin worked at Fischer Partners Mutual Fund and before that was head Sales Manager for the Nordic department at Bridge Financial Ltd. Mr. Cederin is an independent member of the board in relation to the company and its majority shareholders.

Holding: 1 166 667 A-shares and 2 479 696 B-shares
Options: 0

Peter Geijerman

Board Director

Peter Geijerman has been in business in Russia since 1997, and has several years' experience of project coordination and company management in Russia. Peter Geijerman is the founder of a company that owns and runs an industrial group in western Siberia. The group's main business activity is the building of roads and railway transport. Peter Geijerman is also an investment manager at Alpcot Agro, a Swedish company that acquires and manages agricultural property in Russia and the CIS. He has an MBA from INSEAD and a Masters degree in clinical medicine from Karolinska Institutet. He is an independent member of the board in relation to the company.

Holding: 0
Options: 0

Bruce D. Hirsche

Board Director

Mr. Hirsche served as a director of Shelton Canada Corp. from 1997-2009. He is a partner at the law firm Parlee McLaws LLP. Mr. Hirsche currently serves on the board of directors of a number of oil and gas and knowledge-based companies, six of which are public companies listed on various Canadian and United States Stock Exchanges. Mr. Hirsche holds a law degree from the University of Alberta and is admitted to the Alberta bar. He holds a Master's degree specializing in securities law from York University, Osgoode Hall Law School. Bruce Hirsche is an independent member of the board in relation to the company and its majority shareholders.

Holding: 3 579 632 B-shares

Zenon Potoczny

Board Director and President

Zenon Potoczny, born and raised in Ukraine, has extensive experience both in the oil and gas industry and working internationally. Mr. Potoczny served as President and Chief Executive Officer of Shelton Canada Corp. since the company's listing on the TSX Venture Exchange in 1996. Mr. Potoczny was also Managing Director of Shelton Corporation Limited, an Ontario-based producer and supplier of oil and oil byproducts, and a Director of Innovotech Inc. a TSX Venture-listed company. Mr. Potoczny currently serves as president of Canada-Ukraine Chamber of Commerce. He holds an MSc in Engineering and an MBA from the University of Toronto. Mr. Potoczny is the only Board Director who holds a management position at the company or its subsidiaries, whicn means that he is not an independent member of the board in relation to the company and its management but is independent in relation to its majority shareholders.

Holding: 11 185 124 B-shares 
Options: 4 000 000

Board Director

Katre Saard is a partner and investment manager at Alpcot Capital Management. She has over ten years' experience in investment management and in working with eastern European equity markets. Katre Saard was one of the founding partners of East Capital, where she also worked as a fund manager and had a seat on the board of directors. Katre Saard has also held positions as investment professional at the European Investment Fund and equity analyst at Enskilda Securities. Her language skills include English, Swedish, Estonian, Russian and French. She has a Master of Science in Business Administration from the Stockholm School of Economics. She is an independent member of the board in relation to the company.

Holding: 10 685 765 B-shares
Options: 0