STO

Shelton Canada Corp. ("Shelton"), a public company listed on the TSX Venture
Exchange (TSX VENTURE:STO) in Canada (STO) and Petrosibir AB ("Petrosibir"), a
Swedish public company listed on the Nordic Growth Market in Stockholm, Sweden
(PETS) announce that further to the announcements concerning the intended
business combination, Petrosibir today reached an agreement with Mr. Michail
Malyarenko, one of the largest shareholders in the Swedish registered refinery
Tomsk Refining. The agreement gives Petrosibir an option to acquire Mr.
Malyarenko's shares in Tomsk Refining, equal to 17.5 per cent of the outstanding
shares, if Petrosibir grants a loan to Mr. Malyarenko. Petrosibir intends to
initiate discussions with the other shareholders in Tomsk Refining about
potentially combining the two companies. 


The agreement means that before December 7, 2009 Petrosibir has the right, but
not the obligation, to grant a loan to Mr. Malyarenko. If the loan is granted,
Mr. Malyarenko will pledge all his shares in Tomsk Refining for the loan. The
loan is granted for 240 days. Until 30 days before the loan is due, the
agreement gives Petrosibir the right, but not the obligation, to, instead of
receiving repayment of the loan plus accrued interest, acquire all Mr.
Malyarenko's shares in Tomsk Refining for a consideration that consists of the
loan amount and an additional payment in either B-shares of Petrosibir or cash.


Tomsk Refining is a Swedish holding company of a wholly-owned refinery that
refines crude oil into gasoline, diesel and naphtha products. Operations are
conducted outside the Russian city of Tomsk in Western Siberia. The refinery was
built during 2006 and 2008 and has a designed processing capability of up to
300,000 tons of crude oil per year, corresponding to approximately 6,800 barrels
per day.


"The option to acquire a significant equity interest in Tomsk Refining, with a
brand new refinery in one of Russia's leading oil and gas producing regions, is
an important step in line with Petrosibir's growth strategy. Tomsk Refining has
since operations started in the end of last year successfully ramped up
production month by month, and the company has cash flow positive operations
today. Together, Petrosibir and Tomsk Refining can build a powerful, integrated
oil company with successful exploration, imminent production and a newly built
refinery with increasing volumes. We intend to initiate discussions with the
other shareholders in Tomsk Refining about potentially combining the two
companies," says Robert Karlsson, CEO of Petrosibir.


About Shelton Canada Corp.:

Shelton Canada Corp. (www.sheltoncdn.com), a Canadian-based junior oil and gas
company, is focused on exploring and developing the resource-rich basins of
Ukraine. The company has an internationally experience board of directors and a
long history of successful operations in Ukraine. These competitive advantages
have helped Shelton to build effective personal relationships, strategic
regional partnerships, and a large land position and a portfolio of projects on
and offshore. Shelton's long-term goals are to become the leader in oil and gas
production from the resource-rich Azov and Black Sea basins in five years.


About PetrosibirAB:

Petrosibir AB is a Swedish company focused on oil and gas exploration. The
company holds three exploration licenses in the Russian republic of Bashkiria,
located southwest of the Ural Mountains. The license blocks, which border one
another, are 52 square km (Rustamovskoye) and 187 square km (Aysky), 300 square
km (Suyanovske), and are surrounded by other producing oil fields. Petrosibir
has found oil in its first and second well and measured commercial flow rates.
The Petrosibir share is traded on the NGM stock exchange under the symbol PETS.
In July 2009 Petrosibir announced that it had entered into a plan of arrangement
agreement with Shelton Canada Corp, a Canadian company that has oil and gas
assets in Ukraine and is listed on the TSX Venture Exchange.


Forward-Looking Information

Except for statements of historical fact relating to the company, this news
release may contain certain "forward-looking information" within the meaning of
applicable securities law including opinions, assumptions, estimates and
management's assessment of future plans and operations, budgeted capital
expenditures and funding thereof. Forward-looking information in this news
release is characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate", and other similar words, or statements that
certain events or conditions "may" "will" or "could" occur. There are
uncertainties inherent in forward-looking information, including factors beyond
Shelton's control, and no assurance can be given that such events will occur on
time or at all. BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

StonePoint Energy Inc. (TSXV:STO)
Historical Stock Chart
From May 2024 to Jun 2024

StonePoint Energy Inc. (TSXV:STO)
Historical Stock Chart
From Jun 2023 to Jun 2024