Shelton Canada Corp.
TSX VENTURE : STO

Shelton Canada Corp.

June 22, 2009 13:39 ET

Shelton Canada Corp.: News Release

CALGARY, ALBERTA--(Marketwire - June 22, 2009) - Shelton Canada Corp. ("Shelton" or the "Company") (TSX VENTURE:STO) announces that the TSX Venture Exchange has accepted a debt settlement transaction of an aggregate of 706,376 common shares of the Company (the "Common Shares") at a deemed price of $0.20 per Common Share for total debt of $141,275.20. The debt occurred as a result of Canada Revenue Agency ("CRA") not recognizing the reassessment of certain flow-through expenditures. Accordingly, on August 25, 2008 the Company made the decision to issue Common Shares as a form of compensation to those shareholders affected by the CRA ruling.

Furthermore, Shelton is pleased to announce that Richard N. Edgar has been appointed as Chief Financial Officer of Shelton effective June 15, 2009 to fill the vacancy of Zenon Potoczny who resigned his position as Chief Financial Officer effective the same date. Mr. Potoczny will continue to remain as President, Chief Executive Officer, and a director of Shelton.

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 experienced 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.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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