Shelton Canada Corp.
TSX VENTURE : STO

Shelton Canada Corp.

December 17, 2009 14:24 ET

Shelton Canada Corp.: Results of Annual and Special Meeting Held in Connection With Plan of Arrangement

EDMONTON, ALBERTA--(Marketwire - Dec. 17, 2009) - Shelton Canada Corp. ("Shelton") (TSX VENTURE:STO), a public company listed on the TSX Venture Exchange (TSX-V) in Canada (STO) announces that further to its announcement on July 15, 2009 to enter into a Plan of Arrangement with Petrosibir AB ("Petrosibir") of Sweden, the shareholders of Shelton who voted at the shareholders' meeting held on December 16, 2009 approved the plan of arrangement between Petrosibir and Shelton. One hundred (100%) percent of the shareholders who voted in person or by proxy voted in favour of the Plan of Arrangement. Subject to the granting of the final order from The Court of Queen's Bench of Alberta giving final approval to the Plan of Arrangement, the transaction is expected to close on or about December 31, 2009. After the closing of the transaction Shelton will become a wholly-owned subsidiary of Petrosibir and the current shareholders in Shelton will become shareholders of Petrosibir.

"The merger with Shelton will add four interesting projects in Ukraine to our asset portfolio. Shelton has a long history of successful operations in Ukraine which I am looking forward to building on. I am looking forward to working with Zenon Potoczny, Richard Edgar and Bruce Hirsche, currently directors of Shelton, who have accepted to stand for election to the board of Petrosibir in January" says Robert Karlsson, CEO of Petrosibir.

"We are very happy that the strong merits we see in a combination with Petrosibir are recognized by our shareholders. Shelton's shareholders will become part of a larger corporation with excellent potential in development of its Russian and Ukrainian assets. I am looking forward to working in an operating role in our new combined business" says Zenon Potoczny, CEO 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 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.

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.

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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