Shelton Canada Corp.
TSX VENTURE : STO

Shelton Canada Corp.

August 28, 2009 17:38 ET

Shelton Reports Second Quarter Results

CALGARY, ALBERTA--(Marketwire - Aug. 28, 2009) - Shelton Canada Corp. ("Shelton" or the "Company") (TSX VENTURE:STO) today announced its financial and operating results for the three and six months ended June 30, 2009. These financial statements as well as the Management's Discussion and Analysis for the said period may be found on the Company's website at www.sheltoncdn.com or on SEDAR at www.sedar.com.

Shelton continues to progress well on their projects in Ukraine. The front end engineering work on North Kerchenskaya is nearing completion. The preparation work for the 300 km seismic program on the Black Sea, Arkchangelske project is ongoing.

The announced Plan of Arrangement with Petrosibir AB of Sweden is moving forward. Due diligence is being done and should be completed by the end of the third week of September. In the meantime, legal documents are being drafted and preparation of an independent fairness opinion has been started.

Shelton also recently announced the closing of a private placement for $1,482,000 (CAD).

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. 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.

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.

Contact Information