Shelton Canada Corp.

Shelton Canada Corp.

June 08, 2006 16:19 ET

Shelton Provides Drilling Update on West Birjuchja No.1 Well in the Sea of Azov

EDMONTON, ALBERTA--(CCNMatthews - June 8, 2006) - Shelton Canada Corp. ("Shelton") (TSX VENTURE:STO) announces a drilling update for its exploration West Birjuchja No.1 well, located in the Sea of Azov, Ukraine.

The offshore West Birjuchja No. 1 exploration well, which was spudded May 9th, is currently beyond 1000 meters and drilling is on schedule to a planned total depth of 1,700 meters.

Shelton has a 50 percent interest in the West Birjuchja well. It is anticipated that it will take twenty (20) more days to drill and log the well. An additional thirty (30) days is expected for completion and testing.

Zenon Potoczny, President and CEO, commented: "The Shelton team has just visited the "Sivash" drilling rig at the location and we are pleased to report that drilling on West Birjuchja No.1 well is proceeding according to plan."

At the Ukrainian Investment Summit in London, England (May 23rd & 24th), Mr. I. Franchuk, Chairman of the Board of Chernomornaftogas, in a plenary speech commented "A first step in (offshore investments) is the development of Azov Sea offshore area jointly with a Canadian public company "Shelton Canada Corp.". At this time a drilling of the first exploratory well at West Birjuchja field has already started. We hope that this cooperation will be the beginning of active development of the Azov-Black Sea region by Ukrainian and foreign companies... The fact that the Azov-Black Sea region is a part of Alpine-Himalayan orogenic fairway, where the biggest oil and gas regions of Iran, Iraq, Azerbaydzhan, Northern Caucasia and Romania are located, proves its prospectivity."

Shelton, a junior oil and gas company listed on the TSX Venture Exchange, holds interests in producing properties located in northeastern British Columbia and north central Alberta. Shelton also holds petroleum and natural gas concessions in southern Ukraine.

Certain statements contained in this press release may be considered as "forward looking". Such "forward looking" statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Shelton Canada Corp.
    Zenon Potoczny
    President & CEO
    (416) 252-4101
    Shelton Canada Corp.
    Richard Edgar
    (403) 205-2526 ext 4