Sweden’s Petrogrand AB announced Wednesday that it has entered into an agreement with Shelton Petroleum to form a combined oil group, which will focus exclusively on Russian oil assets.
As part of the deal, Shelton Petroleum's and Petrogrand's operations in the Russian Bashkiria and Komi regions, respectively, will be managed as one enlarged oil group. The combined company will have a net working interest oil production of around 1,350 barrels of oil per day and 2P oil reserves of approximately 32 million barrels. The entity will be owned by the current shareholders of both Shelton Petroleum and Petrogrand.
Shelton Petroleum's oil assets in Ukraine will be spun-off to existing shareholders and will not be part of the new joint entity. Petrogrand and Shelton Petroleum have a combined total of approximately 10,000 shareholders.
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