Shelton Canada provides its 2008 year end reserves information as evaluated by Trimble Engineering Associates Ltd. (Trimble), the independent reserves evaluator for all of Shelton's oil and natural gas properties. Trimble prepared the report in accordance with National Instrument 51-101 (NI 51-101) effective December 31, 2008. Shelton will not file or announce its audited 2008 financial statement until on or about May 13, 2009, therefore, certain statements of a financial nature have been made herein to facilitate discussion of its 2008 capital program.

2008 Highlights

• The Company's interest in total proved producing reserves increased 20% to 515.6 mboe.

• The Company's interest in total proved reserves increased 1% to 2.63 mm boe.

• The Company's interest in total proved plus probable reserves remained constant at approximately 7.9 mm boe.

• The Company spent $1.6 mm in developing the Lelyaki property in Ukraine during 2008 resulting in the addition of 205 mboe of proved producing reserves.

• Development costs for the Lelyaki property were $7.80 per boe of proved producing reserves.

• The before tax net present value (10% discount rate) of Shelton's proven plus probable reserves grew to $136.5 million, a 60% increase over year end 2007.

Zenon Potoczny, President, said, "The Company has had a very good year for development and adding new projects. It has continued to develop the large in place reserves in the Lelyaki oil field through low risk development drilling. In addition it has been successful in adding the offshore Black Sea Arckchangelske Natural Gas Project to its portfolio. This project is currently going through the final approval process by Ukraine State regulatory bodies. Shelton plans on participating in a new 300 kilometer 2D seismic acquisition program over this structure in the summer of 2009."

Tags: Shelton Canada Corp.