Shelton Petroleum and Petrogrand have entered into an agreement that will facilitate for the companies to negotiate a breakup of the cross-ownership, which in turn will enable the companies to focus on the development of their operations and license portfolios.

In accordance with the agreement, the parties will not use their voting rights at the upcoming general meetings in June and will refrain from calling for new shareholders' meetings. Shelton Petroleum withdraws its request for extraordinary general meeting and its share swap settlement proposal that was announced on 4 June 2014 and Petrogrand undertakes not to prolong the cash offer that expires on 1 July 2014.

Tags: Petrogrand, Shelton Petroleum