Shelton Petroleum has spudded a fourth well on the Rustamovskoye field in Russia by exercising the option included in the drilling contract of well RS#11. As previously announced, RS#11 shows good flows and is connected to the field's infrastructure and the sale of oil from the well has commenced. Shelton Petroleum will also conduct a fracking[1] of the well in order to further increase well productivity.

Shelton Petroleum's ongoing development program on the Rustamovskoye field is designed to balance geological risks and required investments against the financial resources available to the company. The issue of an unconditional convertible debenture to Petrogrand AB gives the company financial flexibility to take the next step in the development of the field.

Tags: Shelton Petroleum