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Shelton Ready to Sell Its First Russian Oil

Source: 4/19/2010, Location: Asia

Shelton Petroleum has now completed a successful production test of the second exploration well (RS#2) on the Rustamovskoye field in Bashkiria, Russia. Production wells indicate that the well is capable of producing 200 barrels per day.

This is the last step in the Rustamovskoye exploration program, and the plan is for Shelton Petroleum to sell its first oil in Russia as early as this summer. The commercial flow rates provide the company with enough support to commence a large-scale field development program involving the drilling of production wells. Shelton already produces oil from the Lelyaki field near Poltava in Ukraine.

"We are very pleased with the good exploration results Shelton has achieved on the Rustamovskoye field. We have found oil in two of two wells and can now say that both show commercially-viable flows. Access to infrastructure in the area is good, and we expect to be able to sell our first Russian oil as early as this summer," says Robert Karlsson, CEO of Shelton Petroleum.

Shelton Petroleum has perforated a three-meter interval in the Upper Devonian oil bearing Kynovsko-Pashiysky sediments. Production rates indicate a flow rate of 200 barrels of oil per day from RS#2. The new test thus confirms the good reservoir properties and RS#2 will be put into production, which was indicated by the shorter drill stem test carried out at the end of last year. The first well on Rustamovskoye, RS#1, showed commercial flow rates in a test program that was completed at the end of 2008.

A number of producing oil fields are located nearby, and access to infrastructure is good in the area. This means Shelton Petroleum can commence production from the now tested exploration well with a minimum of investment. Initially, Shelton plans to transport oil by truck to a pipeline connection point located 20 kilometers from the drill site.

The testing of RS#2 was the final step in the Rustamovskoye exploration program. Shelton proceeds now to a production phase in Russia as well. During 2010 Shelton intends to commence production from the two exploration wells as well as to prepare for a large-scale development of the field, which will dramatically increase its cash flows and daily barrel production numbers. The drilling of the production wells in Russia is expected to begin during the first half of 2011. Shelton Petroleum also has a 45-per-cent interest in the producing Lelyaki field in Chernigov region outside Poltava, Ukraine. The total production of that field amounted to an average of 600 barrels per day in 2009, and the field is deemed to have a potential of over 3,000 barrels per day.

Bashkiria is one of Russia's oil capitals. Oil accounts for half of the region's economy. Bashkiria has the greatest refinery capacity in all of Russia.

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