A statement regarding the upcoming shareholders’ meeting and the proposed transactions

Selena Oil & Gas Holding AB (publ), hereinafter the Company, has convened an
extraordinary general meeting of its shareholders to be held on 31 May 2013.


As an item on the agenda of the meeting, certain transactions between Selena
Oil & Gas AB and Ms. Nadezhda Popova are proposed. In the notice convening the
meeting, the Company published additional information regarding the said agenda
item based on the offer received from Ms. Popova.

The offer affords the Company a possibility to resolve several pending dispute
regarding the ownership of its Russian assets and to significantly reduce the
Company’s debt, and an opportunity to move forward with the development of the
oil & gas fields in its portfolio.

The transactions, if approved, will involve a divestment of OOO “Selena-Perm”’s
assets (including its production business), except the Komarihinskoye oil
field, but will leave the Company with 2P reserves at an estimated 18.7 Mmboe.
In exchange, Ms. Popova will settle in full the Company’s debt to Bryum Limited
based on a 2,158,000 USD loan and the accrued interest and penalty interest.
The transaction would also involve a settlement of the pending dispute
pertaining to the share capital increase in OOO “Selena-Perm”, as disclosed
earlier. The Company will continue to hold and develop the assets within the
OOO “KRT-OGT” group of companies. The proposed transactions, if approved, will
be done in full compliance with Swedish legislation.

It is the present Board of Directors’ considered opinion that the proposed
settlement is in the best interest of all of the Company’s shareholders and
stakeholders. The proposed debt reduction will ensure the sustainability of the
Company’s debt burden and address the critical liquidity concerns, while the
settlement of pending disputes offers a way out of the stalemate in which the
Company found itself over the recent months and allows the management to focus
on and devote their full attention to the Company’s core objectives.

 

Chairman of the Board of Directors

Selena Oil & Gas Holding АВ,

Oleg Popov

 

For further information, please contact

Aleksejs Rjabijs, Director

Tel: +371 25931663,

e-mail: aleksejs.rjabijs@selenaoil.com

 

Selena Oil & Gas Holding AB (publ) (tidigare Emitor Holding AB) är verksamt
inom produktion och transport av olja och gas i Volga-Ural regionen i Ryssland,
inklusive Perm och Udmurtia. Bolaget är noterat på NASDAQ OMX First North
Premier i Stockholm under namnet SOGH. Mangold Fondkommission är bolagets
Certified Adviser och likviditetsgarant, telefon +46 8-503 015 50.