With the increased activity Petrogrand is strengthening its organisation in Russia within operational management, geology and procurement. Of the newly employed the following three persons will work in leading positions in the Moscow office.

Igor G. Solyarskiy has been employed as first vice-president for Petrogrand. Recently he has worked for the state owned Transneft where he was vice-president during the last 10 years.

Sergey E. Chigay has recently worked for Gazprom Dobycha Shelf where he was deputy manager for the geology and exploration department. His responsibilities will include evaluation of new projects and as technical controller for the on-going operations.

Alexander Y. Baranov worked recently for the state owned oil company Rosneft. He will be responsible for procurement and prepare an operation to handle sale and purchase of crude oil.

We would also like to thank Elena Alatarceva for her time in the company as vice-president as she has left us for new challenges.

"With these recruitments we have strengthened our organisation within operational management, geology and procurement. I am convinced that the increased experience within oil and the Russian business life will have a positive impact on the company's activities and future development" says Maks Grinfeld, CEO, Petrogrand AB 

For further information, please contact:
Maks Grinfeld, CEO, phone: +46 8 5000 7810
Sven-Erik Zachrisson, Chairman, phone: +46 8 41 05 45 96

Certified Adviser First North:   Mangold Fondkommission AB

Reasonable caution notice: The statement and assumptions made in the company's information regarding Petrogrand AB's ("Petrogrand") current plans, prognoses, strategies, concepts and other statements that are not historical facts are estimations or "forward looking statements" concerning Petrogrand's future activities. Such future estimations comprise but are not limited to statements that include words such as "may occur", "concerning", "plans", "expects", "estimates", "believes", "evaluates", "prognosticates" or similar expressions. Such expressions reflect the management of Petrogrand's expectations and assumptions made on the basis of information available at that time.

These statements and assumptions are subject to a large number of risks and uncertainties. These, in their turn, comprise but are not limited to i) changes in the financial, legal and political environment of the countries in which Petrogrand conducts business, ii) changes in the available geological information concerning the company's projects in operation, iii) Petrogrand's capacity to continuously guarantee sufficient financing to perform their activities as a "going concern", iv) the success of all participants in the group, or of the various interested companies, joint ventures or secondary alliances, v) changes in currency exchange rates, in particular those relating to the RUR/USD rate. Due to the background of the many risks and uncertainties that exist for any oil-prospecting venture and oil production company in its initial stage, Petrogrand's actual future development may significantly deviate from that indicated in the company's informative statements.