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PETROGRAND COMMISSIONS INTEGRA-GEOPHYSICS TO ACQUIRE SEISMIC ON ITS NIZHNE-PANINSKY LICENSE AREA


January 25, 2011 - London

Petrogrand has signed a contract with Integra-Geophysics for seismic work

 

Following the acquisition of the Nizhne-Paninsky license area in December 2010, Petrogrand has now taken the next step and commissioned Integra-Geophysics to perform seismic work on the area.

 

The contract was signed as the result of an open tender process in which several well qualified companies participated.

 

The seismic surveys will be carried out during winter and spring and a preliminary interpretation of the results will be performed by the end of May - beginning of June 2011. The result will lay the ground for exploration drilling which will take place during the winter season 2011/12.

 

Through its Russian subsidiary, Petrogrand acquired the Nizhne-Paninsky license in the Tomsk region in an auction on 10 December 2010. The license area was discovered in the 1960's and the State Committee for Natural Resources has determined that the reserves reach 8.7 million tons, according to the Russian classification (approximately 65.2 million barrels).

 

 

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

 

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. Petrogrand assumes no implicit liability to immediately update any such future evaluations.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Petrogrand AB via Thomson Reuters ONE

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