Shelton Canada Corp.: Agreement With Chornomornaftagas.Business Editors EDMONTON, Alberta--(BUSINESS WIRE)--May 23, 2002 Shelton Canada Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:STO) ("Shelton") announces that it has successfully negotiated an agreement ("Agreement") with Chornomornaftagas ("CNG CNG Compressed Natural Gas CNG Calling (Tone) CNG Comfort Noise Generation CNG Cryptography Next Generation (Microsoft Windows Vista) CNG Centre National de Génotypage ") concerning a joint exploration and development work plan for hydrocarbon reserves located in the north west area of the Azov Sea. CNG is a joint stock company wholly owned by Naftagas, the Ukrainian government holding company responsible for all hydrocarbon exploration, development, production and transmission in the Ukraine. CNG has responsibility for hydrocarbon exploration, development, production and transmission in all of Crimea, Ukraine including the Black and Azov seas in Ukraine. On May 20, 2002, officers of CNG and Shelton signed the Agreement and a non-disclosure agreement A non-disclosure agreement (NDA), also called a confidential disclosure agreement (CDA), confidentiality agreement or secrecy agreement, is a legal contract between at least two parties that outlines confidential materials or knowledge the parties at the Canadian Embassy in Kiev, Ukraine in the presence of Alberta Premier Ralph Klien and Canadian Ambassador Andrew Robinson, as part of the Premier's program, during Premier Klien's official visit to the Ukraine. Shelton will be evaluating existing seismic records and will be negotiating a comprehensive production sharing agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. which will further define the terms and conditions of the CNG-Shelton development and production program covering several structures in designated areas of the Azov Sea. Shelton is an Alberta oil and gas company listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. holding an interest in production properties located near north eastern British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Lloydminister, Alberta and north of Edmonton, Alberta on the Alexander Indian Reserve For the vast tract created by the Royal Proclamation of 1763 in Canada and the United States see: Indian Reserve (1763) In Canada, an Indian reserve is specified by the Indian Act as a "tract of land, the legal title to which is vested in Her Majesty, that has been . This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities of the corporation have not been and will not be registered under the U.S. Securities Act, 1933, as amended, and subject to certain exemptions may not be offered or sold in the United States or to U.S. persons. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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