Shelton Petroleum AB (publ) reported consolidated and parent earnings results for the first quarter ended March 31, 2015. For the quarter, on consolidated basis the company reported net revenue of SEK 19.408 million compared to SEK 31.528 million for the same period a year ago. Operating profit was SEK 1.289 million compared to SEK 8.995 million for the same period a year ago. Profit before tax was SEK 1.564 million compared to SEK 8.940 million for the same period a year ago. Profit was SEK 0.727 million or SEK 0.04 per diluted share compared to SEK 7.199 million or SEK 0.53 per diluted share for the same period a year ago. Cash flow from operating activities was SEK 3.045 million compared to SEK 5.135 million for the same period a year ago. Investment in oil and gas assets was SEK 2.128 million compared to SEK 4.219 million for the same period a year ago. Investment in exploration and evaluation assets was SEK 1.776 million compared to SEK 3.953 million for the same period a year ago. The operating result was negatively affected by the lower oil prices in the quarter compared to last year.

On parent basis, the company reported net revenue of SEK 0.135 million compared to SEK 0.173 million for the same period a year ago. Operating loss was SEK 2.044 million compared to SEK 2.911 million for the same period a year ago. Profit before tax was SEK 1.969 million compared to SEK 7.328 million for the same period a year ago. Profit was SEK 1.969 million compared to SEK 7.357 million for the same period a year ago.

For the first quarter of 2015, the average daily production during the period amounted to 797 barrels compared to 942 barrels in 2014, 519 barrels in 2013 and 455 barrels in 2012. Oil production was 71,760 barrels compared to 84,760 barrels for the same period a year ago.