Svenska Petroleum Exploration has been made aware that bankruptcy proceedings have been initiated against Petroswede Europe AB. Petroswede Europe is a holding company two levels above Svenska Petroleum Exploration AB (“SPE”).

“The operational and financial performance of Svenska Petroleum Exploration is very strong, and the filing does not negatively impact SPE’s current strategy as directed by its Board of Directors, or the ongoing process to sell the business.”, says Fredrik Ohrn, SPE’s CEO.   “We are in the final stage of discussions regarding a sale of the company and we have been informed that we have Petroswede Europe’s lender’s full support in this process.”, Mr. Ohrn added.