Report from the Annual General Meeting in Misen Energy AB (publ.) on 23 May 2013

At the annual general meeting today in Misen Energy AB the Managing Director, Mr. Göran Wolff, gave the following summarized information to the attending shareholders:

• At last year´s AGM on 31 May 2012 the year 2012 was predicted to be a successful one for the Misen Group, both concerning production volumes as well as financial result. We can now realize that this vision has come true to a higher extent than was even expected.
  Income after financial net items amounted to 343 MSEK as compared to 110 MSEK the year before.
  Net profit per share increased from 0,58 SEK during 2011 to 1,83 SEK in 2012.
• As we give complete financial information to our shareholders only by half and full year interim reports we have prior to today´s general meeting published a summary of the financial performance of the Misen Group during the first quarter of 2013. This information has been published in the preceding press release as of May 23, 2013.
• There we can see that the positive financial development from 2012 is continuing in 2013. Income after financial net items was 104 MSEK as compared to 70 MSEK in the first quarter of 2012 and operating margin went up from 56,1 % to 58,2 %.
  Therefore we can with confidence look forward to a successful year also in 2013 for the Misen Group.

The actual production facilities and production results from the various gas production sites in Ukraine were presented at AGM. As of the end of 2012, Misen had:

• 20 fields in operation and under construction
• 61 wells under construction
• 34 wells in operation
• 8 installed commercial metering units
• 1 centralized Control Dispatch for real-time production monitoring
• current gas production is about 50 million cubic meters per month

The year 2012 was marked with construction and commissioning of Yuliyivska Booster Compression Station (BCS) equipped with the leading edge compressor equipment that will allow maintaining the required operating parameters of Yuliyivske oil, gas and condensate field and will ensure sustained annual gas production volumes during the subsequent 20 years. Misen facilitated investment of 30 million US Dollars to this project that shall generate 10% increase in production volumes for JA and Misen.

Also in 2012 Misen extended its operations in Ukraine by signing Joint Activity Agreement Amendment No. 5 that increased Joined Activity project by 10 additional programs, 35 new wells, construction of 1 additional major BCS and 4 smaller BCS.

The AGM thereafter unanimously decided to adopt the presented Annual statements for 2012 including the consolidated accounts and the proposal by the Board to allocate the accumulated loss and resolved to discharge the members of the Board and the Managing Director from liability for the past accounting year.

The AGM further unanimously resolved that the Board until next AGM shall consist of six ordinary members with no deputy. All present members of the Board were re-elected whereby the Board is composed by.

Re-elected members:

• Tore I. Sandvold, also elected Chairman of the Board
• Dimitrios Dimitriadis
• Hans Lundgren
• Knud H. Nørve

New elected members:

• Sergiy Petukhov
• Andrius Smaliukas

Henry Cameron has earlier left the Board of Directors by his own choice.
Detailed information about each member of the Board will be updated at the company web site.

As auditors were re-elected the auditing company PricewaterhouseCoopers AB with the authorized public accountants Johan Palmgren and Klas Brand as responsible auditors (main responsible is Johan Palmgren). No deputy auditor was elected.

The AGM also unanimously decided to authorize the Board to issue shares, convertible bonds and warrants on one or more occasions, with or without preferential rights for the shareholders, in total not exceeding ten (10) per cent of the numbers of shares and votes in the Company, to be paid in cash, in kind or by way of set-off.

The AGM took place at the premises of the law firm Baker&McKenzie in Stockholm and was attended by totally 20 persons whereof 8 shareholders with voting rights, together representing 99 per cent of total number of shares and votes in the Company.

For further information please contact:

Göran Wolff, MD

Telephone: +46 31 759 50 72
Mobile: +46 709 45 48 48
E-mail: goran@misenenergy.se

Misen Energy AB (publ) (former  Svenska CapitalOil AB(publ) is a Swedish oil and gas exploration and extraction company with operations in Ukraine. The company was founded in 2004 and the share is since June 12, 2007, traded on NasdaqOMX First North.  
In 2011 Misen Energy AB acquired Misen Enterprises AB and its Ukrainian subsidiary, Karpatygaz, including the rights of 50.01 % of the revenue and profit from a gas production project in Ukraine.  As consideration of this acquisition a new share issue was performed.
The gas extraction assets have been acquired by production cooperation via a joint activity project governed by a Joint Activity Agreement (the “JAA”) between the wholly owned subsidiaries of Misen Energy AB, i.e. Misen Enterprises AB, Karpatygaz (together 50.01%) and Ukrgasvydobuvannya, (49.99%) the largest producer of natural gas in Ukraine and subsidiary of the publicly owned company Naftogaz, Ukraine. The value of the assets is estimated to be substantially more than the purchase price for Misen Enterprises AB.

The purpose of the project is to significantly increase production of gas and oil by implementing new technology and a large-scale investment program.

The registered office of Misen Energy AB is in Stockholm and the shares are traded on First North under identification MISE.
The Certified Adviser of the company at NasdaqOMX First North is Thenberg & Kinde Fondkommision AB.
For further information please visit our web site www.misenenergy.se