Shelton Canada Corp. Summary of Year End 2008 Reserves

Shelton Canada Corp. ("Shelton" or the "Company") (TSX VENTURE:STO) is pleased
to provide its 2008 year end reserves information as evaluated by Trimble
Engineering Associates Ltd. ("Trimble"), the independent reserves evaluator for
all of Shelton's oil and natural gas properties. Trimble prepared the report
(the "Shelton Trimble Report") in accordance with National Instrument 51-101
("NI 51-101") effective December 31, 2008. Shelton will not file or announce its
audited 2008 financial statement until on or about May 13, 2009 (see below for
reasons), therefore, certain statements of a financial nature have been made
herein to facilitate discussion of its 2008 capital program. Readers are advised
that these financial estimates are subject to audit and may be revised as
necessary.


2008 Highlights

- The Company's interest in total proved producing reserves increased 20% to
515.6 mboe.


- The Company's interest in total proved reserves increased 1% to 2.63 mm boe.

- The Company's interest in total proved plus probable reserves remained
constant at approximately 7.9 mm boe.


- The Company spent $1.6 mm in developing the Lelyaki property in Ukraine during
2008 resulting in the addition of 205 mboe of proved producing reserves.


- Development costs for the Lelyaki property were $7.80 per boe of proved
producing reserves.


- The before tax net present value (10% discount rate) of Shelton's proven plus
probable reserves grew to $136.5 million, a 60% increase over year end 2007.


Zenon Potoczny, President, commented as follows:

"The Company has had a very good year for development and adding new projects.
It has continued to develop the large in place reserves in the Lelyaki oil field
through low risk development drilling. In addition it has been successful in
adding the offshore Black Sea Arckchangelske Natural Gas Project to its
portfolio. This project is currently going through the final approval process by
Ukraine State regulatory bodies. Shelton plans on participating in a new 300
kilometer 2D seismic acquisition program over this structure in the summer of
2009."


Temporary Cease Trade Order

The company filed its reserve report prior to the filing deadline but was unable
to complete the overall filing of its annual report for the year 2008 due to
factors related to the physical delivery of the auditors' report. One item in
the Joint Investment Agreement between Shelton and Ukrnafta needed to be
clarified as to its materiality by the auditors. That information was requested
of Ukrnafta, but due to holidays in Ukraine, receipt of the required information
was delayed until May 5. The Ontario Securities Commission, Shelton's current
prime regulator, when they were informed that the auditor was not going to
deliver the audit report to the shareholder's until on or about May 13 deemed it
appropriate to approve and issue a temporary cease trade order until such time
as the financial statements are delivered. The company believes that no material
issues exist in the disclosure to be filed within the next week and will ensure
that next year's annual disclosure documents are prepared much earlier than is
normal in most jurisdictions given the randomly occurring challenges of working
in early stage emerging markets such as Ukraine.


Zenon Potoczny, President, has further commented as follows:

"The company continues to review various other financings to further its growth
including co-listings on alternate foreign exchanges. Additionally the company
is looking at opportunities to expand its operations into other jurisdictions in
the vicinity of Ukraine in addition to focusing on the opportunities in and
around the Crimean region of Ukraine. The company has made application to
transfer its prime regulator from the Ontario Securities Commission to the
Alberta Securities Commission."


About Shelton Canada Corp.:

Shelton Canada Corp. (www.sheltoncdn.com), a Canadian-based junior oil and gas
company, is focused on exploring and developing the resource-rich basins of
Ukraine. The company has an internationally experienced board of directors and a
long history of successful operations in Ukraine. These competitive advantages
have helped Shelton to build effective personal relationships, strategic
regional partnerships, and a large land position and a portfolio of projects on
and offshore. Shelton's long-term goals are to become the leader in oil and gas
production from the resource-rich Azov and Black Sea basins in five years.


Forward-Looking Information

Except for statements of historical fact relating to the company, this news
release may contain certain "forward-looking information" within the meaning of
applicable securities laws including opinions, assumptions, estimates and
management's assessment of future plans and operations, budgeted capital
expenditures and funding thereof, wells to be drilled, timing of drilling of
wells and expected depths, budgeted cost of wells, commencement of production
from wells and year-end production rate. Forward-looking information in this
news release is characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", and other similar words, or
statements that certain events or conditions "may" "will" or "could" occur.
There are uncertainties inherent in forward-looking information, including
factors beyond Shelton's control, and no assurance can be given that such events
will occur on time or at all. Any number of important factors could cause actual
results to differ materially from those in the forward-looking statements
including, but not limited to, risks associated with oil and gas exploration,
development, exploitation, results from testing, production, marketing and
transportation, the volatility of oil and gas prices, currency fluctuations, the
ability to implement corporate strategies, the state of domestic capital
markets, the ability to obtain financing, incorrect assessment of the value of
acquisitions, failure to realize the anticipated benefits of acquisitions,
changes in oil and gas acquisition and drilling programs, delays resulting from
inability to obtain required regulatory approvals, delays resulting from
inability to obtain drilling rigs and other services, delays in
tie-in-operations, results from testing, environmental risks, competition from
other producers, imprecision of reserve estimates, changes in general economic
conditions and other factors more fully described from time to time in the
reports and filings made by Shelton with securities regulatory authorities. All
of these risks are applicable to continued development and production from the
Lelyaki Oil Field and further development of the North Kerchenskaya Project
including the specific actions mentioned in this Press Release. Shelton
undertakes no obligation to update forward-looking information if circumstances
or management's estimates or opinions should change, except as required by law.
The reader is cautioned not to place undue reliance on forward-looking
statements. The risks and uncertainties set forth above are not exhaustive.


BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.


For more information on Shelton Canada Corp., visit www.sheltoncdn.com for
general inquiries and investor information.
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