On 22 January 2014 Shelton Petroleum AB announced that Maks Grinfeld and Mats Jansson are board members of both Shelton Petroleum and Petrogrand. Maks Grinfeld is also the CEO of Petrogrand. Due to the potential conflict of interest that may arise in relation to Shelton Petroleum's offer, Maks Grinfeld and Mats Jansson has informed the Board of Directors in Shelton Petroleum that they resign from the board and that they will submit the deregistration documents to the Swedish Companies Registration Office.