- - PRESSMEDELANDE- - GRIPEN OIL & GAS AB (publ) BOKSLUTSKOMMUNIKÈ

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1 Göteborg, 27 February 2014 Gripen Oil & Gas AB (publ) Södra Allégatan Göteborg - - PRESSMEDELANDE- - GRIPEN OIL & GAS AB (publ) BOKSLUTSKOMMUNIKÈ Gripen Oil & Gas AB (publ) (GOG), focussed on exploring for and producing oil and gas in Sweden, announces the operational and financial results for Your company has made significant progress with the drill bit and securing funding for future activities. FINANCIAL Floatation of Gotland Oil AB (publ) raised approximately SEK7,4 million before costs. Reverse takeover of Gripen Gas AB Nil revenue, loss before taxation of SEK3,634 million and a basic loss per share of SEK0,06. Approximately SEK14,230 million in cash at the end of the year. SEK15.3million, before costs, raised in December OPERATIONAL All operations conducted without injury and minimises damage to the environment. Updated Competent Persons Report for November 2013 confirms value in Östergötland and Gotland. Potential Contingent Resources of 8.5million barrels of oil equivalent. 3 successful gas appraisal wells drilled in Östergötland. 1 oil well drilled on Gotland that recovered oil saturated core. Advances with technical studies on the Alunskiffer core. First geophysical results in Östergötland help to image reservoir. Stephen Crabtree, Managing Director of Gripen Oil & Gas AB (publ), said: 2013 was a significant year for your company in terms of major milestones achieved in securing the financial strength of the company and through the drill bit. The floatation of Gotland Oil AB and the capital-raising event at the end of 2013 has put us in a good position to build the assets of the company. By carrying out further testing in Östergötland we may be able to move Contingent Resources into Proved Reserves. The first well drilled on Gotland for over 20 years gives us great encouragement particularly in unlocking oil reserves on the island.

2 Managing Director Report 2013 was a very busy year for your company. Gripen Oil & Gas AB (publ) is the result of the company s reverse takeover of Gripen Gas AB. Your company is a unique Swedish company focussed on exploration and production of oil and gas in Sweden. We successfully drilled 3 gas appraisal wells in Östergötland and 1 exploration well on Gotland. Underpinning the value of your company are the gas volumes we have discovered in Östergötland and the oil deposits known to exits on Gotland. In 2013 we consolidated our understanding of these assets through drilling and laboratory studies. In November 2013 Oil Production Consultants Ltd (OPC) provided an update to the Competent Persons report that included the recent drilling in Östergötland and Gotland. This analysis provided a snapshot of the potential resources of the company and assigned Gripen Oil & Gas AB (publ) potential Contingent Resources of 51bcf of natural gas for the onshore portion of Östergötland and recognised that small volumes of oil on Gotland are valuable. These volumes are equivalent to approximately 8.5 million barrels of oil. In December 2013 we raised SEK15.3 million, before costs, through a share issue. These funds will be used to maximise the value of the company by removing the uncertainty normally associated with Contingent Resources. The assets in Sweden provide the foundation of your company, however, we recognise the limits to Sweden s oil and gas potential. The Board recognise that need for continued growth, which will need to come from outside Sweden. Our unique experience with shale gas and Paleozoic reservoirs has put your company in a strong position to exploit opportunities in the Baltic region and in other parts of Europe. In addition the application of first class Swedish drilling technology and personnel means we can control drilling costs for shallow to medium depth reservoirs. These two factors give us an advantage over our competitors in acquiring new business opportunities. The Board have met their objective of conducting all activities in a safe manner. We have had no accidents during the operational period. Similarly, our objective of carrying out all operations in a way that minimises damage to the environment and in compliance to the standards set by the authorities has been achieved. Exploring for gas in Östergötland has an environmental benefit to Sweden. At the moment biogenic methane is leaking from the alunskiffer through water wells and in places where the shale is near the surface. By capturing the methane through production we can reduce this toxic greenhouse gas emission. 2

3 2013 Activity Competent Persons Report In February 2013 Oilfield Production Consultants Ltd (OPC) prepared a Competent Persons Report (CPR) for Gripen Gas AB. This report was updated in November 2013 as part of the share issue and included a review of the oil exploration permits on Gotland. The CPR assesses the technical and commercial assets of the company in accordance with international standards set by the World Petroleum Council and the Society of Petroleum Engineers 1. The technical assessment of assets identifies whether the volumes of hydrocarbons associated with the permits are resources or reserves. We have been assigned Contingent Resources for the gas exploration permits following the discovery of gas in 2012 and The resources are contingent because uncertainty exists with the extent and nature of the resource and the future commercial exploitation. Further drilling activity and laboratory studies will reduce or eliminate these uncertainties. The CPR refers to three classes of resources (1C, 2C and 3C). These classes are used to describe a range of outcomes using a statistical approach, with 1C being low and 3C being high. Shale gas has a unique property when calculating resources. Unlike other conventional gas and oil traps, the gas is trapped within the shale matrix. This means the amount of resource is directly related to the volume of shale and not a single structural feature. When calculating volumes of gas trapped in shale it is common to calculate gas volumes in relation to volume. We can use area as a proxy for volume because the thickness of shale is roughly the same over our permits. In the examples quoted by the Competent Person the volumes have been calculated for a development of about 10km 2. This development example can be used to calculate the indicative gas volumes per square kilometre for the entire Alunskiffer under our permits. The CPR has a range of resources for a 10km 2 development as shown below: For 10km 2 Development Area 1C 2C 3C Recoverable Resources (BSCF 2 ) Raw gas 0,99 1,76 3,73 Recoverable Resources (BSCF) 100% Methane 0,59 1,70 3,66 For the area of 290km 2 (area of Östergötland onshore permits) Recoverable Resources (BSCF) Raw gas 28,7 51,0 108,2 Recoverable Resources (BSCF) 100% Methane 17,1 49,3 106,1 1 The reporting of oil and gas assets is governed by ESMA Update of the CESR Recommendations, EU Directive No 809/2001, Appendix I Acceptable Internationally Recognized Mineral Standards: Oil and Gas Reporting and Appendix II Oil and Gas Competent Persons Report recommended content 2 BSCF means Billions of Standard Cubic Feet. 1BSCF is about 28million cubic metres 3

4 Recoverable resources means the gas that can be economically recovered from the reservoir. The CPR also estimates the value of these resources making proper assumptions about the costs of extraction and the market for the gas. The Competent Person has calculated the mid case 2C discounted value 3 of the gas if it was used for CNG to be US$8.4million (SEK54.6million) for a 10km 2 development with an upside 3C value of US$31.4 (SEK200million). However, if lower prices were used to calculate value a larger area of 30km 2 would be required to achieve a 2C value of US$16.5million (SEK107million). The CPR also looked at the value of oil discovered on Gotland and concluded that small volumes of oil are profitable. Gas Exploration Activity Our gas exploration effort in 2013 has been focussed in Östergötland with continued appraisal drilling to acquire data of the reservoir in the Ekebyborna area. In addition, the results of a trial seismic line and vertical seismic profile were concluded. Laboratory studies are being carried out on the core properties and geochemistry. Phase III Drilling June 2013 The objective of this drilling operation was to collect core for laboratory work and identify 2 other wells locations for extended well test over an area of about 10km 2. Three wells, KN-1, UD-1 and FA-2 were drilled through the Alunskiffer reservoir. Core was recovered from each well. An additional well, FA-1, was drilled to the top of the reservoir and suspended for later coring. GH-3 (drilled in October 2012) was reentered was core to the base of the Alunskiffer. Previously only the top section of the reservoir was cored. All the wells, KN-1, UD-1 and FA-2, drilled in this phase flowed gas to surface. The core collected at KN-1 and FA-2 were subjected to continuous pressure build up measurements as soon as the core was taken from the rig. This data will allow us to calculate the storage capacity of the shale and simulate the volumes of gas present. The core from KN-1 was also found to contain small amounts of biodegraded oil seeping from the shale sections of the core. This is completely unexpected and probably contributes to the biogenic source of gas. Studies Your company has been pursuing two lines of study of the Alunskiffer in Universities in Germany and the UK. 3 All values are Net Present Values discounted at 10%. 4

5 Potsdam University is studying the geochemistry of the organic rich Alunskiffer and the gas generation potential. The initial results show that the gas is being generated through the bacterial degradation of oil and organic material within the shale. Leeds University, in the UK, is studying the reservoir properties of the Alunskiffer by measuring the porosity and permeability of the shale and thin sandstones that exist in shale. This work, in addition to the data collected at the well site will be integrated into a reservoir model in Geophysical Studies The processing of seismic data acquired in 2012 was completed this year at the University of Uppsala. These data are the first ever shot in Östergötland and prove the technique can be used. Seismic data can be used to identify zones of natural fractures that allow gas to flow from the shale. Oil Exploration Activity In August 2013 Gripen Oil & Gas AB (publ) drilled the first oil exploration well in 20 years on Gotland. Our objective with this first well, BÅ-6, was to test our well design, collect reservoir core and recover oil from the reservoir. BÅ- 6 Drilling The well was located on the central eastern side of the island with the reservoir target at 290m below surface. The entire section was cored from surface and approximately 20m of oil saturated core was recovered. Samples were sealed at the wellsite for laboratory analysis of oil saturation, porosity and permeability. The reservoir comprised a typical Ordovician Klasen Limestone build-up or mound made up of shell fragments. The reservoir section also contained several oil-saturated fractures. The well was swabbed and samples of oil were recovered but no significant flow to surface occurred. The well has been suspended so that it can be re-entered for further testing at a later date. Geophysics At the end of 2013 in cooperation with SGU we are building a seismic database so we can quantify the resource potential of our exploration permits. 5

6 Exploration Permits The company holds a total of 27 exploration permits (17 for gas and 10 for oil) covering a total of 1 888km 2 ( acres). These permits are owned 100% by Gripen Oil & Gas AB (publ) through its subsidiaries. Gas Exploration Permits NAME LICENCE AWARD 1st EXPIRY 2nd EXPIRY AREA (ha) AREA AREA ID DATE DATE DATE (km 2 ) (Acres) Ekeby 2010:139 23/09/ /09/ /09/ ,6 188, ,67 Eneby 2010:140 23/09/ /09/ /09/ ,27 13, ,7 Hov 2010:141 23/09/ /09/ /09/ ,47 5, ,43 Orlunda 2010:142 23/09/ /09/ /09/ ,8 9, ,34 Skedet 2010:143 23/09/ /09/ /09/ ,25 6, ,69 Näset 2011:98 28/06/ /06/ /06/ ,18 3,03 748,73 Rödjan 2011:99 28/06/ /06/ /06/ ,73 8, ,15 Sandön 2012:136 24/09/ /09/ /09/ , , ,64 Karlsfrid 2013:05 07/01/ /01/ /01/ ,2755 6, ,02 Vinberga 2013:04 07/01/ /01/ /01/ , , ,77 Yxstad 2013:02 07/01/ /01/ /01/ ,0873 9,6 2372,43 Åbylund 2013:03 07/01/ /01/ /01/ , , ,26 Greby 2011:120 08/07/ /07/ /07/ , , ,84 Lundeby 2011:121 08/07/ /07/ /07/ ,5 17, ,09 Melby 2011:122 08/07/ /07/ /07/ , ,92 Nyby 2011:123 08/07/ /07/ /07/ ,5 15, ,01 Össby 2011:124 08/07/ /07/ /07/ ,125 62, ,09 TOTALS ,

7 Oil Exploration Permits NAME LICENCE ID AWARD DATE 1st EXPIRY DATE 2nd EXPIRY DATE AREA (ha) AREA (km 2 ) AREA (Acres) Gotlands syd 2011:88 10/06/ /06/ /06/ ,40 70, ,8 Bonsarve Nr :88 12/07/ /07/ /07/ ,83 8, ,6 Gotland sydöst 2011:89 10/06/ /06/ /06/ ,79 87, ,9 Silte Nr :86 12/07/ /07/ /07/ ,00 15, ,0 Gotland öst 2011:90 10/06/ /06/ /06/ ,36 285, ,4 Bäl Nr :87 12/07/ /07/ /07/ ,46 61, ,8 Hejnum Nr :91 10/06/ /06/ /06/ ,00 12, ,5 Grunnet Nr :89 12/07/ /07/ /07/ ,00 0,42 103,7 Buttle 2013:109 11/11/ /11/ /11/ ,93 614, ,7 Vallstena 2013:108 11/11/ /11/ /11/ ,04 93, ,5 TOTALS ,8 1250, Four new gas exploration permits (Karlsfrid, Vinberga, Yxstad and Åbylund) were granted on 7 January 2013 in Östergötland. Two new oil exploration permits (Buttle and Vallstena) were granted on 11 November on Gotland. Five gas exploration permits in Östergötland (Ekeby, Eneby, Hov, Orlunda and Skedet) were granted an extension for a further 3 years 23 September

8 Share Structure Only one class of ordinary shares exist. Flotation of Gotland Oil AB (publ) During spring 2013 Gotland Oil AB (publ), now named Gripen Oil & Gas AB (publ) issued shares at strike price 60 öre in an IPO. The shares issue brought approximately SEK 7,4 million before costs to the company upon which Gotland Oil AB (publ) was listed on AktieTorget in April Reverse Takeover of Gripen Gas AB When Gotland Oil AB (publ) in June 2013, through a reverse take over, acquired all shares in Gripen Gas AB a further shares were issued. The total shares after the takeover was At the same time Gotland Oil AB (publ) changed its name to Gripen Oil & Gas AB (publ). Share Issue The number of shares in the company was further increased by a share issue during November After this share issue, the total number of shares in the company amounted to These newly issued shares were registered in 2014 and are not reflected in the 2013 major shareholder listing below. For each new share issued in November 2013 comes 1 warrant (Teckningsoption) enabling the holder thereof to subscribe for new shares at a subscription price at 2kr per share. This subscription is exercisable in a window from 1 May to 2 June Further details are available on our website. Summary Table of Share Capital changes from År Transaktion Ändring av antal aktier Totalt antal aktier Ändring av aktiekapital (SEK) Totalt aktiekapital (SEK) Kvotvärde (SEK) 2005 Bildande , ,0 0, Apportemission , ,0 0, Nyemission , ,8 0, Apportemission , ,7 0, Nyemission , ,3 0, Nyemission , ,9 0,1 4 Registered

9 Ownership At the end of 2013 Gripen Oil & Gas AB (publ) had approximately shareholders. Trading in the shares started on 17 April 2013 at SEK0,58 and closed at year end on SEK0,98, representing a share price increase of 69%. The company s major shareholders are: Stephen Crabtree with shares (20,13%); Peter Schweizer shares (16,77%); Stephen Thorn with shares (16,77%); and Torgny Berglund shares (13,42%). Percentages are before the registration of the new share issue which took place in November 2013 and was registered in List of top 10 shareholders Ägare per Antal aktier Innehav % Röster % Stephen Crabtree ,13 20,13 Peter Schweizer ,77 16,77 Stephen Thorn ,77 16,77 Torgny Berglund ,42 13,42 Archelon AB ,53 5,53 Tore Hallberg, privat och via bolag ,09 3,09 Ulrich & Co AB ,97 2,97 Patrik Perenius ,81 2,81 Conny Strindberg ,46 1,46 Ml, Pierce, Fenner & Smith Inc ,20 1,20 S:a 10 största ägare ,15 84,15 S:a övriga ägare ,85 15,85 Totalt ,00 100,00 9

10 Financial Report Kommentarer till räkenskaperna Gripen Oil & Gas AB (publ) (f d Gotland Oil AB) förvärvade den 24 juni 2013 Gripen Gas AB. Affären redovisas som ett omvänt förvärv ur ett koncernredovisningsperspektiv, där Gripen Gas AB är den redovisningsmässiga förvärvaren och Gripen Oil & Gas AB (publ) den legala förvärvaren. I bokslutskommunikén har borrkostnader i Gripen Gas AB uppgående till kr återförts och aktiverats i balansräkningen. Kostnaderna avser de hål som borrades inom bolagets koncessioner på Östgötaslätten under Hålen påvisade närvaro av gas och planeras användas i kommande långtidstester och även vid eventuell framtida produktion. Kostnaderna har tidigare förts över resultatet varför bokslutskommunikén avviker från delårsrapport Q Jämförelsetal avseende isolerat fjärde kvartal för 2012 redovisas ej då koncernen ej publicerat delårsrapporter under 2012 och verksamheten anses ha förändrats betydligt sedan dess. Investeringar Bolaget har inte gjort några investeringar under perioden. Anställda Organisationen har inga heltidsanställda. Den verkställande direktören är kontrakterad. Alla tjänster utförs av externa konsulter och entreprenörer. Utdelning Styrelsen och verkställande direktören i Gripen Oil & Gas AB (publ) kommer att föreslå årsstämman att ingen vinstutdelning lämnas för räkenskapsåret Årsstämma och årsredovisning Årsstämman planeras äga rum torsdag den 4 april 2014 i Göteborg. Klockslag och plats meddelas senare. Årsredovisningen för 2013 kommer att publiceras på bolagets hemsida senast tre veckor före stämman. Den kommer även att hållas tillgänglig i tryckt format på bolagets kontor i Göteborg och skickas med post till de aktieägare som önskar få den hemsänd. 10

11 Redovisningsprinciper Bolaget har vid upprättandet av denna bokslutskommuniké tillämpat Årsredovisningslagen och Bokföringsnämndens allmänna råd. Kommande rapporttillfällen Delårsrapport för januari mars 2014 lämnas torsdagen den 22 maj Delårsrapport för januari juni 2014 lämnas torsdagen den 28 augusti Delårsrapport för januari september 2014 lämnas torsdagen den 20 november Bokslutskommuniké för 2014 lämnas torsdagen den 26 februari GRANSKNINGSRAPPORT Denna bokslutsrapport har inte varit föremål för revisorns granskning. Göteborg den 27 februari 2014 Gripen Oil & Gas AB (publ) Styrelsen 11

12 RESULTATRÄKNINGAR Koncernen Tkr jan-dec okt-dec jan-dec* Rörelsens intäkter Nettoomsättning Övriga intäkter Rörelsens kostnader Råvaror och förnödenheter Övriga externa kostnader Personalkostnader Avskrivningar Rörelseresultat Resultat från andelar i intresseföretag Resultat från övriga värdepapper och fordringar Räntenetto Resultat före skatt Skatt PERIODENS RESULTAT * Jämförelsesiffror för koncernen avseende 2012 härrör enbart till verksamheten i Gripen Gas AB, då förvärvet ur ett koncernredovisningsperspektiv redovisas som ett omvänt förvärv där Gripen Gas AB ses som förvärvare. 12

13 BALANSRÄKNINGAR Koncernen Tkr TILLGÅNGAR Anläggningstillgångar Immateriella anläggningstillgångar Koncessioner, patent, licenser m m Materiella anläggningstillgångar Inventarier, verktyg och installationer 37 - Finansiella anläggningstillgångar Andelar i intresseföretag - - Övriga finansiella anläggningstillgångar Omsättningstillgångar Övriga omsättningstillgångar Kassa & Bank SUMMA TILLGÅNGAR EGET KAPITAL OCH SKULDER Eget kapital Långfristiga skulder - - Kortfristiga skulder SUMMA EGET KAPITAL OCH SKULDER FÖRÄNDRING EGET KAPITAL Tkr jan-dec jan-dec Eget kapital vid periodens ingång Återbetalning av aktieägartillskott Nyemission Periodens resultat Eget kapital vid periodens utgång

14 KASSAFLÖDESANALYSER Koncernen Tkr jan-dec jan-dec Periodens rörelseresultat Justering för poster som inte ingår i kassaflödet 46 - Netto erhållna/betalda räntor Betald inkomstskatt - - Kassaflöden från den löpande verksamheten Förändring av rörelsefordringar Förändring av rörelseskulder Kassaflöden från den löpande verksamheten Kassaflöden från investeringsverksamheten Kassaflöden från finansieringsverksamheten Årets kassaflöde Likvida medel vid periodens början Likvida medel vid periodens slut NYCKELTAL OCH AKTIEDATA Koncernen Räntabilitet på totalt kapital (%) -24% -4,8% Räntabilitet på eget kapital (%) -27% -4,9% Soliditet (%) 90% 100% Resultat per aktie (kr) -0,06-0,12 Eget Kapital per aktie (kr) 0,26 0,03 Totalt antal aktier Genomsnittligt antal aktier

15 RESULTATRÄKNINGAR Moderbolaget Tkr jan-dec okt-dec jan-dec Rörelsens intäkter Nettoomsättning Övriga intäkter Rörelsens kostnader Råvaror och förnödenheter Övriga externa kostnader Personalkostnader Avskrivningar Rörelseresultat Resultat från andelar i koncernföretag Resultat från andelar i intresseföretag Resultat från övriga värdepapper och fordringar Räntenetto Resultat före skatt Skatt PERIODENS RESULTAT

16 BALANSRÄKNINGAR Moderbolaget Tkr TILLGÅNGAR Anläggningstillgångar Immateriella anläggningstillgångar Koncessioner, patent, licenser mm - - Materiella anläggningstillgångar Inventarier, verktyg och installationer - - Finansiella anläggningstillgångar Andelar i koncernföretag Andelar i intresseföretag - - Övriga finansiella anläggningstillgångar - - Omsättningstillgångar Övriga omsättningstillgångar Fordringar hos koncernföretag Kassa & Bank SUMMA TILLGÅNGAR EGET KAPITAL OCH SKULDER Eget kapital Långfristiga skulder Kortfristiga skulder Skulder till koncernföretag 25 - SUMMA EGET KAPITAL OCH SKULDER FÖRÄNDRING EGET KAPITAL Tkr jan-dec jan-dec Eget kapital vid periodens ingång Nyemission Periodens resultat Eget kapital vid periodens utgång

17 KASSAFLÖDESANALYSER Moderbolaget Tkr jan-dec jan-dec Periodens rörelseresultat Justering för poster som inte ingår i kassaflödet - - Netto erhållna/betalda räntor - -2 Betald inkomstskatt - - Kassaflöden från den löpande verksamheten Förändring av rörelsefordringar Förändring av rörelseskulder Kassaflöden från den löpande verksamheten Kassaflöden från investeringsverksamheten Kassaflöden från finansieringsverksamheten Årets kassaflöde Likvida medel vid periodens början Likvida medel vid periodens slut NYCKELTAL OCH AKTIEDATA Moderbolaget Räntabilitet på totalt kapital (%) -9% -2,4% Räntabilitet på eget kapital (%) -10% -2,6% Soliditet (%) 95% 98% Resultat per aktie(kr) -0,05 0,00 Eget Kapital per aktie (kr) 0,49 0,16 Totalt antal aktier Genomsnittligt antal aktier

18 Nyckeltalsdefinitioner Räntabilitet på totalt Resultat efter finansiella poster plus finansiella kostnader i procent av genomsnittligt kapital: totalt kapital. Räntabilitet på eget kapital: Nettoresultat enligt resultaträkningen i procent av genomsnittligt eget kapital. Soliditet: Resultat per aktie: Eget kapital per aktie: Kassalikviditet: Eget kapital i procent av balansomslutning. Resultat efter skatt i förhållande till genomsnittligt antal aktier. Eget kapital i relation till antal aktier på balansdagen. Omsättningstillgångar exklusive lager i förhållande till kortfristiga skulder. 18