PetroCapital Resources PLC Shareholder Axel von Schubert Sues Former Company Chairman Shareholder

LONDON, May 27, 2010 - In the continuing story concerning the board room dispute at PetroCapital
Resources Plc, which has resulted in the resignation of the founder and most
of the board of that company, a notification to the PLUS market regulators
and a delisting of the shares of the company, a High Court claim was filed
today against another exiting director and chairman Manoli Olympitis, as well
as the company itself, for defamation, intimidation, breach of contract and
malicious falsehood brought by its former COO and shareholder, Axel von
Schubert.

The Claim states that the notification which the Board of the Company
brought to the attention of the Regulators of the PLUS Market without Mr Von
Schubert's consent, concerning a Rule 9 Breach (acquisition of 30% of the
issued shares in the company without prior warning) was not merely incorrect
but also defamatory of Mr Axel von Schubert. Mr. von Schubert anticipates
that the Takeover and Mergers Panel will provide a decision which supports
his claim that the notification was wrong despite PetroCapital's statements
to the contrary. The Claim further states that the public announcement the
company made on February 4th 2010, which led to the suspension of the shares,
was misleading and factually incorrect.

Please contact Fred Harrison on +44(0)7826-919785 for more information