Interim report for the quarter ended March 31, 2008

WSR stand alone interim report excluding Alliance Oil Company
• Total revenue increased by 131% to MUSD 135.9 (MUSD 58.8)*.
• EBITDA amounted to MUSD 40.28 (MUSD 13.64).
• Net result amounted to MUSD 24.86 (loss of MUSD 0.9).
• Earnings per share amounted to USD 0.02 (loss of USD 0.00).
• Oil production increased by 40% to 3,161,174 barrels.
• Merger with Alliance Oil Company completed after end of reporting period
• Proposed tax changes may have significant positive impact

Pro forma financial information for the merger with Alliance Oil Company
• Total revenue amounted to MUSD 685.0
• EBITDA amounted to MUSD 124.9
• Net result amounted to MUSD 67.0
• Earnings per share amounted to USD 0.022

*Comparisons reflect the quarter ended March 31, 2007.

For further information:
Maxim Barski, Managing Director, telephone +7 495 956 4882
Eric Forss, Chairman of the Board, telephone +46 8 613 00 85.