West Siberian Resources Limited: Merger with Alliance Oil Company, Pro forma information for the financial year ended December 31, 2007
West Siberian Resources Ltd today announces pro forma financial information illustrating the effects of the agreed merger with Alliance Oil Company on the 2007 financial statements.
The transaction is scheduled to close on or about April 10 2008. Following the merger, West Siberian will be a leading independent, fully integrated oil company operating in Russia and Kazakhstan, listed on the OMX Nordic Exchange Stockholm. The combined group will have proved and probable oil reserves of 484 million barrels, the Khabarovsk refinery, a network of 255 gas stations and 24 wholesale oil terminals. In 2007, pro forma oil production amounted to 14.1 million barrels and 23.6 million barrels were refined. By 2011, the combined group expects to produce and refine 90,000 barrels of oil per day.
The transaction is expected to have a substantial positive impact on WSR´s revenue, EBITDA and earnings as indicated by the pro forma financial information:
[ Please see table in attached pdf file ]
Alliance Oil Company’s 2007 financial statements are available at www.nk-alliance.ru
This report has not been subject to review by the company’s auditors.
Maxim Barski, Managing Director +7 495 956 48 82
Eric Forss, Chairman +46 70 523 86 62
Olga Sergeeva +7 495 7455810
Andrey Rumyantsev +7 495 745 5810