February oil production

West Siberian Resources Ltd’s oil production during 28 production days in February 2006 amounted to 374,850 barrels or 13,388 barrels per day. Production numbers do not include production from the recent Saneco acquisition. February pro forma oil production, including the Saneco acquisition, amounted to 532,878 barrels or 19,031 barrels per day. In February 2005, oil production averaged 4,040 barrels per day.

During the month, oil was produced from five fields in the Tomsk and Timano-Pechora regions. Most wells that were shut in due to the severe cold in January were put back on production and reached normal production rates in February. In the Tomsk region, two new production wells were completed in the Middle Nyurola field with production stimulation activities commencing. Preparations were made to start development of the Kluchevskoye oil field in the spring. In the Timano Pechora region, workovers of four production wells to install new pumps are being completed at the Middle Kharyaga field. Two wells at North Kharyaga are being tested. Construction of a pipeline and power grid extending from Middle Kharyaga to North Kharyaga was initiated. The acquisition of ZAO “Saneco”, an oil producing company in the Volga-Ural region of Russia, was closed. The main assets acquired include 3 production licenses and 3 exploration licenses covering a total of eight fields. March 2006 will be the first full month for consolidation of the Saneco’s operations. For further information: Maxim Barski, Managing director, West Siberian Resources Ltd., tel. +7 495 956 48 82 Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85 or +46 70 523 86 62