March oil production

West Siberian Resources Ltd’s oil production during March 2006 amounted to 576,854 barrels or 18,608 barrels per day, including the Saneco acquisition. In March 2005, oil production averaged approximately 5,600 barrels per day. In the Volga Urals region a new field discovery was made and is being evaluated.

During the month, oil was produced from nine fields in the Tomsk, Timano-Pechora and Volga Urals regions. Tomsk region Hydro fracturing works were successfully completed at 3 production wells, number 106, 115, 109, in the Middle Nyurola field. Timano Pechora region In the Middle Kharyaga field, a new well, number 1004 was put into operation. The water injection system is also operational. In the North Kharyaga field, three older wells are being reactivated. The construction of a pipeline and power grid from Middle Kharyaga to North Kharyaga is in progress. The Federal Agency of the Interior of the Earth Use (Rosnedra) has extended the license for the Liginski block until the end of 2007, for geological studies, searches and estimations of hydrocarbons. Drilling of the first exploration well has commenced. Volga Urals/Samara region In the Kovalevskoye area, the first exploration well resulted in a new field discovery. The well was completed and tested with initial test rates of 2,100-2,500 barrels per day from two formations. The discovery is being evaluated and additional wells are planned. In the Kochevnenskoy oil field a drilling rig has been installed. Five production wells are planned to be drilled in the field in 2006 and 2007. 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 Also visit www.westsiberian.com