May oil production

West Siberian Resources Ltd’s oil production during May 2006 amounted to 584,432 barrels (161,978 barrels ) or 18,853 barrels per day ( 5,225 barrels per day). Development activities contributed to production increases in all regions during the month. Production started from the Kluchevskoye field in the Tomsk region.

Tomsk region Production started from the Kluchevskoye oil field where well number 214 was completed. In the field, well number 211 was also drilled and is being completed while drilling started at well number 210. Power generation for the field was installed. Timano Pechora region In the Middle Kharyaga field, several workovers were carried out resulting in production increases following acid treatment. In the North Kharyaga oil field, production started from three restored exploration wells. North Kharyaga oil production is transported to the Middle Kharyaga facilities for treatment and selling. The recently completed 10 km pipeline and power grid from Middle Kharyaga to North Kharyaga now facilitates production at and distribution from the field. Volga Urals region Workovers of 4 wells resulted in production increases that compensated for continued shut-ins at the West Kochevnenskoye field and contributed to regional net production increasing in May. Currently, one new production well is being drilled in the Kochevnenskoye field. Two additional rigs were mobilized and are being installed for exploration drilling in the Solnechnoye field and at the Kulturnenskaya prospect. 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