May oil production and 2005 production plan update

West Siberian Resources Ltd’s oil production during May amounted to 161,978 barrels or 5,225 barrels per day. Cumulative production in 2005 amounts to approximately 771,500 barrels

Oil was produced from the Middle Nyurola-, Kluchevskoye-, Puglalymskoye- and Khvoinoye fields. May was a very active month in all fields with activities affecting production. Well no 123 was put on production during the month. Well 126 was completed and will be producing in June. Well 141 was drilled and will be completed in June. Drilling of well 122 has commenced. In total, 4,457 meters were drilled. Wells no G-1, 129, 125, and 137 were subject to workover activities. Water wells 142 and 144 were connected to the water injection system. Based on recent production data, current drilling results and scheduled activities management has updated the production plan for 2005. The current plan targets total production of 2.45 million barrels or 6,700 barrels per day on average, out of which 771,500 barrels had been produced by the end of May. Production is planned to increase significantly in the second half of the year and peak production, by the end of the year, is expected to exceed 7,500 barrels per day. Production growth will be driven by 9 new wells and the water injection system coming on-line with another 7 wells. The long term objective of the development plan is to achieve production of 18,000 barrels per day in 2007. For further information: Maxim Barski, Managing director, West Siberian Resources Ltd., tel. +7 095 723 07 18 Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85 Also visit www.westsiberian.com