October oil production and production plan update

West Siberian Resources Ltd’s oil production in October amounted to 421,189 barrels or 13,586 barrels per day. Production numbers include production from the recently completed Pechoraneft acquisition.

In October, two production licenses were won at the license auction for the Timano-Pechora region. The North Kharyaga and Lek Kharyaga licenses will be acquired for a total of USD 67 million and financed from cash and bank debt. Under Russian classification, proven plus probable oil reserves of 91.5 million barrels will be added. 70% of these reserves are in the proven category. Total proven plus probable reserves increase by 65% from 141.5 million barrels to 233 million barrels. Field development and production in the new license areas will commence in 2006. Drilling programs and field development are continuing at the Middle Nyurola- and the Middle Kharyaga fields. Management has reviewed the long term production plans for the Tomsk- and Timano Pechora regions. Based on current development plans and the award of the new licenses, the revised objective is to reach total daily production rates exceeding 30,000 barrels in 2007. “The Timano-Pechora region is quickly becoming an important operating area. We recently won the auction for two more licenses. In total, we have a portfolio of 5 different fields with significant proven, probable and possible reserves in the area. This provides for long term production, development opportunities and exploration potential.” Maxim Barski, Managing director of West Siberian Resources stated in a comment. Reporting Schedule Update The reporting date for the 3rd quarter report has been postponed until November 30th, in order to facilitate consolidation of the recent acquisitions. The Pechoraneft and NBNK acquisitions will be consolidated as of September 1, from which date production revenues from the Middle Kharyaga field will be recorded. 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 70 523 86 62 Also visit www.westsiberian.com West Siberian Resources Ltd is an independent oil company active in Western Siberia, Russia. West Siberian’s depository receipts are traded on Nya Marknaden of the Stockholm Stock Exchange under the symbol WSIB.