Oil production report for 2004

West Siberian Resources Ltd’s oil production continues to increase. Production during December 2004 amounted to proximately 150,000 barrels, or 4,850 barrels per day. The annual production in 2004 amounted to 988,000 barrels, or 2,700 barrels per day, which is 60 percent higher than in 2003.

In 2003, the annual oil production amounted to 617,000 barrels, or 1,690 barrels per day. In December, the horizontal well no 130 was completed and the well is currently being tested. Production enhancement activities were performed on wells G1 and G2. A water injection well intended to improve pressure and facilitate increased production is currently being drilled in the Middle Nyurola field. “In December, we had production days exceeding 5,000 barrels. The new well, no 130 will add production going forward. Production increases have additional importance during the winter when we are experiencing seasonally lower domestic oil prices”, Maxim Barski, West Siberian Resources Ltd’s Managing director stated in a comment to the production numbers. 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