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Report for the financial year and the quarter ended December 31, 2007

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• Total revenue increased by 117% to MUSD 134.4 (MUSD 62.0)* for the quarter and by 55% to MUSD 380.3 (MUSD 245.2) for the financial year.

• EBITDA amounted to MUSD 47.7 (MUSD 14.4) for the quarter and to MUSD 120.9 (MUSD 81.6) for the financial year.

• The quarterly net result amounted to MUSD 4.8 (loss of MUSD 1.5) and the financial year net result amounted to MUSD 29.9 (MUSD 30.2).

• Earnings per share amounted to USD 0.00 (USD 0.00) per share for the quarter and to USD 0.03 (USD 0.03) per share for the financial year.

• Proven and probable reserves increased by 18% to 361 million barrels

• Oil production increased by 27% to 3,130,588 barrels for the quarter and by 33% to 10,637,650 barrels for the financial year.

• Proposed merger with Alliance Oil Company

*Comparisons reflect the quarter and the financial year ended December 31, 2006.

For further information:
Maxim Barski, Managing Director, telephone +7 495 956 4882
Eric Forss, Chairman of the Board, telephone +46 8 613 00 85.

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