September oil production and exploration update

West Siberian Resources Ltd`s oil production during September 2006 amounted to 796,198 barrels (189,537 barrels) or 26,540 barrels per day (6,317 barrels per day). Total third quarter oil production increased to 2,363,271 barrels (766,534 barrels) and to 5,537,876 barrels (1,701,869 barrels) for the nine months ended September 30, 2006. Average daily production increased to 25,688 barrels per day (8,332 barrels per day) in the third quarter.

Tomsk region At the Kluchevskoye oil field, wells no 203 and 204 were completed and put into production. Wells no 208 and 209 were drilled. To date, eight new production wells have been completed at the Kluchevskoye oil field, all exceeding expected initial production rates. At the Middle Nyurola oil field, four electronic submersible pumps (ESP`s) were changed on existing wells. Timano Pechora region At the Middle Kharyaga oil field, a water injection system optimization program started. Workovers were performed on water injection wells no 1002 and 1008 and tracers started to pump. A workover was also performed on oil well no 1004. Two ESP`s were replaced in production wells. Volga Urals region At the Kochevnenskoye oil field, a new production well was drilled and is to be completed in October. At the Solnechnoye field, a down hole sample showed water in the target formation of the second exploration well. Currently a well is being sidetracked with the purpose of confirming the oil-water boundary. Five workowers were carried out to support production from the Novo Kievskoye- and the Kochevnenskoye oil fields. Production at the West Kochevnenskoye field remained shut-in during the month. Today, West Siberian Resources also issued a press release announcing the sale of the non-producing Emelianovskoye field in Samara. The field contains heavy, high viscosity oil. The proven field reserves amount to 0.3 million barrels and probable reserves amount to 1.1 million barrels according to DeGolyer&McNaughton's estimates. Net proceeds from the sale amounted to USD 6.99 million.