West Siberian raises USD 80 million through private placement

West Siberian Resources Ltd has raised a total of USD 80 million (SEK 560 million) through a private placement of 90 million new common shares issued as SDRs . The SDRs were placed with institutional investors.

In the private placement, 90 million shares with a subscription price of SEK 6.25 per share were subscribed as SDRs. The total number of outstanding shares/SDRs in West Siberian Resources will increase to 1,189,027,312 with a total share capital of USD 59,451,366 following the private placement.
In total, the private placement raised gross proceeds of USD 80 million. The proceeds will be used to pay down short term debt assumed in connection with the recent Northoil acquisition and for the 2007 capital program.

”We efficiently raised USD 80 million in equity capital and restored the balance sheet following the Northoil acqusition. We are now well positioned to raise long term debt to refinance remaining short term loans.” Maxim Barski, West Siberian Resources’ Managing Director stated.

Carnegie and Renaissance Capital were financial advisors and joint managers in connection with the private placement.



For further information:
Maxim Barski, Managing director, West Siberian Resources Ltd., tel. +7 495 956 48 82
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 70 523 86 62

Also visit www.westsiberian.com