West Siberian Resources completes acquisition

West Siberian Resources Ltd. has completed the acquisition of the Russian oil company Khvoinoye LLP. The major assets acquired were the Khvoinoye oil field and the Alexandrov refinery located in the Tomsk region of West Siberia.

West Siberian Resources has completed the MUSD 9 million acquisition of Khvoinoye LLP. The acquisition was subject to approval from the Russian Antimonopoly Committee which has been obtained. Through the acquisition, West Siberian Resources adds proven oil reserves of 11 million barrels and probable reserves of 7 million barrels. In 2005 and 2006, West Siberian Resources plans to develop the field through drilling, workovers on existing wells, geological surveys and infrastructure development. Crude oil is transported from the field to the Alexandrov refinery where the refining process yields fuel oil, gasoline and diesel. The refinery is located approximately 52 kilometres from the oil field. 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