West Siberian Ltd (SE) - direct/ West Siberian Ltd (SE) - West Siberian announces alliance with Alliance Oil

West Siberian today appear affairs to absorb with Alliance Oil and actualize a angular chip Russian oil aggregation with a abiding accumulation of awkward oil, abundant adorning accommodation and important assets in administration and business of petroleum products. The accumulation will accept accepted and apparent oil affluence of 430 actor barrels, assembly of abutting to 51,000 barrels per day, adorning accommodation of 70,000 barrels per day, and 255 gas stations that will accommodate the base for abiding approaching balance and bigger margins.

The accumulated bazaar capitalisation of the companies amounts to about USD 2.5 billion and accumulated pro forma revenues for the aboriginal nine months 2007 amounted to USD 1,398 actor and accumulated EBITDA amounted to USD 228 million.

West Siberian Resources Ltd (OMX:WSIB-SDB) ("WSR") and shareholders OJSC Oil Company Alliance ("Alliance Oil") today active a Memorandum of Understanding ("MoU") that creates a arch absolute angular chip oil company, with a mix of upstream and after businesses that accomplish in key oil regions of Russia. The parties intend to access into and assassinate absolute alliance agreements that will see Alliance Oil become a wholly-owned accessory of WSR in barter for WSR arising to Alliance Oil shareholders 1,783,540,968 accustomed shares apery 60% of its absolute issued allotment basic post-issue. Alliance Oil´s shareholders will be represented on WSR´s axle of admiral by two admiral and WSR´s administration aggregation will be complemented by the chief administration of Alliance Oil abacus after experience. Maxim Barski will abide as the Managing Director of the accumulated company.

Alliance Oil is a arch absolute Russian oil aggregation that engages in awkward oil adorning and business of aesthetic articles focused in the Russian Far East and neighbouring consign markets. Alliance Oil conducts its adorning operations at its Khabarovsk refinery, which has a adorning accommodation of 70,000 barrels per day. In 2007 the refinery candy 23.6 actor barrels of oil in absolute (approx. 65,000 barrels per day). Alliance Oil aswell engages in exploration, development and assembly of awkward oil in Tatarstan (Russian Federation) and in Kazakhstan. Alliance Oil´s accumulated accepted and apparent (2P) Society of Petroleum Engineers (SPE) affluence according to Miller and Lents at 1 July, 2007 were 123.3 actor barrels and proved, apparent and accessible affluence amounted to 157.1 actor barrels. Alliance Oil´s boilerplate circadian assembly in the fourth division of 2007 was 10,104 barrels of awkward oil. Alliance Oil is congenital in the Russian Federation, and is controlled by associates of the Bazhaev ancestors and Alliance Oil´s management.

WSR is an absolute Russian oil aggregation congenital in Bermuda. WSR´s analysis and assembly assets accommodate a aggregate of accepted oil assembly with cogent low-risk development and analysis potential. The aggregation operates in three of Russia´s better oil basins: Western Siberia, Timano-Pechora and Volga-Urals. According to an appraisal conducted by DeGolyer and MacNaughton, the accepted and apparent SPE oil affluence amounted to 306.8 actor barrels as at 31 December, 2006, while proved, apparent and accessible affluence amounted to 443.9 actor barrels as at 31 December, 2006. In the fourth division 2007, WSR´s boilerplate circadian oil assembly amounted to 34,028 barrels and accomplished the akin of 40,500 barrels per day by the end of December 2007.

Thus, the new accumulation will accept accumulated 2P SPE affluence of 430 actor barrels of oil, accumulated assembly amount of about 51,000 barrels per day at the alpha of 2008 and 70,000 barrels per day of adorning capacity, and will accomplish 255 petrol stations and 24 proprietary oil articles terminals in the Russian Far East

WSR had absolute revenues of USD 245.9 actor for the nine months concluded 30 September 2007 (unaudited) and USD 245.2 actor for the year concluded 31 December 2006 (audited), consistent in a net accumulation of USD 25.05 actor for the aboriginal nine months concluded 30 September 2007 and USD 30.23 actor for the year concluded 31 December, 2006. Alliance Oil had absolute revenues of USD 1,151.8 actor for the nine months concluded 30 September 2007 (unaudited) and USD 1,677.1 actor for the year concluded 31 December 2006 (audited), consistent in net accumulation of USD 66.3 actor for the aboriginal nine months concluded 30 September 2007 and USD 101.63 actor for the year catastrophe 31 December 2006.

Enquiries

WSR
Maxim Barski, Managing Director
+7 495 956 48 82

Eric Forss, Chairman
+46 70 523 86 62

Alliance
Olga Sergeeva
+7 495 745 5810

Press actual
Frida Almgren, Burson-Marsteller
+46 70 249 0742

Web sites
www.westsiberian.com
www.nk-alliance.ru

The abounding columnist absolution (including tables) can be downloaded from the afterward link:
hugin.info/138728/R/1182098/235898.pdf

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The issuer is alone amenable for the agreeable of this announcement.