Annual Financial Report

Tatneft published its audited consolidated U.S. GAAP financial statements for the year ended December 31, 2011

16 April 2012

OAO Tatneft (the "Company") announces today that it published on its web-site (http://www.tatneft.ru/eng) the audited consolidated financial statements for the year ended December 31, 2011 prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") (the "Financial Statements") and related Directors' report, incorporating Management Discussion and Analysis of Results of Operations (the "MD&A").

Selected financial highlights below are based on the respective U.S. GAAP financial statements of the Company. These highlights do not replace the Financial Statements or the MD&A and all interested persons are encouraged to read these documents for full understanding of 2011 U.S. GAAP results. Russian Ruble amounts below have been translated into U.S. Dollars, for revenue and net income at the average exchange rate during the respective reporting period, and for balance sheet items at the exchange rate on the last day of the respective reporting period.

The Company's consolidated revenues in 2011 were 615,867 million Rubles (US$ 20,955 million) as compared to 468,032 million Rubles (US$ 15,411 million) in 2010. The consolidated net income attributable to Group shareholders in 2011 was 61,428 million Rubles (US$ 2,090 million) as compared to 46,673 million Rubles (US$ 1,537 million) in 2010.

Total consolidated assets of the Company increased from 567,179 million Rubles (US$ 18,608 million) as of December 31, 2010, to 627,823 million Rubles (US$ 19,498 million) as of December 31, 2011.

Total consolidated liabilities of the Company increased from 216,633 million Rubles (US$ 7,107 million) as of December 31, 2010, to 224,412 million Rubles (decreased in US dollar terms to US$ 6,969 million) as of December 31, 2011.

Total consolidated shareholders' equity increased from 350,546 million Rubles (US$ 11,501 million) as of December 31, 2010, to 403,411 million Rubles (US$ 12,528 million) December 31, 2011.

As of December 31, 2011 the Company's total proved reserves (SPE/ PRMS) of crude oil and condensate were 870 million tons (6,193 million barrels) as compared to 840 million tons (5,982 million barrels) as of December 31, 2010.

The Company's representatives will discuss the U.S. GAAP financial highlights for the year ended December 31, 2011 on a conference call on April 17, 2012 at 16.00 PM Moscow time, 13:00 PM UK time.

To participate in the conference call, please dial the any of the following numbers using ID 71271032:

United Kingdom: +44 1452 589 328 (standard international)

United Kingdom: 0800 694 5763 (free call)

United Kingdom: 0844 338 7411 (local call)

USA: (866) 966 9439 (free call)

Singapore: 8004 411 372 (free call)

Russia: 8108 002 446 2044 (free call)

Russia: 4999 228 667 (local call) 

The conference call replay will be available upon completion of the call until 30 April 2012 by dialing +44 1452 55 0000(International Dial-in) or 0845 245 5205 (UK Local Dial-in), 0800 953 1533 (UK Free Call Dial-in), (866) 247 4222 (USA Free Call Dial-in), using PIN 71271032#.

Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. OAO Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.