Re: Ministry Statement

24 Sep 2007 13:11

Urals Energy Public Company Limited24 September 2007 Urals Energy Public Company Limited ('Urals Energy' or the 'Company') Re: Ministry of Natural Resources' Statement Urals Energy, a leading independent exploration and production company withoperations in Russia, notes today's announcement from the Ministry of NaturalResources (the "Ministry") regarding the Company's reserve estimates. Urals Energy is pleased to receive confirmation from the Ministry that theCompany's GKZ registered reserves exceed the Company's current reserve estimatesas prepared by independent reserve engineers DeGolyer & MacNaughton. The Ministry's conclusions underpin the Company's significant reserve estimatesand demonstrate that the Company is fully compliant with all Russianregulations. Leonid Dyachenko, Chief Executive, commented: "We are pleased to receive this information which underpins our own significantreserve base estimates and we look forward to continuing good relationship withthe Ministry of Natural Resources and all other regulatory bodies." 24 September 2007 Enquiries: Pelham PR James Henderson 020 7743 6673Gavin Davis 020 7743 6677Evgeniy Chuikov 020 3008 5506 This information is provided by RNS The company news service from the London Stock Exchange