Novatek Briefs 4Q10 Preliminary Results

Novatek reported preliminary production and operating data for the fourth quarter and full year 2010.

Gross production for the fourth quarter 2010 totaled 10.89 billion cubic meters (bcm) of natural gas and 996 thousand tons of liquids (gas condensate and crude oil). Natural gas production increased by 1.91 bcm, or by 21.3%, and gross liquids production increased by 162 thousand tons, or by 19.4%, as compared with the corresponding gross production in the fourth quarter 2009.

In 2010, gross production for Novatek totaled 37.78 bcm of natural gas and 3,632 thousand tons of liquids. Natural gas production increased by 5.00 bcm, or by 15.3%, whereas gross liquids production increased by 583 thousand tons, or by 19.1%, as compared with the corresponding gross production in 2009.

During 2010, Novatek processed 3,401 thousand tons of unstable de-ethanized gas condensate at the Purovsky Processing Plant, of which 940 thousand tons was processed in the fourth quarter.

Novatek dispatched 39 tanker shipments of stable gas condensate for export in 2010 as compared to 36 tanker shipments in the corresponding period of 2009. At December 31, 2010, we had approximately 790 million cubic meters of natural gas and 264 thousand tons of stable gas condensate in transit or storage and recognized as inventory.

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