Novatek Gas Production Increased by 398 Mmcm in Q4 2007

Gross production for OAO Novatek for the fourth quarter totaled 7.61 billion cubic meters of natural gas and 643 thousand tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 398 million cubic meters, or by 5.5%, and gross liquids production increased by 45 thousand tons, or by 7.6%, as compared with the corresponding gross hydrocarbon production in the fourth quarter 2006.

In 2007, gross production for Novatek totaled 28.52 billion cubic meters of natural gas and 2.5 million tons of liquids. Gross natural gas production decreased by 210 million cubic meters, or by less than one-percent, and gross liquids production decreased by 11 thousand tons, or by 0.5%, as compared with the corresponding gross production in 2006. Total gross natural gas production during the 2007 period was consistent with NOVATEK’s revised production targets due primarily to a decrease in natural gas volumes injected into underground storage which was the result of reduced off-take from the underground storage system during the unseasonably warm winter in Russia.

Total gross liquids production was consistent with the Company's forecasts and takes into account natural declines in the concentration of gas condensate, due to decreasing reservoir pressure at the current gas condensate producing horizons at the East-Tarkosalinskoye and Khancheyskoye fields, and the temporary production stoppage in July 2007 due to planned maintenance and repair work at the fields.

In 2007, Novatek processed 2,112 thousand tons of unstable gas condensate at the Purovsky processing plant. In the fourth quarter the plant's throughput totaled 553 thousand tons.

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