Tatneft Boosts Reserves by 228 Million Barrels

Based on the results of evaluation by Miller & Lents, Ltd. (USA), independent international oil and gas consultants, conducted at the request of OAO Tatneft, as of 1 January 2008 the reserves of oil and gas of Tatneft under the SPE-WPC classification were as follows:

Proved reserves of crude oil and condensate – 6 billion 139 million 700 thousand barrels, which is 228 million barrels more than as of 1 January 2007;

Probable reserves of crude oil and condensate – 2 billion 141 million 300 thousand barrels, which is 146.9 million barrels more than as of 1 January 2007;

Possible reserves of crude oil and condensate – 610.1 million barrels.

The reserves of gas also increased and are comprised of: proved – 1,323.9 Bcf, probable – 452 Bcf, and possible – 43.3 Bcf.

In 2007 Tatneft produced record volume of crude oil in the last 14 years – 25 million 741 thousand metric tons (approximately 183.35 mln. barrels). Outside of Tatarstan the Ρompany's subsidiaries produced approximately 196 thousand metric tons (1.4 million barrels) of crude oil.

The increase in reserves of Tatneft is directly related to successful application of modern technologies during crude oil and gas production, geographical expansion of the Company's activities as well as the commencement of development of highly viscous bitumen oil fields in the Republic of Tatarstan.

Positive results of pilot production from Ashalchinsky and Mordovo-Karmalsky highly viscous bitumen oil fields allowed to book as proved (under international standards) a portion of the reserves of these fields (approximately 3.17 million barrels). Another 5.4 million and 258 million barrels of highly viscous bitumen oil reserves are booked as probable and possible respectively.

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