Tatneft Reports Financial Reports for 1Q 2010

Tatneft reported the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2010 prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") (the "Financial Statements") and related 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 the first quarter2010 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 the first quarter of 2010 were 105,152 million Rubles (US $3,518 million) as compared to 73,540 million Rubles (US $2,167 million) in the first quarter of 2009. The consolidated net income attributable to Group shareholders in the first quarter2010 was 12,630 million Rubles (US $423 million) as compared to 7,929 million Rubles (US $234 million) in the first quarter 2009. 

Total consolidated assets of the Company increased from 495,742 million Rubles (US $16,394 million) as of December 31, 2009, to 513,241 million Rubles (US $17,481 million) as of March 31, 2010. 

Total consolidated liabilities of the Company increased from 182,235 million Rubles (US $6,026 million) as of December 31, 2009, to 186,106 million Rubles (US $6,339 million) as of March 31, 2010. 

Total consolidated shareholders' equity increased from 313,507 million Rubles (US $10,367 million) as of December 31, 2009, to 327,135 million Rubles (US $11,142 million) as of March 31, 2010.

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