LUKOIL Acquires Bitech Petroleum

LUKOIL Overseas Canada Ltd. has successfully completed its acquisition of the outstanding common shares of Bitech Petroleum Corporation. LUKOIL will take up and pay for the shares that have been tendered to date. 97.2% of the Bitech shares have been tendered, LUKOIL Overseas will also now exercise its statutory right to purchase the remaining Bitech shares.

LUKOIL is one of Russia's leading oil companies, with its principal operations in Western Siberia, Northern Russia and the Caspian region. Bitech is a Canadian oil exploration and production company, with operations predominantly within the Republic of Komi in the Russian Federation.