BMB Munai Appoints New President and Vice President

BMB Munai CEO, Boris Cherdabayev, announced that Askar Tashtitov has been appointed as the Company's President and that Turemurat Zharmagambetov has been appointed as the Company's Vice President for Production. Mr. Cherdabayev said in the announcement, "I am pleased by the advancement of these two employees. They bring our executive team added experience and enthusiasm. I expect their skills to make an immediate and valuable contribution to our Company's continued growth and progress."

Mr. Tashtitov joined the Company as a financial analyst in 2004. Prior to joining the company, Mr. Tashtitov worked as an oil and gas project specialist of USAID-funded PA Government Services Inc., subsidiary of a London-based management consulting company. Mr. Tashtitov's experience also includes internships with the audit division of Arthur Andersen Almaty office, Almaty Power Consolidated -- electric and heat operator in Almaty region, and Investment and Banking Division of Kazkommertsbank. He graduated from Yale University with a BA degree with a double major in Economics and History.

Turemurat Zharmagambetov joined BMB Munai in January of 2006. He graduated from Kazakh Polytechnic Institute with a BS degree in Geology and Exploration of Oil and Gas Fields. Mr. Zharmagambetov has over 35 years of experience in the Oil and Gas industry, holding a number of leadership positions in major Oil and Gas projects in Western Kazakhstan. Mr. Zharmagambetov served as a Deputy General Manager of Munai Impex, a company which conducts oil export trading for KazMunaiGas. In addition, Mr. Zharmagambetov's experience also includes working as a General Director for "Munai Complekt" JV, and as a Director for "KazakhOil Service," subdivisions of the national oil and gas company. Mr. Zharmagambetov also worked as the Head Manager of the Technical Development and Head Manager of the Labor and Environment Protection departments of the Kazakhstan's national oil and gas company, KazMunaiGas. Mr. Zharmagambetov was awarded a number of government awards including the "Excellence in Oil Industry of the USSR" medal.

BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in Western Kazakhstan. Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.