BMB Reports Early Production Results for Kariman-2

BMB Munai, Inc. announced initial production results of testing one of four pay zones on the Kariman-2 well. The testing was commenced in an interval at a depth of 3,395 to 3,426 meters. The pay in the interval is 29 meters.

The initial testing was conducted for very limited periods with chokes of various design and diameters. The Company's engineers are now in the process of conducting a well test using a 7 mm choke, which during a seven day period has produced an average of 1,707 barrels per day. The oil density is .8427 kg/l at 20 degrees Celsius with water content of less than 1% and salt of 14 mg/l.

BMB Munai's Chief Operating Officer, Gamal Kulumbetov stated, "We plan to conduct a variety of geological and geophysical research in the upcoming months in order to understand reservoir parameters and characteristics. This will include submission of oil samples to independent laboratories for a full scale analysis of the oil."

Askar Tashtitov, the Company President announced, "We are pleased with the production testing at Kariman-2. The test production levels have allowed the Company to achieve total production in our license territory in excess of 2,000 bpd. In view of the increased production, executives of the Company have been able to secure modification to the Company's oil export license. The January 2007 quota of 4,000 tons (31,500 barrels) has been increased to 15,000 tons (118,125 barrels) for February 2007 and 20,000 tons (157,500 barrels) for March 2007. These quota increases will allow the Company to maximize its revenue from our increasing production levels."

Mr. Tashtitov further stated, "In addition to expanding our oil export sales, we anticipate that we will be required to expand our storage and transportation capabilities to meet the production increases that will be realized as drilling and completion activities are finished on Dolinnoe-6, Kariman-1 and Emir-6 during the coming weeks."

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. The Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.