Sibir Responds to Mitvol's Reported Comments

Sibir Energy plc on Friday commented on wire service and press reports of statements made yesterday by a Russian environmental official, Oleg Mitvol.

In the reports, Mitvol raised questions about the accuracy of reserves figures reported by certain foreign-owned natural resource companies. [Editor's note: According to press reports from Thursday, Mitvol claimed that such companies have been overstating their reserves in an effort to raise their share prices.] Sibir stated for the record that the reserves figures it reported are the Russian standard reserves as reported by the Russian State Committee on Reserves (GKZ).

For the avoidance of doubt, Sibir said that its reserves and those of the Russian State Committee on Reserves are one and the same.