Sibir Energy Sets Production Record at its Salym Fields

Sibir Energy reports that the crude oil production rate at its Salym fields now exceeds 80,000 barrels per day (bopd), a new record for the company. The Salym fields are located in western Siberia and are operated by Salym Petroleum Development NV (SPD, Sibir's 50:50 joint venture with Shell).

The new SPD production record brings Sibir's 50% share of production at Salym to over 41,000 bopd. Combined with production from Sibir subsidiary, Magma, at the Yuzhnoye fields in Western Siberia, Sibir's total daily production now exceeds 48,000 bopd.

Commenting on the announcement, Sibir CEO, Henry Cameron said, "On June 26, 2007 Sibir reported record earnings for 2006 and we are backing that up with growing production at Salym in 2007. Sibir will shortly pass the 50,000 bopd milestone."