Urals Energy Gets Nod for Reserves from Russian Regulator

Urals Energy receives confirmation from the Ministry that the Company’s GKZ registered reserves exceed the Company’s current reserve estimates as prepared by independent reserve engineers DeGolyer & MacNaughton.

The Ministry’s conclusions underpin the Company’s significant reserve estimates and demonstrate that the Company is fully compliant with all Russian regulations.

Leonid Dyachenko, Chief Executive, commented:

"We are pleased to receive this information which underpins our own significant reserve base estimates and we look forward to continuing good relationship with the Ministry of Natural Resources and all other regulatory bodies."