Sibir Mulls Over Possible Russian Asset Transaction with Shell

Sibir has noted press reports over the weekend of a possible asset transaction with Royal Dutch Shell, Sibir's joint venture partner in Salym Petroleum Development ("SPD").

As SPD shareholders, Sibir and Shell maintain a close working relationship. Sibir is considering all opportunities that would allow it to expand its business in Russia. The Company noted that it discusses various opportunities with different companies on a regular basis and Shell is one of such companies.

If appropriate, further announcements will be made in due course.