PetroNeft Names VP, Business Development & Operations

On January 1, 2010, Karl D. Johnson was appointed as Vice President of Business Development and Operations at PetroNeft Resources plc. Karl comes to PetroNeft after a 27 year career with Marathon Oil Company. Karl has a strong background in Business Development, Operations and Economics. He also has extensive Russian experience having lived and worked in both Moscow and Yuzhno-Sakhalinsk. He has a BS degree in Petroleum Engineering from Marietta College, Marietta, Ohio, USA and an MBA from Rice University, Houston, Texas, USA.

Dennis Francis, Chief Executive Officer of PetroNeft Resources commented, "We are very pleased to be off to such a good start in 2010. All aspects of the project are on or ahead of schedule which is a credit to our staff and contractors in Tomsk. I am looking forward to a transformational year for PetroNeft with the commencement of year-round production in Q3 2010 and meeting our production target of approximately 4,000 bopd by the end of 2010.

"We are delighted to welcome Karl Johnson to PetroNeft. His extensive experience in Russian Business Development and Operations will greatly assist the Company in its ambitious growth plans."