+ 300 % Report for September 2005

Interim report for the quarter and the nine months ended September 30, 2005
2005-11-30 17:48

• Revenues increased by 308% to MUSD 24.9 for the quarter and by 288% to MUSD 46.1 for the nine months ended September 30, 2005.

• EBITDA amounted to MUSD 9.7 (MUSD 2.0) for the quarter and to MUSD 17.1 (MUSD 2.1) for the nine months.

• The result before tax and minority interest improved to MUSD 5.8 (MUSD 1.1) for the quarter and to MUSD 8.3 (MUSD 0.5) for the nine months period. The quarterly net result amounted to MUSD 4.8 (MUSD 0.8) and the nine months net result amounted to MUSD 7.4 (loss MUSD 0.2).

• Earnings per share amounted to USD 0.01 per share for the quarter (USD 0.00 per share) and to USD 0.01 for nine months period (USD 0.00 per share).

• Oil production increased by 172% to 766,534 barrels for the quarter and by 186% to 1,701,869 barrels for the nine months.

• Significant oil reserves and production were added in the Timano-Pechora region of Russia

*Comparisons reflect the quarter and the nine months ended September 30, 2004

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01.12.2005§11:59:53 Uhr

West Siberian Resources Ltd entered into a definitive agreement to acquire 100% of the shares of the oil company operating in the Volga-Ural region of Russia. The acquisition target's main assets include proven and probable oil reserves of 51 million barrels and estimated possible reserves of 83 million barrels, under Russian classification. Average daily oil production amounted to approximately 5,000 barrels in the third quarter. The purchase price amounts to US$ 140 million out of which West Siberian has agreed to pay half in cash and half in newly issued shares.

The transaction is planned to be completed in the beginning of 2006.

The company to be acquired owns exploration and production licenses covering several oil fields located in the Volga-Ural region of central Russia. Proven and probable oil reserves (C1+C2) are estimated at 50.75 million barrels and possible reserves (C3) are estimated at 82.9 million barrels. Oil production from the fields amounted to approximately 5,000 barrels per day from 28 wells in the third quarter 2005.

The purchase price for 100% of the shares in the company to be acquired will be US$ 140 million on a debt free basis. The purchase price shall be paid by US$ 70 million in cash and US$ 70 million in West Siberian shares valued at SEK 4,74 per share. West Siberian Resources has agreed to issue 116 500 000 shares, representing 13%, to current shareholders of the acquisition target.

West Siberian Resources Ltd. is an independent oil company that produces oil, develops oil fields, and conducts oil exploration in Russia. WSR's main assets are the Middle Nyurola, Kluchevskoye, Puglalymskoye, and Khvoinoye oil fields located in the Tomsk region of Western Siberia. The fields are operated by WSR's fully owned subsidiary VTK. Total reserves in these fields in proven plus probable categories amount to 98 million barrels.

West Siberian Resources WKN-659159 Ltd's oil production during November amounted to 403,970 barrels or 13,466 barrels per day. November average production was 62% higher than the average third quarter production. In November 2004, oil production amounted to 141,800 barrels, or 4,725 barrels per day.

During the month, oil was produced from five fields in the Tomsk and Timano-Pechora regions. At Middle Nyurola, one new well was put on production and a water injection well was drilled. At Khvoinoye, an old well was brought back to production using a pumping unit. In Timano Pechora, a new producing oil well was put into operation. The new wells were put on line at the end of the month and will be producing for the full month of December.


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05/12/2005 17:23

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