A press release published by the vice chairman of Malka Oil AB,
Mikhail Malyarenko, earlier today, April 16, 2009, claims that the
information in the prospectus dated March 26, 2009 ( the"Prospectus") is incomplete and that information has been withheld
from the shareholders. This is false. The information is available in
the Prospectus under the section Legal questions and complementary
information on pages 55-59. Thus, the Prospectus gives a true and
fair picture of Malka Oil AB.
Since the Prospectus was published, a bankruptcy petition has been
filed with the court of Tomsk, Russia, related to Malka Oil's
subsidiary STS-Service. The bankruptcy petition was submitted by a
company controlled by Mikhail Malyarenko, OOO Ekspecditcija
Explauatsionno-Razvedochnogo Burenija. The bankruptcy petition has
been rejected by the court in Tomsk since the debt had already been
paid.
In above-mentioned press release also stated that 1,794 tonnes of oil
have been sequestered. The receivable that was the reason for the
sequestration has been paid and the sequestration was therefore
revoked before the Prospectus was issued.
It is also claimed that licence requirements have not been met, which
is also not based on true circumstances.
Furthermore, Mikhail Malyarenko claims that he has been denied
information. Information that he has not received relates to
affiliated processes that exist between Malka Oil and companies owned
or controlled by Malyarenko.
In addition, the board of directors of Malka Oil still believes that
all reasonable caution has been taken to assure the information in
the Prospectus, dated March 26, 2009 along with the supplementary
prospectus dated April 3, 2009 and to the knowledge of the board,
these documents comply with actual circumstances and nothing has been
omitted that could influence the picture of Malka Oil that is
presented in these documents per today's date. Thus the board does
not see any reason to change this assessment due to the press release
issued by vice chairman Mikhail Malyarenko.
For further information, please contact:
Fredrik Svinhufvud, Managing Director Malka Oil, tel +46 8 5000 7811,
mobile +46 708 708 708
Mats Gabrielsson, Chairman of the Board of Directors, mobile +46
70 775 83 20
For further information about Malka Oil AB, see the website
www.malkaoil.se.
Malka Oil AB (publ) is an independent oil and gas production company
operating in the Tomsk region in western Siberia. Their current
position consists of oil and gas assets for licence block number 87
in the said region. The block has a surface of 1,800 square
kilometres. There are currently three oil fields at the licence
block, namely Zapadno-Luginetskoye ("ZL"), Lower Luginetskoye ("LL")
and the Schinginskoye oil field, and a large quantity of other not
yet drilled oil structures.
The ZL and LL oil fields are in production and these two oil fields
have during 2007 went through reserve classification by the Russian
State Committee of Reserves (GKZ) and during spring 2008 a Western
reserve study made by DeGolyer and MacNaughton. The GKZ registered
extractable oil and condensate reserves in the categories C1 and C2
amounted to 97 million barrels at the end of 2007. The company's own
estimate of its extractable oil and condensate reserves, C1+ C2, in
the three existing oil fields on licence block number 87 is currently
140-190 million barrels. The Western reserve study estimation as of
April 30, 2008 amounted to 43.5 million barrels 2P and 90.6 million
barrels 3P oil reserves.
Malka Oil's licence block is surrounded by a large number of
producing oil and gas fields.
Reasonable caution notice: The statement and assumptions made in the
company's information regarding Malka Oil AB's ("Malka") current
plans, prognoses, strategies, concepts and other statements that are
not historical facts are estimations or "forward looking statements"
concerning Malka's future activities. Such future estimations
comprise but are not limited to statements that include words such as"may occur", "concerning", "plans", "expects", "estimates","believes", "evaluates", "prognosticates" or similar expressions.
Such expressions reflect the management of Malka's expectations and
assumptions made on the basis of information available at that time.
These statements and assumptions are subject to a large number of
risks and uncertainties. These, in their turn, comprise but are not
limited to i) changes in the financial, legal and political
environment of the countries in which Malka conducts business, ii)
changes in the available geological information concerning the
company's projects in operation, iii) Malka's capacity to
continuously guarantee sufficient financing to perform their
activities as a "going concern", iv) the success of all participants
in the group, or of the various interested companies, joint ventures
or secondary alliances, v) changes in currency exchange rates, in
particular those relating to the RUR/USD rate. Due to the background
of the many risks and uncertainties that exist for any
oil-prospecting venture and oil production company in its initial
stage, Malka's actual future development may significantly deviate
from that indicated in the company's informative statements. Malka
assumes no implicit liability to immediately update any such future
evaluations.
