WEST SIBERIAN RESOURCES AND TIMAN PECHORA ADMINISTRATION CONFIRM MUTUAL UNDERSTANDING

WEST SIBERIAN RESOURCES AND TIMAN PECHORA ADMINISTRATION CONFIRM MUTUAL
UNDERSTANDING

Representatives of West Siberian Resources Ltd met with the Administration of
Nenets Autonomous Area (NAA)[1] in Naryan-Mar on November 26, 2007 to discuss
the cooperation between the parties. Present at the Meeting was the Governor of
NAA, the Chairman of the local parliament and deputies of the Governor.

The key issues discussed during the meeting were the participation of West
Siberian Resources in the social and economic development of the region and the
general climate of cooperation between the Parties. During the discussion, the
Parties reached full mutual understanding and noticed that there are no
substantial disagreements between them. 

The parties confirmed the timing of repayment of outstanding NAA
social-and-economic development charges by West Siberian Resources' local
subsidiary Pechoraneft. Also, all West Siberian Resources' subsidiaries holding
subsoil licenses for oil fields in the region will be registered locally. 

The practical result of the meeting was the formation of a working team
involving representatives of the parties. The main task of the work team will be
the analysis, coordination and development of prompt decision on any issues
arising. 

West Siberian Resources has also noticed good investment climate and favorable
conditions for oil and gas business development in the region formed by the
Administration of NAA.

The Parties also agreed to jointly inform media relating to West Siberian's
activities in the region and the company's fulfillment of its social, economic
and license obligations.

For further information:
Maxim Barski, Managing director, West Siberian Resources Ltd., tel. +7 495 956
48 82
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85

Also visit www.westsiberian.com


West Siberian Resources Ltd is an independent oil company active in Russia. West
Siberian´s depository receipts are traded at the Stockholm Stock Exchange under
the symbol WSIB. 

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[1] West Siberian Resources Ltd operates four oil fields in the region including
the Kolvinskoye field.