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Urals Energy Provides Petrosakh Update

Source: www.gulfoilandgas.com 9/2/2008, Location: Asia

Urals Energy announced that the Petrosakh development well No. 52 in Okruzhnoye Field, Sakhalin Russian Federation, is flowing 39.4 degree API oil at 450 bopd from the Pileng reservoir. The well was drilled to 1,751 meters and oil pay was encountered from 1605 to 1750 meters. The production from the field has stabilized at approximately 2500 bopd and up by 23.6% from the beginning of 2008.

Urals Energy holds other production licenses in Komi, Timan Pechora, Udmurtia, and East Siberia. Its stated goal is to focus on green field developments in East Siberia and is also committed to maximizing the value of its mature assets even while progressing with sales of those assets located outside of East Siberia including Petrosakh.

Urals Energy owns interest in two fields in East Siberia, Dulisma Field at 100% and SredneBotuobinsky Field at 35.3%.

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