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Update on Negotiations with Sberbank

Source: www.gulfoilandgas.com 6/30/2009, Location: Asia

Urals Energy announces that efforts in discussions with Sberbank regarding restructuring options for the Company's outstanding loans to the bank have not yielded a mutually agreeable solution beyond the divestiture of assets approved at the Companyís shareholder meeting on 26 January 2009, which the Company considers the most feasible in the circumstances. Therefore, the company will be proceeding with the execution of the divestiture of its ownership interests in Dulisma and Taas Yuriakh to Sberbank as expediently as possible, in accordance with the earlier EGM resolution. The Company hopes to conclude the transaction in the near future and will provide a further update as soon as possible. Should there be any material change to this plan a further announcement will be made. The Company also intends to provide a full update on its forward strategy and other divestiture efforts in due course.

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