Gulf Oil and Gas accountACCOUNT

Update on Sberbank Negotiations & Annual Accounts

Source: www.gulfoilandgas.com 7/24/2009, Location: Asia

Further to the update of 30 June 2009, Urals Energy announces the divestiture of Urals’ ownership interests in Dulisma and Taas Yuriakh to Sberbank is progressing. Major terms of the divestiture have been agreed with Sberbank and completion is now subject to regulatory clearances and certain third party actions.

The Company has agreed with Limentis Holdings Limited (“Limentis”), a subsidiary of certain investment funds managed by Ashmore Investment Management Limited, that Limentis will not exercise its Put Option before the Sberbank loan restructuring is complete; and will, on completion of the Sberbank loan restructuring, agree and execute documentation with Urals Energy with a view to terminating the Put Option.

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