Investor Presentaiton

Timan Pechora Gross Reserves Summary (mmbbl) Unrisked Potential Resources 1P 2P 3P 2P PV10 (mmbl) 25.4 35.9 46.3 $229 MM 94 Teploye Cheshkove may Dugrinc Strait Operations (Arcticneft, Urals Nord) • Average production - Current: 1,013 BOPD 2007 est. year end: 2,100 BOPD Remaining 2006 Activity • Arcticneft - Complete reservoir model - - Drill 4 development wells - Drill 1 side-track well Evaluate deeper Permian horizon • Urals Nord - - Drill first exploration well Nadizhnsky prospect located 60 km south east of port of Varandey 60 mm bbl target at 3,700 meters 2007 Activity Arcticneft 6 development wells, possible second rig deployment • Arcticneft drill 2 side-track wells Arcticntis Mord Area of Operations Internation Primary Production L Statio Page 21 URALS ENERGY BARENTS SEA Pachora Bar Crew change at Arcticneft Tida

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