Investor Presentaiton

Achievements in First Year After IPO BOPD $MM URALS ENERGY "Increase production to 10,500 BOPD by end-2007" 12,000 Production Growth: +79% 10,100 10,000 8,000 5,600 6,000 mmboe 150 50 250 200 "Grow reserves through acquisition & drill- bit" 2P Growth: +151% (1) 2005 RRR: 107% 226 4,000 100 90 2,000 50 0 Aug '05 0 Sep '06 Notes Aug '05 Sep '06 10 10 5 0 "Net profit positive" 1. 2P excluding Voivozh, reserve replacement ratio excluding acquisitions "Achieve $1 billion market cap by end-2007" 11.56 1,200 1,000 87.4% Return 800 -5 -3.66 FY 2004 30.6.06 LTM $MM 600 541 400 200 Page 10 1,014 0 IPO 1 Sep 2006

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