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OAO NGK Slavneft substantially increased its audited proved oil and gas reserves

03.03.2010

As of December 31, 2009, OAO NGK Slavneft’s proved reserves according to methods of the SEC (US Securities and Exchange Commission) amounted to 2,267 mln bbl without the license validity period. As compared to 2008, the proved oil reserves increased by 64 mln bbl or 3%.  
The reserves recovery rate of the Company (the reserves-to-production ratio was 202 mln bbl as compared to the production volume in 2009 – 138 mln bbl) according to the SEC standards reached 146%.
As of the end of 2009, Slavneft’s total gas reserves according to the SEC methods (without the license validity period) reached 473 bln cubic feet, which is 44 bln cubic feet or 10% higher than the indicators of the previous year.  
The reserve growth according to the SEC criteria is explained by the high efficiency of the exploration works performed by the Company. Application of modern drilling and tailing-in methods as well as wellwork to enhance the oil recovery factor of pay zones. 
The volume of proved oil reserves of the Company according to the SEC methods with regard to the license validity terms amounted to 1,508 mln bbl increased by 320 mln bbl or by 27% as compared to 2008. As of December 31, 2009, the volume of proved gas reserves according to the SEC criteria with regard to the license validity terms reached 306 bln cubic feet (an increase by 97 bln cubic feet or by 46%). The increase of these indicators besides of the above factors was also caused by the prolongation of validity terms of the license to develop Megionsky, Severo-Pokursky, Yuzhno-Pokamasovsky, Severo-Orekhovsky, Zapadno-Asomkinsky, Arigolsky and Zapadno-Arigolsky areas. 
As of 1 January 2010, the Company’s proved that oil equivalent reserves amounted to 2,906 mln bbl according to the PSE criteria, which is 237 mln bbl or 9% higher as compared to the 2008 figures. The gas reserves (according to the SPE methods) totaled to 485 bln cubic feet and increased by 23 bln feet or 5% as compared to 462 bln cubic feet in 2008.
The audit of Slavneft’s reserves was performed according to international standards by Miller&Lents, an American consulting company which has been the permanent auditor of the Company since 1997. 
In 2009, Slavneft’s reserves were evaluated according to the SРE and SEC criteria by 37 fields located in Western-Siberian and eastern Siberian oil and gas bearing provinces.

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