Results for Six Months Ending June 30, 2005

West Siberian Resources Independent oil company operating in Russia Listed on the Nya Marknaden at Stockholm Stock Exchange since 2000 Financial reorganization including successful bond conversion and rights issue completed in Feb-Mar 2004 Increased ownership of its key operating subsidiary VTK to 100% in June 2004 Achieved financial turnaround and firmly moved to profitability in the last six months of 2004 Board of Directors: Eric Forss Chairman of the Board Maxim Barski Managing Director Fred Boling Director Claes Levin Director Number of shares: 686,480,800; Average daily trading: 7 mln shares Shareholders: Alltech20% Investors Life Insurance Corp. 10% International institutional investors 25% Individuals – more than 10,000 45%

WSR Achievements in 2005 Production increased by 199% yoy (12 month periods ending June 30, 2005 and 2004) and reached 935,336 bbls Revenue increased by 267% and reached $21.2 mln $7,4 mln EBITDA Independent Transneft connection Independent energy supply Water injection system $20 mln 4 year pre-export credit facility from BNP-Paribas $49 mln raised through successful rights offering More than 100% production growth and 50% reserve growth are expected after completion of the new acquisition

WSR Share Market cap increased during 2005 from MUSD on Jan 1 to MUSD 380 on Aug 26

Highlights for 6 Months 2005 FINANCIAL* Revenue up from MUSD 5.8 to 21.2 EBITDA up from MUSD 0.04 to 7.4 Net result excluding unrealized currency losses up from negative MUSD 2.06 to positive MUSD 4.47 Operating CF from negative MUSD 0.86 to positive MUSD 7.7 OPERATIONAL* Production up from 312,580 to 935,336 barrels Daily production up from 1,717 to 5,168 BOPD 6 Production wells completed 2 Injection wells drilled *All indicators are compared to respective numbers for first six months Q 2004 correspond to calendar quarter of 2004

WSR Income Statement 1Q 04 – calendar quarter of m m 2004%Comment TUSD Change Operating income Sales of oil and gas % Combined effect of accelerated production and favorable prices Sales of oil products Alexandrov Refinery Other income % Cost of Sales Production costs (4 393) (2 723) 61% Production cost decrease from $6.22/bbl to $4.12/bbl Production tax (6 855) (1 293) 430% Production Tax rate up from $4.14/bbl to $7.68/bbl due to high Urals oil price DD&A (2 094) (355) Increase in depletion rate (revised reserve report & production growth) Gross Profit % Selling expenses (1 387) (594) 133% Transneft charges - $4/bbl General and Admin costs (819) (1 126) -27% Other operating income/expenses (362) 2 Operating result (316) Finance income/expenses, net (871) (1 390) Currency exchange gains/losses (1 891) Devaluation of RR against USD - effect on VTK interco & ext loans Result before tax (665) Tax 37 (351) Increased depletion - Increased Tax asset Result for the period (1 017) Earnings per share (USD) 0,01 (0,00) Diluted earnings per share (USD) 0,01 (0,00)

2005 Oil Sales Price Export duty per barrel in 2005: Jan$13.8 Feb-Mar$11.4 Apr-May$14.1 Jun-Jul$18.7 Aug-Sep$19.3 VAT – 18% on domestic sales only Domestic price has more than doubled since Jan 2005

6 m m 2004 TUSD Comments Operating activities Operating result 5,306 (316) Turnaround from negative to positive operating result Depletion and depreciation 2, Other non-cash items 304 (916) Change in working capital (1,598) (8,192) Total cash flow from operations 6,106 (9,051) Dramatic improvement of operating CF Investment activities Investment in oil and gas properties (18,455) (1,753) VTK investment program Investment in shares in subsidiaries (4,500) - Khv+ANPZ investment Other investment (273) (44) Cash flow used for investments (23,228) (1,797) Financing activities Proceeds from share rights issue, net 47,389 30,017 Change in loan drawn down 14,228 (7,648) BNP Paribas loan facility, other loans and convertible debentures repaid Other cash flow from/used for financing (4,723) - Cash flow from/used for financing 56,894 22,368 Effect of exchange rate changes on cash and cash equivalents (46) (23) Change in cash and bank 39,727 11,497 Cash and bank at beginning of period 2, Cash and bank at end of period 42,372 11,580 WSR Cash Flow

VTK 2005 Investment Program Jan-June 2005 achievements Field seismic completed 100% (500 km) 8 wells drilled: 6 producing, 2 injection 2 production wells are under completion 3 drilling pads completed Connection to Transneft completed Commercial metering station commissioned Water injection started 2x1MW gas generators being put in operation Integration of Middle Kluchevskoe and Middle Nyurola gathering pipelines into one system completed Total planned investments in 2005$34,7 mln Invested during Jan-June 2005$18,5 mln During 6 months we were building the basis for the 2005 production growth: drilling pads, water injection system and electricity supply

Middle Nyurola Geology and FDP Geological Model Middle Nyurola FDP

WSR Balance Sheet

Pechoraneft Location Map ТOMSK REGION Middle Nyurola Middle Kharyaga TOMSK

Pechoraneft Oil Reserves State Reserves Committee, State Balance as of 2002, mln bbls DeGolyer and MacNaughton reserve appraisal, 2004, mln bbls Schlumberger reserve evaluation update, 2005, mln bbls С1 – /47.42 С2 – 17.45/ 6.56 Р90 – Р50 – Р10 – С1 – /40.53 С2 – 4.36/ 1.64 Based on reserves calculation and recovery rate feasibility study Based on structure maps, 3D seismic and project design for 50 producers (39 new wells) Based on structure maps, 3D siesmic and new project design for 22 wells (7 new wells) DeGolyer and MacNaughton reserve appraisal was done under SEC classification. Does not take into account the results of water injection system implementation and results from 2 new wells. According to Schlumberger report the drilling of 7 new producing wells should lead to the conversion of the majority P50 reserves, under SPE classification, into P90 reserves. We expect that to be reflected in DeGolyer and MacNaughton reserve appraisal as of Oct D seismic results show new promising areas nearby to the license block (south to Western dome, and north to Eastern dome).

Middle-Kharyaga Oilfield Central Production Facility Structure Map for D3src1Reservoir The field consists of 3 dome-shaped reservoirs of reef structures which are the fractures of carbonaceous sediments of Devon period. The main characteristic of these sediments is their high productivity, that is proved by the results achieved in Timano- Pechora region by such companies as Conoco Philips, Total, Lukoil, Rosneft.

Middle-Kharyaga FDP Middle Kharyaga FDP Drilling Plan

Pechoraneft Operational Highlights Geology, Drilling and Production 320 km 2-D and 86 sq. km 3-D seismic completed ( ) 12 exploration and 14 production wells drilled Oil rates from 350 to 1500 bbl per day from one well 5,8 mln bbl high quality oil produced during ,43 mln bbl oil produced in Jan-July 2005 Infrastructure in place Oil treatment facility constructed (capacity of 3.5 mln bbl p.a.) 40 km pipeline to LUKOIL Kharyaga Terminal constructed Commercial Metering Oil Unit commissioned Production power supply on the base Caterpillar power stations (4х1 MWt) started up Oilfield pipeline gathering system constructed Water injection system put in operation

Pechoraneft 2005 Investment Program Total investment $9,630 mln 2 wells completed &1 is being drilled

NBNK Location Map Liginskaya License area

NBNK Exploration Highlights 800 km 2-D seismic interpreted 76 sq. km 3-D seismic on Liginskaya structure completed and interpreted 175 sq. km 3-D seismic on Zarechnaya structure completed and interpreted Location of first exploration well on Zarechnaya structure of Liginskaya license area is defined Drilling rig mobilization and installation completed Drilling will be started up February 1, 2006 Investment of MUSD 6 required for 2006

Post Acquisition Results Combined WSR 2P oil reserves will increase from 97.7 to mln bbl Daily production will increase from 5700 to bbl Group financial results will double Important synergies will take place Combining WSR and Pechoraneft management teams in Moscow and savings of MUSD 2 p.a. on overheads New commercial opportunities will arise The synergies will result in shifting current EBITDA margin of Pechoraneft to VTKs level of $8 per barrel

Transaction Overview Private placement to institutional investors Approximately for US$37 million Proceeds to fund part of the recent acquisition and general corporate needs US (144A), Europe and Russia Road show through August 29 to September 12, 2005 Bookbuild and allocation by September 15, 2005 Run by Aton and Remium

SUMMARY TERM SHEET* Issuer:West Siberian Resources Limited (WSR). Symbol: WSIB SE Book building:September 2005 Aggregate Proceeds: Up to SEK 279 million (US $37 million) Listing:Stock Exchange: Nya Marknaden at Stockholmsborsen Shares Outstanding: 686,480,800 (Basic) Recent Share Price: SEK 4,13 (US$ 0.55) Current Market Capitalization: SEK 2,835 million (US$ 376 million) Use of Proceeds:Acquisition of oil and gas properties in the Pechora region and general corporate needs Regulatory Approvals:Bermuda Monetary Authority, SEC Agent:Aton Advisory Services Limited and Remium AB Directed Equity Issue * All numbers in blue in the term sheet are tentative and are subject to change due to pricing