West Siberian Resources Ltd's total oil production for the first quarter 2009
amounted to 4.2 million bbl (4.0 million bbl) and the average daily production
for the period increased to 47,181 bpd (45,013 bpd). Refining volumes at the
Khabarovsk refinery amounted to 5.2 million bbl, or an average of 58,000 barrels
per day, in the first quarter 2009 as compared to 6.5 million bbl refined in the
first quarter 2008. First quarter oil product sales preliminarily amounted to
4.8 million barrels. First quarter 2009 financial results are expected to
improve compared to the fourth quarter 2008.
The total oil production came from the Timano-Pechora region (1.3 million bbl),
the Tomsk region (1.0 million bbl), the Volga-Urals region (1.9 million bbl) and
Kazakhstan (0.1 million bbl). A total of 79 wells were subject to workover or
repair activities in the first quarter 2009. At the Kolvinskoye field in the
Timano-Pechora region, drilling of well 101 was completed with being conserved
pending further field development. In the Volga-Urals region, drilling started
at the Kovalevskoye oil field.
“Our upstream and downstream volumes were essentially as planned in the first
quarter, with refinery performance and wholesale markets exceeding our
expectations. Overall, markets appear to stabilise somewhat with product demand
at lower levels than last year. We saw the upstream segment return to
profitability and expect that the first quarter financial results improved from
the last quarter last year. However, our markets remain volatile and both
segments will continue to respond to these changing economic conditions. We
expect to slightly reduce refining volumes in coming weeks.” says Arsen Idrisov,
West Siberian's Managing Director.
For further information:
Arsen Idrisov, Managing Director, West Siberian Resources Ltd., tel. +7 (495)
745 58 14
Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
Also visit www.westsiberian.com
West Siberian is a leading independent oil company with vertically integrated
operations in Russia and Kazakhstan. West Siberian Resources has proved and
probable oil reserves of 487 million barrels, oil production of more than 47,000
barrels per day in the first quarter 2009, refining capacity of 70,000 barrels
per day and a network of gas stations and wholesale oil terminals. West
Siberian's depository receipts are traded on the NASDAQ OMX Nordic under the
symbol WSIB since May 2007.
