Zauralneftegaz Secures Two New Licenses in West Siberia
Thursday June 1, 1:30 pm ET
NEW YORK--(BUSINESS WIRE)--June 1, 2006--Siberian Energy Group, Inc. (OTC BB: SIBN - News), a U.S.-based oil and gas exploration company, has secured two new 25-year exploration and production licenses in West Siberia through OOO Zauralneftegaz (ZNG), its 50/50 Joint Venture with Baltic Petroleum (E&P) Ltd operating the company.
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On May 22, the Company disclosed ZNG's plan to bid for a total of five new exploration and production licenses in West Siberia. The first two auctions for Yuzhno-Voskresensky and Petuhovsky were completed May 31, 2006. Another license is due for auction June 14, 2006 (the Lebyazhevsky block), while the auctions for the remaining two licenses are expected in the fourth quarter of 2006.
David Zaikin, president and CEO of Siberian Energy, said: "I view the attainment of these two new licenses as significant to the Company's overall strategy. In addition to their geological and geographical significance they also contribute to ZNG's existing holdings in the Kurgan region and stress our commitment to the local community."
ZNG currently owns four exploration licenses comprising 644,000 acres in the Kurgan Region of West Siberia. With the addition of the two new licenses, ZNG's total holdings cover 979,000 acres.
Within the next 20 days, pending the formal confirmation by the Ministry of Natural Resources, ZNG will have access to the results of previously conducted seismic surveys through the Geological Fund of the Ministry of Natural Resources of the Russian Federation.
About Siberian Energy Group
Siberian Energy is one of the few U.S.-based public oil and gas exploration companies with 100% of its assets located in West Siberia, Russia.
The Company evaluates investment and acquisition opportunities in Russia and Eastern Europe with the goal of bringing a portfolio of natural resource licenses and operating companies to Western investors. Siberian Energy strives to provide an attractive ROI to shareholders by pursuing high-yield investment projects, reducing costs, and adhering to strict principles of transparency, disclosure and environmental consciousness. Additional information can be found at www.siberianenergy.com.
FORWARD-LOOKING STATEMENTS: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof. Readers should carefully review the risks described in other documents the company files from time to time with the Securities and Exchange Commission, including Annual Reports, Quarterly Reports and Current Reports on Form 8-K.
Contact:
Siberian Energy Group, Inc.
David Zaikin, 212-828-3011
Chief Executive Officer
or
The Investor Relations Group
Katrine Winther-Olesen/Jordan Silverstein, 212-825-3210
Investor Relations
