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Primex Oil Production Inc. to:Value Relations GmbH
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Primex Oil Production Inc Announces Corporate Action And Share Cancellation
Primex Oil Production Inc. (Frankfurt Exchange: YPO) announced today that it has cancelled the following shares due to a revision of the shares issued within the agreement of merger between the Company and Chedty Neft CJSC:

SHAREHOLDERS CANCELLED SHARES
Blumberg Industries 70,000,000
Ditter Limited 35,000,000
Fertagrowservice Investments Ltd 33,000,000
Lancaster Interinvest s.a. 1,941,655
Westmount Securities Corp 2,055,000
Fleuri International Corp 4,000,000
Legolas Investments Inc 2,750,000
Integral Bioenergies Systems SL. 1,250,000
Phideas Investments Inc 3,850

Blumberg Industries Ltd, Ditter Limited and Fertagrowservice Investments Ltd, as former shareholders of Chedty Neft CJSC, shall receive a total of 46,000,000 shares of Primex Oil Production Inc in compensation for transferring their shares of Chedty Neft CJSC to Primex Oil Production Inc. The transaction was completed with the accord of all shareholders involved in the merger.

This corporate action reduces by two thirds the amount of the previously issued shares.

About Primex Oil Production Inc.
Primex Oil Production Inc is a publicly traded oil producing company having oil fields within the territory of the Federation of Russia.

The company’s stock trades on the Deutsche Borse under symbol YPO.

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