OREANDA-NEWS. July 2, 2007. OAO Tatneft (the “Company”) announces today that it published on its web-site http://www.tatneft.ru/eng/buh.htm the audited consolidated financial statements for the year ended December 31, 2006 prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) (the “Financial Statements”). The Company also published on its web-site http://www.tatneft.ru/eng/info/miller.htm the evaluation of its reserves as of January 1, 2007 prepared by Miller and Lents, Ltd., independent international oil and gas consultants.

Selected financial highlights below are based on the respective U.S. GAAP financial statements of the Company.  Russian Ruble amounts below have been translated into U.S. Dollars at the exchange rates on the last day of the respective reporting period.

The Company’s consolidated revenues in 2006 were 318,284 mln Rubles (US$12,088 mln) as compared to 300,358 mln Rubles (US$10,436 mln) in 2005. The consolidated net income for 2006 was 29,773 mln Rubles (US$1,130.8 mln) as compared to 28,242 mln Rubles (US$981.3 mln) in 2005.

Total consolidated assets of the Company increased from 282,144 mln Rubles (US$9,803 mln) as of December 31, 2005, to 319,424 mln Rubles (US$12,131.6 mln) as of December 31, 2006.

Total consolidated liabilities of the Company increased from 79,734 mln Rubles (US$2,770  mln) as of December 31, 2005, to 84,547 mln Rubles (US$3,211 mln) as of December 31, 2006.

Total consolidated shareholders’ equity increased from 198,721 mln Rubles (US$6,904 mln) as of December 31, 2005, to 231,703 mln Rubles (US$8,800 mln) as of December 31, 2006.

The Company’s representatives will discuss the U.S. GAAP financial highlights for 2006 on a conference call on 3 July 2007 at 5:30 p.m. Moscow time, 2:30 p.m. GMT.
To participate in the conference call please dial the following number in the United Kingdom +44 1296 480100 using PIN 914 117.

The Financial Statements have been filed with the Document Viewing Facility of the UKLA.