OREANDA-NEWS. October 10, 2011. Tatneft (the “Company”) announces that it published on its web-site (http://www.tatneft.ru/eng) the reviewed interim condensed consolidated financial statements for the 6 months ended June 30, 2011 prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) (the “Financial Statements”) and related Management Discussion and Analysis of Results of Operations (the “MD&A”), reported the press-centre of Tatneft.  

Selected financial highlights below are based on the respective U.S. GAAP financial statements of the Company. These highlights do not replace the Financial Statements or the MD&A and all interested persons are encouraged to read these documents for full understanding of the first 6 months 2011 U.S. GAAP results. Russian Ruble amounts below have been translated into U.S. Dollars, for revenue and net income at the average exchange rate during the respective reporting period, and for balance sheet items at the exchange rate on the last day of the respective reporting period.

The Company’s consolidated revenues in the first 6 months of 2011 were 293,990 million Rubles (US\\$ 10,272 million) as compared to 214,611 million Rubles (USD 7,137 million) in the first 6 months of 2010. The consolidated net income attributable to Group shareholders in the first 6 months of 2011 was 39,467 million Rubles (USD 1,379 million) as compared to 15,860 million Rubles (USD 527 million) in the first 6 months of 2010.

Total consolidated assets of the Company increased from 567,179 million Rubles (USD 18,608 million) as of December 31, 2010, to 590,141 million Rubles (USD 21,016 million) as of June 30, 2011.

Total consolidated liabilities of the Company decreased from 216,633 million Rubles (USD 7,107 million) as of December 31, 2010, to 210,676 million Rubles (increased in US dollars terms to US\\$ 7,503 million) as of June 30, 2011.

Total consolidated shareholders’ equity increased from 350,546 million Rubles (USD 11,501 million) as of December 31, 2010, to 379,465 million Rubles (USD 13,514 million) as of June 30, 2011.

The Company’s representatives will discuss the U.S. GAAP financial highlights for the first 6 months 2011 on a conference call on October 10, 2011 at 6.00 PM Moscow time, 3:00 PM UK time:

To participate in the conference call, please dial the following numbers: in the United Kingdom +44 (0) 1452 589 328 or for a free line within the UK 0800 694 5763, in Russia (free call) 8108 002 446 2044, using PIN 16765097.

The conference call replay will be available upon completion of the call until 24 October 2011 by dialing +44 (0) 1452 55 0000 (International Dial-in) or 0845 245 5205 (Local UK Dial-in) in the U.K, 1866 247 4222 (free call) in the USA, using PIN 16765097#.

Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. OAO Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.