UEN Urals EN.

RNS Number:3920E
Urals Energy Public Company Limited
12 June 2006

                      URALS ENERGY PUBLIC COMPANY LIMITED

                           Completion of acquisition

AIM listed Urals Energy ("Urals" or "the Company"), a leading independent
exploration and production company with operations in Russia, announces the
completion of its  $148 million acquisition of 100% of the Dulisminskoye oil,
condensate and gas field together with 100% of the LTK transportation and
treating facilities, both located in southern East Siberia.


The acquisition was announced on 18 April 2006, with the subsequent closing of a
$209 million private placement to finance the acquisition completed on 2 June
2006.


This acquisition significantly increases both reserves and production and
creates a new core area for the Company in the prolific East Siberian oil basin.
DeGolyer and MacNaughton estimate the Dulisminskoye Field contains:


*      net 2P (proved plus probable) reserve additions of 109.4 million barrels 
       of oil and condensate and


*      net 3P (proved, probable and possible) reserve additions of 196.3 million
       barrels of oil and condensate and 1.7 trillion cubic feet of gas.


Oil production is projected to peak in 2011 when the field is expected to
produce at an average annual rate of approximately 29,000 BOPD.


William R. Thomas, Chief Executive Officer, commented:

"Completion of this acquisition and the success of our capital raising are yet
further examples of the progress Urals Energy is making this year. We are on
track to reach our production target of 13,000 bopd by the end of 2006 and
19,000 bopd by end of next year - an 80% increase in our initial 2007 production
target stated at the time of the IPO in August 2005."

                                                                    12 June 2006


Pelham PR
James Henderson                                     020 7743 6673
Gavin Davis                                         020 7743 6677




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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