West Siberian Resources

1
Welcome toExtraordinary General Meeting
January 31, 2006
2
Meeting Agenda

• 1. Val av ordförande för stämman/ Election of
  Chairman for the meeting.
• 2. Upprättande av godkännande av
  röstlängd/Preparation and approval of voting
  list.
• 3. Godkännande av dagordning/ Approval of the
  agenda
• 4. Val av en eller två justeringsmän /Election of
  one or two persons to check and verify the
  minutes.
• 5. Prövning av om stämman blivit behörigen
  sammankallad/Verification that the meeting has
  been duly convened.
• 6. Beslut om ökning av högsta tillåtna
  aktiekapital/Resolution to increase the
  authorised share capital of the company
• 7. Beslut om bemyndigande för styrelsen att fatta
  beslut om emission av aktier m.m.
  company/Resolution to authorise the Board of
  Directors to resolve to issue new shares etc.,
  through a cash or non-cash issue with deviation
  from current shareholders' pre-emption rights.
• 8. Val av minst en ny styrelseledamot/Resolution
  to elect new board member(s).
• 9. Övriga ärenden/Any other business.

3
West Siberian Resources

• Independent oil company operating in Russia
• Listed on the Nya Marknaden at Stockholm Stock
  Exchange since 2000
• Achieved financial turnaround through
  reorganization in Q1 04
• Entered Timan-Pechora and Volga-Urals regions in
  2005 via acquisition of Pechoraneft two
  additional licenses and Saneco
• Board of Directors
• Eric Forss Chairman of the Board
• Maxim Barski Managing Director
• Fred Boling Director
• Claes Levin Director
• Oleg Fomenko Director Candidate
• Number of shares 792,527,312, average daily
  turnover 3 mln
• Shareholders
• Alltech Investments 18
• Investors Life Insurance Corp. 9
• International institutional investors 29
• Individuals more than 10,000 44

4
Presentation Highlights
Significant Asset Base Poised for Growth

• SPE reserves of 96 (1P), 176 (2P) and 259 (3P) MM
  bbl, ABC1C2 of 293 MM bbl (1)
• Low risk, long term growth - 24 years of 2P
  reserves
• Target to exceed 30,000 bpd in 2007 visible
  growth through 2011
• Exploration potential in 19 identified structures

Visible Acquisition Opportunities

• Already present in three of Russias most
  prolific oil regions
• MA strategy focused on leveraging existing
  infrastructure and achieving cost synergies
• Soft pipeline of MA opportunities in existing
  core areas
• Proven ability to win at license auctions, more
  to come

Increasing Profitability

• Highly cost conscious with efficient local
  management
• Production increases, technology adds to improve
  unit costs further
• Focus on improving revenues/netbacks, benefiting
  from favourable domestic pricing
• Improving in-house sales and marketing expertise

• Multi-disciplinary management team upstream,
  finance and MA expertise
• Proven track record of improving operations and
  integrating acquisitions
• Executed successful turnaround of WSR
  outstanding financial performance
• 728 EBITDA growth 04-05 (Q3)

Proven Management Track Record
1. SPE reserves as appraised by DM, including
Saneco scheduled to close in Q1 06
5
Brief History
1998

• Incorporated in 1998 in Bermuda as Vostok Oil
  Limited

1999

• Acquired 80 interest in OAO Vostochnaya
  Transnatsionalnaya Kompaniya (VTK)

2000

• Listed SDRs on Nya Marknaden of the Stockholm
  Stock Exchange

2002

• Rights issue of convertible bonds with
  preferential rights for the shareholders

• Recapitalisation of the company through a debt to
  equity swap provided necessary liquidity
• 29 MM rights issue to strengthen balance sheet
  and complete restructuring, Alltech acquiring a
  24 stake
• Name changed to West Siberian Resources
• WSR purchases remaining 20 of VTK
• Shareholders elect new Board of Directors
• Maxim Barski joins as CEO initiates
  restructuring of the company

2004

• March acquired Khvoinoye field (15 MM bbl 2P)
  and the Aleksandrov refinery for 9.1 MM
• April 49 MM rights issue to finance
  acquisitions of Khvoinoye and settle remaining
  convertible debentures
• July acquired Pechoraneft for 113 MM entering
  the oil-rich Timano-Pechora region
• July acquired NBNK which holds an exploration
  licence near Middle Kharyaga for 5.1 MM (and
  assumption of 4.6 MM debt)
• September 60 MM equity placement to finance
  Pechoraneft acquisition
• November acquired two 25-year production
  licences for North and Lek Kharyaga Oil fields
  for 67 MM near Pechoraneft infrastructure

2005
2006

• January announced the acquisition of Saneco Oil
  Company which holds three production and 3
  exploration licences in the Volga-Urals region
  for 140 MM, scheduled to close in Q1 06

6
Production and Financial Highlights
Production, BOPD

• Strong production growth
• 05 average 8,154 bpd
• December 05 20,302 bpd, including 5,809 bpd at
  Saneco
• 193 YoY production growth in Q4 05
• Outstanding financial results (9 months 2005)
• Revenue 46.1 MM (288 YoY growth)
• EBITDA 17.1 MM (728 YoY growth)
• Net Income 7.4 MM
• Performance Targets
• We expect peak production of 50,000 bpd from
  existing asset base
• Controllable costs for producing assets (VTK,
  PN) 2006 below 4 per bbl

(1)
EBITDA, MM
1. Pro forma for Saneco
7
Reserve Growth and MA Activity

• 5 transactions in last 11 months
• 143.4 MM bbl (2P) acquired
• 322 reserves growth including Saneco (ABC1C2)
• Key investment criteria
• Proved and probable reserves and current
  production
• Upside in undeveloped resources
• Fields adjacent to current infrastructure
• Higher proportional exports fraction
• DCF-based valuation with appropriate
  risk-adjusted returns gt15

ABC1C2 Reserves (MM bbl)
Russian EP Sector Very Fragmented
Daily Production, tboe/day
Number of Companies
Source Oil and Capital, May 2005
8
Tomsk Turnaround Story

• Turnaround
• Q4 03 production 1,401 bpd
• 5 wells drilled in 2004
• 11 production and 5 injection wells drilled in
  2005
• Now producing 6,130 bpd
• 2006 Capex 25.6 MM, including 12 new production
  wells
• Margins rising
• Falling controllable production costs from
  9.2/bbl to 4.6/bbl
• Alexandrov refinery

Middle Nyurola Geological Model
9
Strategic Entry to Timan-Pechora

• 3 acquisitions since Summer 05
• Pechoraneft, NBNK
• 2 licences via auction
• Attractive entry cost (1.9/bbl 2P)
• Estimated resources of 65 MM bbl
• 06 Capex of 33.1 MM, including 7 production and
  1 exploration well
• Leveraging existing infrastructure
• Visible MA and auction pipeline

North Kharyaga Middle Kharyaga (Pechoraneft) Lek-K
haryaga
NBNK License area
10
Volga-Urals Substantial Upside

• Saneco to be acquired for 140 MM
• 70 MM in stock
• 70 MM in cash
• To close in Q1 06
• Attractive license portfolio
• 3 production, 3 exploration
• 3P reserves of 30.6 MM bbl, ABC1C2 50.7 MM bbl
• Additional estimated recoverable resources of 84
  (C3) and 141 (D1) MM bbl
• December production of 5,809 bpd
• Recent exploration success
• 100 hit rate

1. Management estimates based on Sanecos RAS
accounts
11
Financial Overview
12
WSR Achievements 2005

• Production increased by 186 to 1,701,869 bbls
  (3rd quarter 766,534)
• Revenue increased by 288 to 46 mln
• 17 mln EBITDA for 9 months 2005
• Drilled 14 (11 - VTK, 3 - Pechoraneft) production
  and 5 injection wells in 2005
• Finished independent energy supply system
• Acquisition of Pechoraneft and NBNK increased
  daily production by 123, added 45.3 mln bbl
  2P(1)
• 60 mln acquisition financing from BNP-Paribas
• 60 mln successful equity placement, number of
  shares increased from 686 to 792.5 mln
• 2 new licenses in Timano-Pechora region, added
  50.5 mln bbl 2P(1)
• 40 mln of additional acquisition financing
  raised from BNP-Paribas
• MoU signed to acquire Saneco for 140 MM, adding
  23.9 MM bbl 2P(1) reserves and substantial
  exploration potential

1. Reserves numbers in acquisitions on an SPE
basis according to new DM reports
13
Summary Financials

• Substantial improvement in financial position
  over the last five quarters
• Growth in profitability
• Favourable oil price trends
• Focus on cost controls
• DDA to increase in full year 05 financials per
  recent DM reserve report

1. Management estimates of WSR Pechoraneft for
9M 05 on IFRS basis. Net income in full year
financials to reflect higher depletion rates per
recent DM reserve report
14
Improving Netbacks

• Domestic market increasingly linked to world
  prices
• Further improvements expected
• Benefits of growing scale
• Saneco favourable location with loading
  infrastructure to allow for greater export share
• Saneco trading expertise to help drive cost
  optimization and better control

Average Oil Sales Price, /bbl
Average Realized Netback, /bbl
(2)
(1)
(3)
(4)
1. Including export duty, transportation and
other costs 2. Including VAT 3. Net of export
duty, transportation and other costs 4. Net of
VAT
15
Continuing Cost Reduction
Controllable Production Costs, /bbl (1)

• Technological improvements
• VTK/Transneft link
• Own power generation
• Alexandrov refinery
• SGA reductions
• Optimized cost at WSR in 2004
• Pechoraneft synergies
• Improved information, monitoring systems

1. Total production costs excluding production
tax
16
Balance Sheet

• Cost of capital falling as funding options grow
• To raise 170 MM (debt and equity) in Q1 06
• 70 MM Remaining Saneco payment
• 40 MM Debt repayment
• Remainder to fund capex, general corporate
  purposes

1. Management estimates does not include
potential contingent liability from Pechoraneft
litigation
17
Current Investment Plan

• 06 budget of 79.3 MM
• 26 new production and injection wells
• 12 in the Tomsk region
• 7 in the Timan-Pechora region
• 3 in Volga-Urals region
• 3 exploration wells in Volga-Urals region
• 1 exploration well in Timan-Pechora region
• Additional infrastructure investments to improve
  production rates

2006 Capex 79.3 MM (1)
1. Pro forma for Saneco
18
Ownership Structure
Pro Forma Ownership
(1)
Current Ownership
(3)
(2)
(2)
(3)
1. Assumes 116.5 MM shares issued to Saneco
shareholders 2. Euroclear Bank, Nordea Bank,
Deutsche Bank London Branch, Deutsche Bank Ag
Frankfurt, Sis Sega Intersettle, Clearstream
Banking, Aton International Limited, Banque
Invik, State Street Bank and Trust, M M Warburg
Co Kgaa 3. On closing of the acquisition, Alltech
and Saneco shareholders intend to enter into an
agreement in relation to the purchase by Alltech
of approximately 25 million SDRs issued to Saneco
shareholders at market price. In addition,
Alltech and Saneco shareholder Meadowlane will
have entered into a shareholders agreement
including limitations on sales of WSR SDRs,
commitments with respect to each having one
director on the WSR Board and agreeing to reach
consensus, and a commitment for Saneco
shareholders not to attempt to remove M. Barski
as WSRs CEO
19
Strengthening the Board

• Oleg Fomenko, Director Candidate
• Mr. Fomenko, a Russian citizen, was born in 1964
• Graduated from the Moscow State Institute of
  International Relations and completed a post
  graduate degree at the Institute of Oriental
  Studies of the Russian Academy of Sciences
• Currently director of Management Sciences Center
  for Fuel Energy
• Between 1994-2004 was the Commercial Director of
  Moscow Representative for Crudex OY, a Finnish
  oil trading group
• Between 1989 and 1992 he was Assistant Director
  at JV Kontinentalinvest
• Mr. Fomenko brings substantial marketing and
  trading experience to WSR
• Will lead internal group to market WSR crude

20
Meeting Agenda

• . 1. Val av ordförande för stämman/ Election of
  Chairman for the meeting.
• 2. Upprättande av godkännande av
  röstlängd/Preparation and approval of voting
  list.
• 3. Godkännande av dagordning/ Approval of the
  agenda
• 4. Val av en eller två justeringsmän /Election of
  one or two persons to check and verify the
  minutes.
• 5. Prövning av om stämman blivit behörigen
  sammankallad/Verification that the meeting has
  been duly convened.
• 6. Beslut om ökning av högsta tillåtna
  aktiekapital/Resolution to increase the
  authorised share capital of the company
• 7. Beslut om bemyndigande för styrelsen att fatta
  beslut om emission av aktier m.m.
  company/Resolution to authorise the Board of
  Directors to resolve to issue new shares etc.,
  through a cash or non-cash issue with deviation
  from current shareholders' pre-emption rights.
• 8. Val av minst en ny styrelseledamot/Resolution
  to elect new board member(s).
• 9. Övriga ärenden/Any other business.

21
Styrelsens Förslag/The Board's proposal for
resolutions
Punkt 6/Item 6 Styrelsen föreslår att högsta
tillåtna aktiekapital ökas från nuvarande USD 50
miljoner motsvarande 1 miljard aktier till USD 75
miljoner motsvarande 1 500 000 000 aktier. The
Board of Directors propose that the authorised
share capital is increased from currently USD
50 000 000 corresponding to 1 000 000 000 shares
to USD 75 000 000 corresponding to 1 500 000 000
shares.
22
Meeting Agenda

• . 1. Val av ordförande för stämman/ Election of
  Chairman for the meeting.
• 2. Upprättande av godkännande av
  röstlängd/Preparation and approval of voting
  list.
• 3. Godkännande av dagordning/ Approval of the
  agenda
• 4. Val av en eller två justeringsmän /Election of
  one or two persons to check and verify the
  minutes.
• 5. Prövning av om stämman blivit behörigen
  sammankallad/Verification that the meeting has
  been duly convened.
• 6. Beslut om ökning av högsta tillåtna
  aktiekapital/Resolution to increase the
  authorised share capital of the company
• 7. Beslut om bemyndigande för styrelsen att fatta
  beslut om emission av aktier m.m.
  company/Resolution to authorise the Board of
  Directors to resolve to issue new shares etc.,
  through a cash or non-cash issue with deviation
  from current shareholders' pre-emption rights.
• 8. Val av minst en ny styrelseledamot/Resolution
  to elect new board member(s).
• 9. Övriga ärenden/Any other business.

23
Styrelsens Förslag/The Board's proposal for
resolutions
Punkt 7/Item 7 Styrelsen föreslår att
bolagsstämman ger styrelsen ett bemyndigande att
besluta om nyemission av aktier, konvertibla
skuldebrev, skuldebrev såväl utan som i förening
med optionsrätt till nyteckning av aktier samt
optioner, sammanlagt högst upp till det antal
aktier som ryms inom det tillåtna aktiekapitalet.
Styrelsens beslut om emission skall kunna ske med
avvikelse från aktieägarnas företrädesrätt.
Bolagsstämmans bemyndigande skall även omfatta
rätt för styrelsen att besluta om apportemission
eller att aktie eller annat skall tecknas med
kvittningsrätt. Syftet med bemyndigandet är att
öka bolagets finansiella flexibilitet, att ge
styrelsen möjlighet att utfärda optioner till
nyckelpersoner innebärande rätt till framtida
teckning av aktier på förmånliga villkor samt att
de emitterade aktierna skall kunna utgöra
förvärvsvaluta i samband med förvärv som bolaget
kan komma att genomföra. Utgångspunkten för
emissionskursens fastställande även som framtida
teckningskurs skall vara aktiens marknadsvärde
vid emissionstillfället eller i förkommande fall
utgivandet av optionen. The Board of Directors
propose that the General Meeting authorises the
Board to resolve to issue new shares, options,
convertible bonds or bonds with or without an
option to subscribe for new shares, the maximum
of which is the amount of shares allowed within
the maximum authorised share capital. The Board
of Directors' resolution of a share issue should
be permitted to be made with deviation from
existing shareholders' pre-emption rights. The
meeting's authorisation shall also include a
right for the Board of Directors to resolve on a
non-cash issue or that shares shall be subscribed
for with a right to offset debt. The purpose of
the authorisation is to increase the financial
flexibility of the company, to allow the board to
grant stock options with a right to future
exercise on favorable terms to key members of the
staff as well as to function as consideration in
connection with possible acquisitions. The
subscription price shall be determined on the
basis of the fair market value of the share at
the occasion of each share issue or option grant
as the case may be.
24
Meeting Agenda

• . 1. Val av ordförande för stämman/ Election of
  Chairman for the meeting.
• 2. Upprättande av godkännande av
  röstlängd/Preparation and approval of voting
  list.
• 3. Godkännande av dagordning/ Approval of the
  agenda
• 4. Val av en eller två justeringsmän /Election of
  one or two persons to check and verify the
  minutes.
• 5. Prövning av om stämman blivit behörigen
  sammankallad/Verification that the meeting has
  been duly convened.
• 6. Beslut om ökning av högsta tillåtna
  aktiekapital/Resolution to increase the
  authorised share capital of the company
• 7. Beslut om bemyndigande för styrelsen att fatta
  beslut om emission av aktier m.m.
  company/Resolution to authorise the Board of
  Directors to resolve to issue new shares etc.,
  through a cash or non-cash issue with deviation
  from current shareholders' pre-emption rights.
• 8. Val av minst en ny styrelseledamot/Resolution
  to elect new board member(s).
• 9. Övriga ärenden/Any other business.

25
Strengthening the Board

• Oleg Fomenko, Director Candidate
• Mr. Fomenko, a Russian citizen, was born in 1964
• Graduated from the Moscow State Institute of
  International Relations and completed a post
  graduate degree at the Institute of Oriental
  Studies of the Russian Academy of Sciences
• Currently director of Management Sciences Center
  for Fuel Energy
• Between 1994-2004 was the Commercial Director of
  Moscow Representative for Crudex OY, a Finnish
  oil trading group
• Between 1989 and 1992 he was Assistant Director
  at JV Kontinentalinvest
• Mr. Fomenko brings substantial marketing and
  trading experience to WSR
• Will lead internal group to market WSR crude

26
Meeting Agenda

• . 1. Val av ordförande för stämman/ Election of
  Chairman for the meeting.
• 2. Upprättande av godkännande av
  röstlängd/Preparation and approval of voting
  list.
• 3. Godkännande av dagordning/ Approval of the
  agenda
• 4. Val av en eller två justeringsmän /Election of
  one or two persons to check and verify the
  minutes.
• 5. Prövning av om stämman blivit behörigen
  sammankallad/Verification that the meeting has
  been duly convened.
• 6. Beslut om ökning av högsta tillåtna
  aktiekapital/Resolution to increase the
  authorised share capital of the company
• 7. Beslut om bemyndigande för styrelsen att fatta
  beslut om emission av aktier m.m.
  company/Resolution to authorise the Board of
  Directors to resolve to issue new shares etc.,
  through a cash or non-cash issue with deviation
  from current shareholders' pre-emption rights.
• 8. Val av minst en ny styrelseledamot/Resolution
  to elect new board member(s).
• 9. Övriga ärenden/Any other business.