Urals Energy Public Company Limited Announces Management Changes

Urals Energy Public Company Limited is an independent exploration and production company. The Company is primarily engaged in oil and gas exploration and production in the Russian Federation and processing of crude oil for distribution on both Russian and international markets. The Company's exploration and production operations are on the Kolguyev Island based in Timan Pechora and on Sakhalin Island. The Company's ZAO Petrosakh develops the Okruzhnoye field on the Eastern coast of Sakhalin Island. The Company's ZAO Arcticneft develops and operates the Peschanoozerskoye field on Kolguyev Island in the Barents Sea. The Company is producing on average approximately two thousand barrels of oil per day from Petrosakh and Arcticneft with 100% of production being refined in Petrosakh and 100% being exported in Arcticneft.