Rosneft announced today the results of the annual independent audit of its oil and gas reserves performed by DeGolyer & MacNaughton.

Rosneft’s oil and gas reserves as of December 31, 2007

* 1 barrel of oil equivalent = 6,000 cubic feet of natural gas
Rosneft’s total reserves comprise 100% of the reserves owned by Rosneft’s consolidated subsidiaries and Rosneft’s net share in affiliates’ reserves

According to the audit results, as of December 31, 2007, Rosneft had estimated net proved reserves of 21.699 billion barrels of oil equivalent, which include 17.513 billion barrels (2.399 billion tonnes) of oil and 25.116 trillion cubic feet (711 billion cubic meters) of gas under the SPE classification. In 2007, proved hydrocarbon reserves grew 8% over 2006, with oil and gas condensate reserves increasing by 9.7% and gas reserves increasing by 1.4%. The reserve replacement ratio including acquisitions was 301% (Tomskneft 2007 production accounted for on 50% basis), while the organic reserve replacement ratio was 111%. Rosneft’s hydrocarbon reserve life was 27 years — 25 years for oil and 47 years for gas.

Rosneft’s probable and possible reserves were estimated by DeGolyer & MacNaughton at 13.212 and 13.977 billion barrels of oil equivalent, respectively. These reserves include 10.446 billion barrels of oil and 16.596 trillion cubic feet of gas of probable reserves, and 10.232 billion barrels of oil and 22.472 trillion cubic feet of gas of possible reserves, according to the SPE classification.

DeGolyer & MacNaughton also performed a reserve audit under the SEC life-of-field classification. Proved reserves were estimated at 14.495 billion barrels of oil equivalent, including 13.365 billion barrels (1.831 billion tonnes) of oil and 6.780 trillion cubic feet (192 billion cubic meters) of gas.

The audit results confirm Rosneft’s global leadership among public oil companies in terms of liquid hydrocarbon reserves under both SPE and SEC life-of-field classifications.