Board Changes

RNS Number:5350J
Urals Energy Public Company Limited
27 September 2006



                      Urals Energy Public Company Limited
                            Announces Board Changes



Urals Energy Public Company Limited (LSE: UEN), the international oil and gas
exploration and production company which was admitted to the Alternative
Investment Market of the London Stock Exchange in August 2005 today announces
the resignations of Mr. Viatcheslav Rovneiko and Mr. George Ramzaitsev from the
Company's board of directors, and the election of Mr. Charles J. Pitman as
interim Chairman of the board.



Mr. Pitman has served as the Company's lead non-executive director since
September 2005 and has substantial experience as a former senior executive of
both BP and Amoco with responsibility for matters in the former Soviet Union.
He has assumed the role of interim Chairman of the board of directors of the
Company with immediate effect.



Mr. Rovneiko and Mr. Ramzaitsev have both resigned for personal reasons and have
advised the Company that they are doing so to devote attention to their
cooperation with authorities in Belgium and to deal with claims arising out of
an investigation into tax compliance of a company unrelated to Urals Energy for
matters occurring during the period 1993 to 2001.  The investigation and claims
do not relate to any of the businesses or activities of Urals Energy.



The Board supports both directors in their efforts to deal with these personal
matters.



Mr. Rovneiko will remain as a consultant to Urals Energy and the Company is
pleased that he will continue to assist Urals Energy in its ongoing acquisition
activities.



Urals Energy continues to perform strongly with production currently averaging
10,100 bopd and is on track to achieve stated production targets of
approximately 13,000 bopd by the end of this year and approximately 19,000 bopd
by the end of 2007.





William R. Thomas, Chief Executive Officer, commented:



"I regret but understand the decisions of Mr. Rovneiko and Mr. Ramzaitsev to
resign while they focus on these personal matters and am gratified that Mr.
Rovneiko will continue to support us in our acquisition activities as a
consultant to the Company.  I am pleased that Chuck Pitman has agreed to become
interim Chairman of the Company. We have worked together for many years and I
know he can continue to assist Urals Energy in its future development."



                                                               27 September 2006


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




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