Completion of Financing

RNS Number:7306S
Urals Energy Public Company Limited
12 March 2007

FOR IMMEDIATE RELEASE:

                      Urals Energy Public Company Limited

               Closing of US$ 130 Million Dulisma Debt Financing

Urals Energy ("Urals Energy") (LSE: UEN), a leading independent oil and gas
exploration and production company with operations in Russia, today announces
that it has received US $80 million, representing the final tranche of its US$
130 million project development loan for its subsidiary OOO Dulisma.

As previously announced, the $130 million financing proceeds will be used to
reimburse Urals Energy for development costs incurred at the Dulisminskoye Field
in East Siberia since the Field's acquisition in June 2006, the defeasance of
cash interest payments for the first two years of the financing facility, and
the remainder for future capital and operating costs to develop the
Dulisminskoye Field to its projected peak production level of 30,000 BOPD by
2011.

The completion of this financing enables Urals Energy to proceed with the
development of the Dulisminskoye Field and its connection to Transneft's East
Siberia Pacific Ocean Pipeline (the "ESPO").  Transneft recently announced that
it has completed the construction of approximately 700 kms of the ESPO which
will transit within approximately 70 km of the Dulisminskoye Field.

The financing was arranged by Goldman Sachs and funded by Standard Bank.

William R Thomas, CEO, commented:

"Receipt of the full funding of the US$130 million is a strong sign of support
from the capital markets and we are now focused on developing this important
asset."
                                                                   12 March 2007

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




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