Re: Ministry Statement

RNS Number:3648E
Urals Energy Public Company Limited
24 September 2007


                      Urals Energy Public Company Limited
                       ('Urals Energy' or the 'Company')

                  Re: Ministry of Natural Resources' Statement


Urals Energy, a leading independent exploration and production company with
operations in Russia, notes today's announcement from the Ministry of Natural
Resources (the "Ministry") regarding the Company's reserve estimates.


Urals Energy is pleased to receive confirmation from the Ministry that the
Company's GKZ registered reserves exceed the Company's current reserve estimates
as prepared by independent reserve engineers DeGolyer & MacNaughton.


The Ministry's conclusions underpin the Company's significant reserve estimates
and demonstrate that the Company is fully compliant with all Russian
regulations.


Leonid Dyachenko, Chief Executive, commented:


"We are pleased to receive this information which underpins our own significant
reserve base estimates and we look forward to continuing good relationship with
the Ministry of Natural Resources and all other regulatory bodies."


                                                               24 September 2007

Enquiries:

Pelham PR

James Henderson                                             020 7743 6673
Gavin Davis                                                 020 7743 6677
Evgeniy Chuikov                                             020 3008 5506


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCPUUUGBUPMGWC