Koltogorsky Blocks

In March, 2007 Sibir announced the acquisition of a 520,000 acre (2,100 km2) exploration license area situated across eight blocks in the Khanty-Mansiysk Autonomous Area of Western Siberia with an estimated 970 million barrels of C3 resources under the Russian reserves classification (click here for map). Completion of the acquisition is pending Russian regulatory approval which is expected in Q2 2007.

2,500 kilometers of 2D seismic already completed, identifying 35 oil traps at depths of 2,600 to 3.200 meters
Sibir will drill eight explorations wells - one in each block - by the end of 2008. Sibir subsidiary, Magma, will operate
Located in one of the most prolific producing regions in Russia with excellent in-place infrastructure (power lines, gas and oil pipelines, paved road)
Situation near the operations base of Sibir subsidiary, Magma, will allow for cost effective exploration and development operations