Regular Meeting of the Board of Directors of OAO TATNEFT Was Held

The meeting reviewed the outcome of OAO TATNEFT budget execution for ten months of 2011 and approved the budget for December and also discussed the budget for 2012. The information about main results of the financial and economic activity was presented to the meeting. The Company produced 19 million 393 thousand tons of crude oil during nine months of the current year, which was 0.2% higher than in the corresponding period of 2010 with the above-the-plan production amounting to 395 thousand tons.
The Company put into operation 237 new producing wells. The production volume of associated petroleum gas amounted to 585.6 million cubic meters with 209 thousand tons of NGL produced and delivered. The amount of 29 thousand tons of extra-viscous oil was produced at Ashalchinskoye field with an average rate for the site amounting to 114.2 tons per day and the total volume produced since the beginning of the field development has exceeded 100 thousand tons. The Company also produced 193.4 thousand tons of crude oil outside the Republic of Tatarstan, which was 4.2% more than during a corresponding period in 2010.
According to the results of the financial and economic activity the Company received 59.4 billion rubles of profit before tax, which was 22.8 billion more than during the same period last year.
The Board of Directors was briefed on the outcome of TATNET Group of Companies based on consolidated financial statements under U.S. GAAP for the first half of 2011.
Issues of implementing the investment program on oil production in the current year and formation of an investment program for 2012 were discussed.