UEN Urals EN.

RNS Number:9106J
Urals Energy Public Company Limited
14 December 2007



                      URALS ENERGY PUBLIC COMPANY LIMITED

                       ("URALS ENERGY" OR THE "COMPANY")

                           COMPLETION OF ACQUISITION


Urals Energy (LSE: UEN), a leading independent exploration and production
company with operations in Russia, announces that it has completed the
acquisition from Finfund Limited ("Finfund") of a 32.3% interest  in OOO
Taas-Yuriakh Neftegazodobycha ("Taas"), the principal terms for which were
referred to in the Company's announcement on 28 November 2007 (the "Acquisition
Announcement").

In accordance with the Acquisition Announcement, the price paid for the 32.3%
interest comprised US$440 million in cash and the issue of 22,738,034 shares of
the Company to Finfund (the "Consideration Shares"). Application has been made
for admission of the Consideration Shares to AIM and it is expected that the
admission will become effective on 18 December 2007.  Finfund has undertaken not
to dispose of the Consideration Shares for a period of 180 days from today,
subject to customary exceptions.

Also in accordance with the Acquisition Announcement, certain funds managed by
Ashmore Investment Management Limited, a third party unrelated to the Company,
have also completed their acquisition of a 10.5% interest in Taas.

As referred to in the Acquisition Announcement, the Company will acquire a
further 3.0% interest in Taas within 150 days from today and has an option to
acquire a further 4.2% interest in Taas in January 2009.

Leonid Y. Dyachenko, Chief Executive of the Company, commented:

 "The completion of this transformational acquisition is a significant step for
the company and underlines our ability to deliver to our strategy. We now move
towards achieving our operational targets."

                                                                14 December 2007
Enquiries:
Pelham PR
Gavin Davis                              +44(0)20 7743 6677 / +44(0)7910 104 660
Evgeniy Chuikov                          +44(0)20 3008 5506 / +44(0)7894 608 606



Notes to Editors

This Acquisition more than doubles the Company's net proved-plus-probable (2P)
oil reserves by adding up to net 272 mmbbl, of which 94 mmbbl are classified as
proved (1P), based on a reserves study of the SRB field by Degolyer &
MacNaughton ('D&M').

With this Acquisition, the Company's net production from East Siberia is
expected to be 75,000 bopd by 2013, comprising 45,000 bopd from the SRB field
and 30,000 bopd from the Dulisminskoye field (the 'Dulisma field').


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

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