ACRON and ITERA have closed purchase and sale of interest in Sibneftegas

ITERA-Vostok closed joint stock company incorporated in ITERA International Group of Companies has purchased from ACRON 100% share of Firma Proekt holding 21% interest in Sibirskaya Naftegazovaya Kompania.

Alexandr Popov, the Chairman of the Board of Directors of ACRON  says: "the transaction is an outcome of many years of negotiations between ACRON  and ITERA. Today, the interest in Sibneftegas has no longer strategic value for ACRON  Group, so the decision was taken to exit from the company and focus on core business. The proceeds will be allocated to investment projects and used for servicing current liabilities of the Group".

Vladimir Makeev, the Chairman of the Management Board of ITERA Oil and Gas Company notes: "Sibneftegas is one of the main strategic assets of ITERA, and the acquisition of its shares from ACRON , undoubtedly, is in line with the programs and plans aimed at expanding the ITERA's resource base. Consolidation of the share package to 49% will allow us and our partner (Gasprombank holding 51%) to achieve higher efficiency in managing the company's operations and continue dynamic development of hydrocarbon reserves in Yamal".

Sibneftegas holds exploration and production licenses at Beregovoye, Pyreinoye, Khadyriakhinskoye and Zapadno-Zapolyarnoye gas fields in Purovsk area of Yamalo-Nenetski Autonomous District. The total company's reserves exceed 400 BCM of natural gas.

08/09/2009 Press Service, ITERA Oil and Gas Company Tel.: (495) 411-8631

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