SOURCE: O.A.O. Tatneft

August 04, 2006 08:40 ET

OAO Tatneft - PWC audits Tatneft's accounts

Taterstan -- (MARKET WIRE) -- August 4, 2006 --On August 4, 2006, OAO Tatneft issued the following press-release:

PricewaterhouseCoopers auditing Tatneft's U.S. GAAP financial statements

4 August 2006

OAO Tatneft (the "Company") announces today that its financial statements for the year ended December 31, 2005 prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) (the "2005 U.S. GAAP financial statements") are being audited by ZAO PricewaterhouseCoopers Audit ("PwC").

As previously communicated, the Company expects to publish the 2005 U.S. GAAP financial statements and file its annual report on Form 20-F for 2005 (the "2005 20-F") with the U.S. Securities and Exchange Commission, as well as to release its unaudited U.S. GAAP financial statements for the first six months of 2006 in the fourth quarter of 2006. The Company will announce a more detailed timetable with regard to the finalization of the 2005 U.S. GAAP financial statements, the filing of the 2005 20-F and the publication of its unaudited U.S. GAAP financial statements for the first six months of 2006 by the end of August 2006.

The decision to engage PwC was made following a review by the Company of its work with external auditors and consultants relating to the preparation of the Company's financial statements under U.S. GAAP and discussions between the Company and the auditors of its U.S. GAAP financial statements for prior years. The Company's U.S. GAAP financial statements for the years ended December 31, 2003 and 2004 respectively, have been audited by Ernst & Young, and the Company's U.S. GAAP financial statements for periods prior to that were audited by PwC.

As announced on June 26, 2006, the Company intends to delist its securities from the New York Stock Exchange and, when circumstances permit, to deregister from the U.S. Securities and Exchange Commission. At the same time, the Company reinforces its commitment to strong corporate governance practices and adherence to regular disclosure about the Company's financial position and operations pursuant to recognized international standards and regulatory requirements (including those of the U.K. Listing Authority in connection with the listing of the Company's securities on the London Stock Exchange).

Forward-looking statements: This press release contains certain forward-looking statements of OAO Tatneft. OAO Tatneft can give no assurance that any of the events mentioned in such statements will occur, or as to the precise timing of their occurrence

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