SOURCE: O.A.O. Tatneft

October 13, 2006 07:48 ET

O.A.O. Tatneft announces Certification Date Extended

Taterstan -- (MARKET WIRE) -- October 13, 2006 --

            On October 13, 2006, OAO Tatneft issued the following press-release:

OAO Tatneft announces extension of Certification Date under its Global Depositary Receipt Facility from October 30, 2006 to November 15, 2006.

13 October 2006

OAO Tatneft (the "Company") announced today that has extended from October 30, 2006 to November 15, 2006 the first "Certification Date" designated under its Amended and Restated Deposit Agreement, dated as of July 10, 2006 (the "Deposit Agreement"), between the Company, The Bank of New York, as Depositary (the " Depositary"), and owners and beneficial Owners of Global Depositary Receipts thereunder ("GDRs").

As before, the ordinary shares of the Company underlying all GDRs except those beneficially owned by persons who, on or before the extended Certification Date, (i) have certified that they are not "resident in the United States" or (ii) have certified that they are "qualified institutional buyers" (or "QIBs") and have been approved by the Company, will be sold by the Depositary outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended, and, upon completion of those sales, the proceeds of those sales will be transferred to the beneficial holders of such GDRs on the terms and conditions of the Deposit Agreement. The certification process will be administered by the Depositary. Owners and beneficial owners of GDRs may withdraw the ordinary shares of the Company evidenced by their GDRs at any time prior to the earlier of the extended Certification Date and the date on which they provide to the Depositary the certification described above.(1)

Forward-looking statements: This press-release may contain certain forward-looking statements of OAO Tatneft. OAO Tatneft does not guarantee occurrence of any events mentioned in such statements or the time of their occurrence.

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(1)  As noted in the Company's previous press-releases, a beneficial owner's 
     certification that he, she or it either (i) is not "resident in the United 
     States" or (ii) is a QIB and requests permission to continue to hold GDRs 
     will not be effective unless the beneficial owner, together with the
     certification, deposits its GDR with the Depositary or transfers the 
     relevant GDRs to a blocked account with The Depository Trust Company, in 
     either case until after the extended Certification Date. The purpose of 
     this requirement is to prevent beneficial owners that have either (i) 
     certified non-U.S. residence or (ii) certified QIB status and requested 
     permission to continue to hold GDRs from transferring their GDRs to a 
     person who is resident in the United States prior to the extended 
     Certification Date.

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