SOURCE: Siberian Energy Group Inc.

December 06, 2007 17:24 ET

Siberian Energy Group Provides an Update on Mokrousovsky-1 Exploration Well

NEW YORK, NY--(Marketwire - December 6, 2007) - Siberian Energy Group, Inc. (OTCBB: SIBN), a U.S.-based oil and gas exploration company, announced that OOO Zauralneftegaz (ZNG), the 50/50 Joint Venture between Siberian Energy Group and Baltic Petroleum (E&P) Ltd., provides an update on its Mokrousovsky-1 exploration well, currently being drilled in the Kurgan region of Western Siberia, Russia. Siberian can report that the Mokrousovsky-1 well is close to reaching its target depth of 2,500 meters.

Following the detection of hydrocarbons at several horizons, the well has been successfully logged and cored in some potentially prospective areas. Based on the information so far obtained, early indications are that a hydrocarbon system may be in place in the Mokrousovsky area. As a result, ZNG's geological consultants RPS of the UK and BNG of Russia have both recommended that at least one primary and up to four secondary zones be further evaluated, to establish reservoir properties and, if possible, potential flow rates to establish the possibility of commercial production.

ZNG has commissioned an independent third party report from the Tyumen Institute based on the data available from the logs and from physical specimens recovered. The Task Force set up by the Institute has confirmed the need for testing, supporting the recommendations of RPS and BNG.

ZNG has also engaged Schlumberger to run a Modular Formation Dynamics Tester ('MDT') tool in accordance with a program established by RPS. The MDT testing is due to commence within 5 to 6 days and is expected to last for about a week. Upon completion of the data acquisition, the results will be analyzed by RPS and BNG. Once the results are known, a further update will be provided.

David Zaikin, Chairman and CEO of Siberian Energy, said: "We are looking forward for the results of the MDT testing. Together with company's expansion in Khanty-mansiysk region this news is a positive development in our activities in Western Siberia."

About Siberian Energy Group Inc.

Siberian Energy Group Inc. is a unique, U.S.-based public oil and gas exploration company with 100% of its assets located in West Siberia, Russia. The company evaluates investment and acquisition opportunities in Russia and Eastern Europe with the goal of bringing a portfolio of natural resource licenses and operating companies to Western investors. Siberian Energy strives to provide an attractive ROI to shareholders by pursuing high-yield investment projects, reducing costs, and adhering to strict principles of transparency, disclosure and environmental consciousness. Additional information may be found at

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. The company takes no obligation to update or correct forward-looking statements and also takes no obligation to update or correct information prepared by third parties that are not paid for by the company.

Contact Information

  • Contacts:
    Siberian Energy Group, Inc.
    David Zaikin
    Chief Executive Officer
    Tel: 212-828-3011
    Email: Email Contact