Siberian Energy to Present at Flaherty Financial News/WallStreet Research Small Cap Conference

NEW YORK, NY--(Marketwire - June 1, 2007) - Siberian Energy Group, Inc. (OTCBB: SIBN) announced today that the Company is scheduled to present at the Flaherty Financial News/WallStreet Research Small Cap Conference on Tuesday, June 5, at the Penn Club of New York.

David Zaikin, Chairman and Chief Executive Officer of Siberian Energy, will give a presentation on the Company followed by a question and answer session at 11:10 a.m. EDT. The presentation will be broadcast live over the Internet and archived for 90 days. Interested parties may listen to the presentation by visiting www.siberianenergy.com.

To register online for the conference, go to http://www.wallstreetresearch.org/confrega.php4.

Mr. Zaikin shared his perspective on global oil demand, Russia's competitive position and Siberian Energy's strategy to capitalize on these trends, in a CNBC interview with Maria Bartiromo yesterday. The interview may be accessed at http://www.cnbc.com/id/15840232?video=350551812&play=1.

Siberian Energy's joint venture, Zauralneftegaz Limited (ZNG, Ltd.), has commenced drilling on its first well and is funded to drill three additional wells by the end of 2007, which will enable it to prove the reserves and move into production.

The Company's primary business is operated by ZNG whose licenses for exploration and development cover over 1 million acres adjacent to the pipeline infrastructure and production fields of global peers in the Kurgan region of West Siberia. Total estimated reserves on these fields are 1.4 billion bbl (according to Govt. of Tyumen).

ZNG is a joint venture with UK-listed Baltic Petroleum (whose major institutional shareholder is RAB Capital, a UK-based hedge fund with approximately $5.2 billion under management and a track record of success in Russian energy companies) and investment partners including Standard Life Group, Utilico and the Mittal Family.

Mr. Zaikin will be available for investor meetings on Wednesday, June 6, in New York.

About Siberian Energy Group, Inc.

Siberian Energy 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 www.siberianenergy.com.

The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the company. Readers should carefully review the risks described in other documents the company files from time to time with the Securities and Exchange Commission, including Annual Reports, Quarterly Reports and Current Reports on Form 8-K.

Contact Information: Contacts: Siberian Energy Group, Inc. David Zaikin Chairman and Chief Executive Officer Tel: 212-828-3011 Email: dzaikin@siberianenergy.com The Global Consulting Group Rachel Levine Investor Relations Tel: 646-284-9439 Email: rlevine@hfgcg.com The Global Consulting Group Ivette Almeida Media Relations Tel: 646-284-9455 Email: ialmeida@hfgcg.com