SOURCE: O.A.O. Tatneft

June 02, 2006 12:41 ET

O.A.O. TATNEFT - RE: 2004 20-F

Taterstan -- (MARKET WIRE) -- June 2, 2006 --

     On June 2, 2006, OAO Tatneft issued the following press release:

OAO Tatneft plans to submit its annual report on Form 20-F for 2004 in the course of June 2006

2 June 2006

OAO Tatneft (the "Company") announces that its audited consolidated financial statements for 2004 prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") are in the process of being finalized, and the Company expects to submit its annual report on Form 20-F for 2004 (including its audited consolidated U.S. GAAP financial statements for 2004) to the U.S. Securities and Exchange Commission ("SEC") in the course of June 2006. Simultaneously with the submission of the annual report on Form 20-F for 2004 to the SEC, the Company expects to release its unaudited consolidated U.S. GAAP financial statements for the first half of 2005.

In accordance with the applicable rules of the New York Stock Exchange (the "NYSE") if the Company fails to submit its annual report on Form 20-F for 2004 to the SEC prior to July 15, 2006, the NYSE will start the delisting process of Tatneft ADRs from the NYSE.

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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