SOURCE: Siberian Energy

August 10, 2007 09:30 ET

Siberian Energy's CEO Enters Into Stock Purchase Agreement

NEW YORK, NY--(Marketwire - August 10, 2007) - Siberian Energy Group, Inc. (OTCBB: SIBN) (the "Company") announced today that the Company's Chief Executive Officer, David Zaikin, entered into a Stock Purchase Agreement with LLC "Business Standard." Pursuant to the Stock Purchase Agreement, Mr. Zaikin agreed to purchase 400,000 restricted shares of the Company's common stock from Business Standard, for aggregate consideration of $500,000 or $1.25 per share. The closing date of the Stock Purchase Agreement is scheduled to occur on August 30, 2007, or at such other time as the parties agree.

Mr. Zaikin entered into the Stock Purchase Agreement because he personally believes that the Company's common stock has significant value. None of the Company's officers and Directors is currently selling, nor do they have any immediate plans to sell, any shares of the Company's common stock.

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