Sale of Non-core Assets

RNS Number:8644S
Urals Energy Public Company Limited
22 April 2008

                      Urals Energy Public Company Limited



                       ('Urals Energy' or the 'Company')





Sale of Non-core Assets



Urals Energy Public Company Limited (LSE: UEN), a leading independent
exploration and production company with operations in Russia, reports the sale
of certain of its non-core assets in the Komi Republic.



As announced on 28 November 2007, the Company is in the process of streamlining
its portfolio to focus on its major assets in East Siberia.  In furtherance of
these objectives the Company is pleased to announce the sale of certain of its
assets in the Komi Republic of Russia to a private third party buyer for a gross
price of US$93.5 million payable in cash, adjusted for current working capital.
The principal asset sold is the Company's Dinyu limited liability company, but
included are Russian limited liability companies Michayuneft, Nizhne Omrynskoye
Neft, Verchne Omrynskoye Neft and Voyvozh Neft. The total proved and probable
reserves for Dinyu and Michau, according to the Company's most recent reserve
report by DeGolyer & MacNaughton, are 21.8  million barrels of oil.  Nizhne
Omrynskoye, Verchne Omrinskoye and Voyvozh have C1+ C2 reserves of 27.8 million
barrels of oil according to the Russian State reserves records.



Following the completion of this transaction both parties intend to cooperate
further, with Urals Energy marketing the oil produced from the fields owned by
the companies sold, charging a marketing fee to cover its costs in connection
with the oil sales.



The rationalization of these non-core assets will enable the Company to
concentrate more of its human, technical and financial resources on its East
Siberian assets, including the Dulisminskoye Field, acquired in 2006, and its
previously announced acquisition of up to 39.5% of Taas-Yuriakh Neftegazodobycha
("Taas").



The net proceeds of the sale will be used to support the continued development
of the Company's assets and for general corporate needs.



The Company continues to evaluate possible disposals of other non-core assets.



Director Resignation



The Company also announces that Bob Maguire has given notice of his resignation
from the Board of Directors. Mr. Maguire will leave his position as a
non-executive director with effect from 1 May 2008, in order to devote more time
to his other business interests which have increased since he came on the Urals
Board.


The Board will seek to replace Mr. Maguire with another non-executive director
in due course.



Leonid Dyachenko, Chief Executive Officer, commented:



"The sale of these assets demonstrates Urals' commitment to the stated strategy
of streamlining its portfolio to focus on East Siberia. We can now deploy our
resources to fully exploit the excellent assets we have in that region.



"We also want to thank Bob Maguire for his valuable insight and assistance
during the last year when we undertook the largest acquisition in the Company's
history.  We understand his desire to focus on his business interests and wish
him well."





22 April 2008



Enquiries:


Pelham PR
Gavin Davis                              +44(0)20 7743 6677 / +44(0)7910 104 660
Evgeniy Chuikov                          +44(0)20 3008 5506 / +44(0)7894 608 606






                      This information is provided by RNS
            The company news service from the London Stock Exchange
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