Rosneft announced today the results of the annual independent audit of its hydrocarbon reserves performed by DeGolyer & MacNaughton.

Rosneft’s hydrocarbon reserves as of December 31, 2009:

* 1 barrel of oil equivalent = 6,000 cubic feet of natural gas Rosneft’s total reserves comprise 100% of the reserves owned by Rosneft’s consolidated subsidiaries and Rosneft’s net share in affiliates’ reserves.

According to the audit results, as of December 31, 2009, Rosneft had estimated net proved reserves of 22,858 mln boe, which include 18,058 mln bbl (2,483 mln tonnes) of oil and 28,801 bcf (816 bcm) of gas under the PRMS classification. In 2009, proved hydrocarbon reserves grew 2.5% over 2008, with oil reserves increasing by 2.1% and gas reserves increasing by 4.0%. The reserve replacement ratio was 163%, including 146% for oil. Rosneft’s hydrocarbon reserve life was 26 years, 23 years - for oil and 66 years - for gas.

Rosneft’s probable and possible reserves under the PRMS classification were estimated by DeGolyer & MacNaughton at 14,065 and 11,069 mln boe, respectively. These reserves include 11,013 mln bbl (1,516 mln t) of oil and 18,310 bcf (518 bcm) of gas of probable reserves, and 8,420 mln bbl (1,149 mln t) of oil and 15,893 bcf (450 bcm) of gas of possible reserves.

DeGolyer & MacNaughton also performed a reserve audit under the SEC life-of-field classification. Proved reserves were estimated at 15,146 mln boe, including 13,931 mln bbl (1,915 mln tonnes) of oil and 7,295 bcf (207 bcm) of gas.

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