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West Siberian Resources Ltd's Annual General Meeting of shareholders will be held on Thursday May 28, 2009 at 4 pm. at Stockholm Concert Hall, Grünewald room, Stockholm, Sweden.
The board of directors proposes that the company's name is changed to Alliance Oil Company Ltd. The rationale behind the name change is to integrate all businesses under one brand.
The board of directors also proposes a reverse split of shares to reduce the number of outstanding shares while increasing the attractiveness of West Siberian for international investors and improving the transparency as to the pricing of the company's SDRs (Swedish Depositary Receipts). The proposal suggests that 20 shares are consolidated into one share meaning that the number of shares are reduced from 3,230,568,280 shares to 161,528,414 shares and that the nominal value of each share is increased from USD 0.05 to USD 1.
Further,the board of directors proposes an extension of the board's current authorization to issue shares and other equity instruments within the limits of the authorized share capital.
The Nomination Committee proposes re-election of the Directors Mr Fred Boling, Mr Eric Forss, Mr. Arsen Idrisov, Mr. Raymond Liefooghe and Mr Claes Levin. The nominating committee further proposes that Mr Isa Bazhaev and the current deputy director Mr Fernando Martinez-Fresneda are to be elected as new directors. It is also proposed that Mr. Eric Forss is re-appointed as chairman of the board. Mr Maxim Barski and Mr Nemesio Fernández-Cuesta are not available for re-election. The Nomination Committee consists of Christer Sandberg (Alliance Capital OJSC and Alliance Group OJSC), chairman, Andrei Sletov (Daumier Investments Ltd), Fred Boling (Alltech Investments Ltd) and Eric Forss.
The complete notice of the Annual General Meeting and related proposals can be found on the corporate web site: www.westsiberian.com, and in the enclosed pdf file.
For further information: Arsen Idrisov, Managing director, West Siberian Resources Ltd., tel. +7 (495) 745 58 14 Eric Forss, Chairman, West Siberian Resources Ltd., tel. +46 8 613 00 85
Also visit www.westsiberian.com
West Siberian is a leading independent oil company with vertically integrated operations in Russia and Kazakhstan. West Siberian Resources has proved and probable oil reserves of 487 million barrels, oil production of more than 47,000 barrels per day in the first quarter 2009, refining capacity of 70,000 barrels per day and a network of gas stations and wholesale oil terminals. West Siberian's depository receipts are traded on the NASDAQ OMX Nordic under the symbol WSIB.
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