1Q11 Operating Results

PRESS-RELEASE

KMG EP announces operating results for the1Q11

Astana, April 8, 2011. JSC KazMunaiGas Exploration Production (KMG EP or the Company), announces that according to preliminary data in the first three months of 2011 it produced 3,172 thousand tonnes of crude oil (259 kbopd) including the Company's stakes in Kazgermunai (KGM), CCEL, PetroKazakhstan Inc. (PKI) and NBK LLP (NBK), which is 11 thousand tonnes or 0,3% less than in 2010.

Uzenmunaigas (UMG) produced 1 413 thousand tonnes (115,5 kbopd), which is 0,3% less than in the first quarter of 2010. Embamunaigas (EMG) produced 680 thousand tonnes (55,5 kbopd), which is 1,7% more than for the same period last year, thereby the total volume of the oil produced at production facilities of UMG and EMG in the first quarter 2011 is 2,093 thousand tonnes of oil (171 kbopd), which is 7 thousand tonnes or 0,4% more than for the same period last year. The results of the first quarter were negatively affected by a number of emergency power cuts in the fields, caused by severe weather conditions in March 2011.

The Company's share in the production volumes from KGM, CCEL, PKI and NBK for the three months of 2011 amounted to 1,079 thousand tonnes of crude oil (88 kbopd) which is 18,5 thousand tonnes or 1,7% less than for the same period last year, which is in line with the production plan.

Notes to Editors

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2010 was 13.3mt (an average of 270kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL, PKI and NBK. The total volume of proved and probable reserves, as at the end of 2010 was 232mt (1.7bn bbl), including shares in the associates - about 2.2 bn barrels. The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. The International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BB+" corporate credit rating in July 2010 and "GAMMA-6" rating in November 2010.

For further details please contact us at:

«KMG EP». Public Relations (+7 7172 97 7600)

Daulet Zhumadil

E-mail: [email protected]

«KMG EP». Investor Relations (+7 7172 97 5433)

Asel Kaliyeva

E-mail: [email protected]

Pelham PR (+44207 337 15 17)

Elena Dobson

E-mail: [email protected]

Forward-looking statements

This document includes statements that are, or may be deemed to be, ''forward-looking statements''. These forward-looking statements can be identified by the use of forward-looking terminology including, but not limited to, the terms ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'', ''may'', ''target'', ''will'', or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include, but are not limited to, statements regarding the Company's intentions, beliefs and statements of current expectations concerning, amongst other things, the Company's results of operations, financial condition, liquidity, prospects, growth, potential acquisitions, strategies and as to the industries in which the Company operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the Company's operations, financial condition and liquidity and the development of the country and the industries in which the Company operates may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. The Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements or industry information set out in this document, whether as a result of new information, future events or otherwise. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.