1st Quarter Results

Tatneft published its U.S. GAAP consolidated interim financial statements for the first quarter of 2011

21 June 2011

OAO Tatneft (the "Company") announces today that it published on its web-site (http://www.tatneft.ru/eng) the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2011 prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") (the "Financial Statements") and related Management Discussion and Analysis of Results of Operations (the "MD&A").

Selected financial highlights below are based on the respective U.S. GAAP financial statements of the Company. These highlights do not replace the Financial Statements or the MD&A and all interested persons are encouraged to read these documents for full understanding of the first quarter 2011 U.S. GAAP results. Russian Ruble amounts below have been translated into U.S. Dollars, for revenue and net income at the average exchange rate during the respective reporting period, and for balance sheet items at the exchange rate on the last day of the respective reporting period.

The Company's consolidated revenues in the first quarter of 2011 were 131,726 million Rubles (US$ 4,500 million) as compared to 105,152 million Rubles (US$ 3,518 million) in the first quarter of 2010. The consolidated net income attributable to Group shareholders in the first quarter 2011 was 24,476 million Rubles (US$ 836 million) as compared to 11,599 million Rubles (US$ 388 million) in the first quarter 2010.

Total consolidated assets of the Company increased from 567,179 million Rubles (US$ 18,608 million) as of December 31, 2010, to 583,264 million Rubles (US$ 20,517 million) as of March 31, 2011.

Total consolidated liabilities of the Company decreased from 216,633 million Rubles (US$ 7,107 million) as of December 31, 2010, to 207,858 million Rubles (increased in US dollar terms to US$ 7,311 million) as of March 31, 2011.

Total consolidated shareholders' equity increased from 338,607 million Rubles (US$ 11,109 million) as of December 31, 2010, to 362,867 million Rubles (US$ 12,764 million) as of March 31, 2011.

The Company's representatives will discuss the U.S. GAAP financial highlights for the three months 2011 on a conference call on June 22, 2011 at 4:00 PM Moscow time, 1:00 PM British Summer Time, 8:00 AM EDT:

Participants of the call should register using the URL below:

http://emea.directeventreg.com/registration/event/77864086

Once you have registered using the URL you will get a list of country dial-in numbers, a Direct Event passcode and Registrant ID, which will also be sent to your e-mail. You should dial you respective country number and enter your Direct Event passcode and Registrant ID.

Participants who are unable to pre-register can use the following dial-in numbers:

UK Dial-in number: +44 (0) 1452 564 281

USA Free Dial-in number: +1 (877) 256 1273

Russia Free Dial-in number: 81080022672044

Please press *0 to be put through to an operator and quote the conference call ID 77864086.

A replay of the call will be available until July 5th, 2011.

Replay Details:

UK International dial-in number: +44 (0) 1452 55 0000

UK Free Call dial-in number: 0800 953 1533

USA Free Call dial-in number: +1 (866) 247 4222

Replay Access Number: 77864086#

Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. OAO Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.