3rd Quarter Results

15 December 2010

OAO Tatneft published its consolidated interim condensed financial statements for the nine months of 2010

OAO Tatneft (the "Company") published today on its web-site (http://www.tatneft.ru/eng) the reviewed consolidated interim condensed financial statements for the nine months of 2010 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 nine months of 2010 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 nine months of 2010 were 338,230 million Rubles (US$ 11,181 million) as compared to 272,264 million Rubles (US$ 8,383 million) in the same period of 2009. The consolidated net income for the nine months of 2010 was 30,370 million Rubles (US$ 1,004 million) as compared to 46,423 million Rubles (US$ 1,429 million) in the nine months of 2009.

Total consolidated assets of the Company increased from 495,742 million Rubles (US$ 16,394 million) as of December 31, 2009, to 559,438 million Rubles (US$ 18,403 million) as of September 30, 2010.

Total consolidated liabilities of the Company increased from 182,235 million Rubles (US$ 6,026 million) as of December 31, 2009, to 225,998 million Rubles (US$ 7,434 million) as of September 30, 2010.

Total consolidated shareholders' equity increased from 313,507 million Rubles (US$ 10,367 million) as of December 31, 2009, to 333,440 million Rubles (US$ 10,968 million) as of September 30, 2010.

The Company's representatives will discuss the U.S. GAAP financial highlights for nine months of 2010 on a conference call on December 16, 2010 at 12.00 PM Moscow time, 09:00 AM GMT.

 To participate in the conference call please dial the following numbers: in the United Kingdom +44 (0)20 3140 8286, in the USA +1 718 354 1152, in Russia +7 495 705 9451; using PIN 6450706.

The conference call replay will be available after the call until midnight December 22nd, 2010 by dialing +44 (0)20 7111 1244 in the United Kingdom (international dial-in), +1 347 366 9565 in the USA, 810 800 2870 1012 in Russia; using PIN 6450706#.

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.