Half Yearly Report

Tatneft published its U.S. GAAP consolidated interim condensed financial statements for the first 6 months of 2010

14 October 2010

OAO Tatneft (the "Company") announces today that it published on its web-site (http://www.tatneft.ru/eng) the reviewed interim condensed consolidated financial statements for the 6 months ended June 30, 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 first 6 months2010 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 6 months of 2010 were 214,611 million Rubles (US$ 7,137 million) as compared to 163,972 million Rubles (US$ 4,961 million) in the first 6 months of 2009. The consolidated net income attributable to Group shareholders in the first 6 months of 2010 was 15,860 million Rubles (US$ 527 million) as compared to 29,686 million Rubles (US$ 898 million) in the first 6 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 540,395 million Rubles (US$ 17,320 million) as of June 30, 2010.

Total consolidated liabilities of the Company increased from 182,235 million Rubles (US$ 6,026 million) as of December 31, 2009, to 222,974 million Rubles (US$ 7,147 million) as of June 30, 2010.

Total consolidated shareholders' equity increased from 313,507 million Rubles (US$ 10,367 million) as of December 31, 2009, to 317,421 million Rubles (US$ 10,174 million) as of June 30, 2010.

The Company's representatives will discuss the U.S. GAAP financial highlights for the first 6 months 2010 on a conference call on October 15, 2010 at 2.00 PM Moscow time, 11:00 AM BST:

 To participate in the conference call please dial the following numbers: in the United Kingdom +44 (0) 1452 555 566, in the USA (free call) 1866 966 9439, in Russia (free call) 8108 002 097 2044; using PIN 18228175.

The conference call replay will be available for 15 days since October 15, 2010 by dialing +44 (0) 1452 55 00 00 (International Dial-in) or 0845 245 5205 (Local UK Dial-in) in the U.K, 1866 247 4222 (free call) in the USA; using PIN 18228175#.

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.