Notice of Special General Meeting in West Siberian Resources Ltd.

Notice of Special General Meeting in West Siberian Resources Ltd.

Notice of Special General Meeting in West Siberian Resources Ltd. (the company)
on Monday 3 March, 2008 at 3pm at Grand Hotel, in Stockholm, Sweden 

Notice to holders of Swedish depository receipts


Notice to attend etc.
In order to attend the Special General Meeting, a holder of a Swedish depository
receipt shall
- Be listed in the register of directly registered holders of Swedish depository
receipts kept by VPC AB on 26 February, 2008.
- Notify Skandinaviska Enskilda Banken AB (publ) (“SEB”) of their intention to
attend the Extraordinary General Meeting not later than 26 February 2008 at 5.00
pm. 

Holders of Swedish depository receipts who have their depository receipts
registered with a nominee must temporarily have them re-registered in their own
name in order to be entitled to attend the Meeting. 
Thus, the holder of a Swedish depository receipt must notify the nominee of
his/her wish for temporary re-registration in good time before 26 February 2008.

Notification to attend Special General Meeting shall be made by fax, +46 8 763
6250 or by e-mail to: TSO Issuedepartment@seb.se or in writing to the address;
Issue Department, Special Services, R B6, SEB Group Operations, SE-106 40
Stockholm. On the notification to attend the holder shall state name,
person/organization number, address and telephone number as well as their
depository receipts holdings.
Proposed agenda 

1.	Election of Chairman for the meeting.
2.	Preparation and approval of voting list.
3.	Approval of the agenda.
4.	Election of one or two persons to check and verify the minutes.
5.	Verification that the meeting has been duly convened.
6.	Resolution to increase the maximum authorized share capital.
7.	Resolution to issue 1 783 540 968 shares to be subscribed for by (i) OJSC
Alliance Group (ii) CJSE Investment Company Alliance Capital and (iii) Daumier
Investments Limited as well as the grant to these subscribers of 99,682,500
options each over one share in the company with a strike price of SEK 6.21 per
share and a 42 month exercise period, such shares and options to be allotted by
the Board of Directors.
8.	Resolution to authorize the Board of Directors to resolve to issue new shares
etc., through a cash [or non-cash] issue with deviation from current
shareholders' pre-emption rights.
9.	Any other business.
10.	Conclusion of the meeting.




The Board's proposal for resolutions, items 6 - 8.

p.6	The Board of Directors propose that the authorized share capital is
increased from currently USD 75,000,000 corresponding to 1,500,000,000 shares to
USD200,000,000 corresponding to 4,000,000,000 shares.

p.7	Through an agreement with the subscribers in p.7, the company intends to
acquire all outstanding shares in OJSC Oil Company Alliance. According to the
agreement the company shall pay for the acquired shares through a share issue
and option grant directed to the sellers in accordance with the proposed
resolution in p.7. The acquisition is subject to agreeing and signing definitive
documents as well as shareholders' resolution on the share issue. For additional
information, please refer to the materials prepared by the company and available
on the company's website, www.westsiberian.com, as well as at the meeting. The
materials can be ordered from the company under the following address: West
Siberian Resources Ltd, P.O. Box 7292, SE-103 90, Stockholm, Sweden, Tel +46 8
613 00 10, email: info@westsiberian.com


p.8	The Board of Directors propose that the General Meeting authorizes the Board
 to resolve to issue new shares, options, convertible bonds or bonds with or
without an option to subscribe for new shares, the maximum of which is the
amount of shares allowed within the maximum authorized share capital. The Board
of Directors' resolution of a share issue should be permitted to be made with
deviation from existing shareholders' pre-emption rights. The meeting's
authorization shall include a right for the Board of Directors to resolve on a
non-cash issue or that shares shall be subscribed for with a right to offset
debt. The purpose of the authorization is to increase the financial flexibility
of the company, to allow the board to grant stock options under the company's
current option plan with a right to future exercise on favorable terms to key
members of the staff as well as to allow for a new issue to function as
consideration in connection with potential future acquisitions. The subscription
price shall be determined on the basis of the fair market value of the share at
the occasion of each share issue or option grant as the case may be. 

	The resolution under this p.8 requires 2/3 majority of votes cast in order to
be binding.

_____________________


Stockholm February 2008
 Board of directors
_____________________
www.westsiberian.com




West Siberian Resources Ltd is an independent oil company active in Russia. West
Siberian's depository receipts are traded at the Stockholm Stock Exchange under
the symbol WSIB.