Norex Petroleum Limited
June 6, 2002

Press release

CONTACT:
Phil Murray P.Eng.
President
Phone (403) 531 4500
Email pmurray@norexpetroleum.com

MOSCOW, RUSSIA – The Moscow office of Norex Petroleum Limited (“Norex”) was subjected today to an illegal search in connection with fabricated criminal charges against the lawful management of ZAO Yugraneft Corporation (“Yugraneft”) and the officers of Norex.

Earlier this year Norex filed an unprecedented $1.5 billion lawsuit against TNK and a group of American citizens and companies in the U.S. Federal Court in New York concerning a massive racketeering scheme to take over a substantial portion of the Russian oil industry as a result of which Norex was deprived of its ownership in Yugraneft. The complaint alleges that the defendants conspired to forcibly take over Yugraneft. The conspiracy included forgery of corporate documents, physical threats, economic extortion, tax fraud, sham court proceedings, money laundering and false criminal charges.

On June 6, local militia officers directed by investigator Pochtov searched the Norex office and in violation of law seized items which were clearly unrelated to the false criminal charges. Among these items were:

• privileged legal documents related to the dispute between Norex and Tyumen Oil Company (“TNK”) concerning Yugraneft;
  
• corporate seal of Norex Petroleum Limited;
  
• registration and accreditation documents of the company;
  
• documents containing business confidential and proprietary technological information.