BMB Munai Inc. (KAZ)

BMB Munai, Inc., an oil and natural gas company, engages in the exploration, development, acquisition, and production of crude oil and natural gas properties in the Republic of Kazakhstan. The company holds interests in the Aksaz, Dolinnoe, and Emir oil and gas fields, as well as an area adjacent to the ADE Block. As of March 31, 2006, it had approximately 13,748 thousand barrels of oil and condensate. BMB Munai was incorporated in 1981 and is based in Almaty, Kazakhstan

For the three months ended 30 June 2006, BMB Munai Inc.'s revenues totaled $2.3M, up from $663K. Net loss totaled $3.1M, up from $698K. Revenues reflect an increase in production of oil & gas at Dolinnoe well and higher average sales price. Higher loss reflects an increase in general & administrative expenses due to higher payroll & other compensation expense and increased depletion, depreciation & amortization expenses.