Malka Oil

Malka Oil AB (STO:MALK) * DECEMBER 2008 PRODUCTION: 2,858 BARRELS PER DAY

Malka Oil AB (STO:MALK) An updated independent Western reserve study raises Malka Oil's oil assets, "Oil in place", to 332 million barrels on its two largest oil fields compared to 255 million barrels in the previous report. This can be read in an update from DeGolyer and MacNaughton (D&M) and is an increase of 30% compared to the previous reserve study. The updated study includes field data from the new exploration wells 580 and 210. The full report with classification in 2P and 3P reserves is expected in February and Malka expects an equivalent increase of 30 percent in these reserves as well.

Malka Oil AB (STO:MALK) * PRODUCTION NOVEMBER 2008: 2,953 BARRELS PER DAY * TEMPORARY PRODUCTION DISTURBANCES DURING NOVEMBER * TARGET OF 4,000 BARRELS MOVED FORWARD 4-6 WEEKS * UPDATED RESERVE REPORT EXPECTED WITHIN TWO WEEKS

Malka Oil AB (STO:MALK) * Income from oil sales amounted to TSEK 127,083 (0) * The net result after tax for the period was TSEK -120,699 (-7,619) * EPS was SEK -0.41 (-0.03) for the report period * Svenska Petroleum Exploration (SPE) new main shareholder * New agreement with Tomskayaneft gives increased capacity for oil delivery up to 7,500 barrels per day. The completion of the Transneft connection is therefore postponed in time.

Malka Oil (STO:MALK) * OCTOBER 2008 PRODUCTION: 3,210 BARRELS PER DAY

Malka Oil (STO:MALK) * SVENSKA PETROLEUM EXPLORATION (SPE) NEW MAIN SHAREHOLDER

Malka Oil (STO:MALK) * SEPTEMBER 2008 PRODUCTION: 2,667 BARRELS PER DAY

Malka Oil (STO:MALK) * AUGUST 2008 PRODUCTION: 2,503 BARRELS PER DAY * PIPELINE CONNECTION TO TOMSKAYANEFT IN PRODUCTION

Malka Oil (STO:MALK) * Income from oil sales amounted to TSEK 69,467 (0) * The net result after tax for the period was TSEK -34,816 (-8,530) * EPS was SEK -0.13 (-0.04) for the report period * SEK 250 Million (41.9 MUSD) directed share issue completed * Production targets are delayed as previously announced. Production target of 4,000 barrels per day is moved forward till the year-end 2008/2009 * Western reserve study estimates 90.6 million barrels 3P and 43.5 million barrels 2P oil reserves

Malka Oil (STO:MALK) Malka Oil's extractable reserves on the company's three existing oil fields amounted to 91 million barrels as of April 30, 2008 according to an independent Western reserve study. The estimation is based upon Malka Oil's existing boreholes and supports the company's own estimation 140 - 190 million barrels of extractable oil and condensate on the three oil fields. A new study will be initiated that amongst others will include new production data and a new seismic report.