KAZ Bmb Munai Common Stock

ALMATY, Kazakhstan, Aug. 12 /PRNewswire-FirstCall/ -- BMB Munai, Inc. (AMEX:KAZ) has filed its quarterly report on Form 10-Q with the US Securities and Exchange Commission for the quarter ended June 30, 2008. The Company reported net income of $13.32 million and basic and diluted EPS of $0.30 on revenues of $34.83 million. Net income was significantly higher than the first quarter of fiscal year 2008 when the Company realized net income of $3.88 million and basic and diluted EPS of $0.09 on revenues of $11.58 million. Oil production reported for first quarter of the fiscal year 2009 increased to 328,369 barrels marking an increase of 92,843 barrels over the last quarter of 2008. Average daily production during the first quarter of 2009 was 3,609 barrels. During the quarter the Company received a multi-year extension to its exploration contract from the Republic of Kazakhstan. A second important event during the quarter was the government imposition of an export duty on crude oil exports based on a sliding scale that is tied to the world market price for oil. The Company began paying the export duty in June 2008. Commenting on the extension of its existing exploration contract and export duty, Company President, Askar Tashtitov stated, "We expect the imposition of the export duty to have a significant impact on our exploration operations due to a sharp increase in our oil and gas operating expenses resulting from payment of the export duty. However, we believe the extension of our exploration contract will provide us the necessary time and flexibility to modify our exploration schedules and activities to adjust to the effects of the duty imposed recently by the government." BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in Western Kazakhstan. Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan. The information contained in this release includes forward -looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward -looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward -looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward -looking statements involve risks and uncertainties, including but not limited to, risks described in the Company's periodic reports on file with the Securities and Exchange Commission. DATASOURCE: BMB Munai, Inc. CONTACT: In the US: Adam R. Cook, Corporate Secretary, +1-801-355-2227, , or In Kazakhstan: Daniyar Uteulin, Vice President for Investor Relations, +7 (3272) 375-125,

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