Urals Energy Public Company Ltd (Urals Energy) and its subsidiaries is engaged in the oil and gas exploration and production in the Russian Federation and processing of crude oil for distribution on both the Russian and International markets. The Company operates its Russian holdings and directs the management of their operations through its Moscow subsidiary, OOO Urals Energy (a Russian limited liability company). The Company�s properties include Petrosakh and Arcticneft. As of December 31, 2011, the Company�s production from Petrosakh was 1,349 barrels of oil per day. As of May 2012, the Company finished the drilling of well #41 in Petrosakh. As of December 31, 2011, the Company�s production from Arcticneft was 710 barrels of oil per day. The Company�s subsidiaries include ZAO Petrosakh and ZAO Arcticneft.