MALKA OIL: AUGUST 2008 PRODUCTION: 2,503 BARRELS PER DAY - PIPELINE CONNECTION TO TOMSKAYANEFT IN PRODUCTION

* AUGUST 2008 PRODUCTION: 2,503 BARRELS PER DAY
  * PIPELINE CONNECTION TO TOMSKAYANEFT IN PRODUCTION

Malka Oil's total production of oil and condensate for the month of
August 2008 amounted to 77,584 barrels, compared with July when the
production was 72,076 barrels. On average the production was 2,503
barrels per day, compared with 2,325 barrels per day during July."With the pipeline to Tomskayaneft in operation we will achieve a
better stability in our oil deliveries. We can therefore foresee a
production increase step by step to the next intermediary target of
4,000 barrels per day before the end of the year." says Fredrik
Svinhufvud, Managing Director Malka Oil.

During July Malka Oil produced oil and condensate from 18 wells,
compared to 17 wells in July.


For further information, please contact:
Fredrik Svinhufvud, Managing Director Malka Oil, tel +46 8 5000 7811,
mobile +46 708 708 708
Richard Tejme, CFO, tel +46 8 5000 7812 mobile +46 707 31 52 17


For further information on Malka Oil AB, see the website
www.malkaoil.se

Malka Oil AB (publ) is an independent oil and gas production  company
operating in  the Tomsk  region in  western Siberia.   Their  current
position consists of oil and gas  assets for licence block number  87
in the  said  region.   The  block has  a  surface  of  1,800  square
kilometres. There  are  currently three  oil  fields at  the  licence
block, namely Zapadno-Luginetskoye ("ZL"), Lower Luginetskoye  ("LL")
and the Schinginskoye oil  field, and a large  quantity of other  not
yet drilled oil structures.
The ZL and LL oil fields are  in production and these two oil  fields
have during 2007 went through  reserve classification by the  Russian
State Committee of Reserves  (GKZ) and during  spring 2008 a  Western
reserve study made by De  Golyer and MacNaughton. The GKZ  registered
extractable oil and condensate reserves  in the categories C1 and  C2
amounted to 97 million barrels at the end of 2007. The company's  own
estimate of its extractable oil  and condensate reserves, C1+ C2,  in
the three existing oil fields on licence block number 87 is currently
140-190 million barrels.  The Western reserve study estimation as  of
April 30, 2008 amounted to 43.5  million barrels 2P and 90.6  million
barrels 3P oil reserves.
Malka Oil's licence block is surrounded by a large number of
producing oil and gas fields.

Reasonable caution notice: The statement and assumptions made in  the
company's information  regarding  Malka Oil  AB's  ("Malka")  current
plans, prognoses, strategies, concepts and other statements that  are
not historical facts are estimations or "forward looking  statements"
concerning  Malka's  future   activities.  Such  future   estimations
comprise but are not limited to statements that include words such as"may   occur",   "concerning",   "plans",   "expects",   "estimates","believes", "evaluates",  "prognosticates"  or  similar  expressions.
Such expressions reflect the  management of Malka's expectations  and
assumptions made on the basis of information available at that  time.
These statements and  assumptions are  subject to a  large number  of
risks and uncertainties. These, in  their turn, comprise but are  not
limited  to  i)  changes  in  the  financial,  legal  and   political
environment of the  countries in which  Malka conducts business,  ii)
changes  in  the  available  geological  information  concerning  the
company's  projects   in   operation,  iii)   Malka's   capacity   to
continuously  guarantee   sufficient  financing   to  perform   their
activities as a "going concern", iv) the success of all  participants
in the group, or of the various interested companies, joint  ventures
or secondary alliances,  v) changes  in currency  exchange rates,  in
particular those relating to the RUR/USD rate. Due to the  background
of  the   many   risks  and   uncertainties   that  exist   for   any
oil-prospecting venture  and oil  production company  in its  initial
stage, Malka's actual  future development  may significantly  deviate
from that indicated  in the company's  informative statements.  Malka
assumes no implicit liability to  immediately update any such  future
evaluations.