Siberian Energy Awarded 2006 Golden Galaxy Award by American--Russian Chamber of Commerce & Industry (ARCCI).

NEW YORK -- Siberian Energy Group, Inc.'s (OTCBB: SIBN) Chief Executive Officer, David Zaikin, was awarded the 2006 Golden Galaxy Award by the American-Russian Chamber of Commerce & Industry (ARCCI) Golden Galaxy Awards ceremony in Washington, D.C., on December 7. Siberian Energy also won the award for Member of The Year.

The awards were presented to Siberian Energy by the Ambassador of the Russian Federation, Mr. Yuri Ushakov. Other winners included Lukoil, Conoco Phillips, Cartier and Microsoft.

The award ceremony featured prominent U.S. and Russian politicians and business leaders, including governors of several regions within the Russian Federation.

The ARCCI instituted the Golden Galaxy Awards six years ago to facilitate trade and investments between the U.S. and Russia, and to honor individuals and enterprises that have demonstrated exceptional achievement in the areas of bilateral cooperation, technology transfer, efficient use of natural resources and sustainable development.

"Siberian Energy is honored to receive this recognition by the ARCCI," said David Zaikin, CEO of Siberian Energy Group, Inc. "We are one of the few U.S.-based public oil and gas companies that has all of its assets in Russia, and we have been doing business there for many years. We welcome the opportunity to influence the ongoing debate on the geopolitical environment."

For further information about the ARCCI, please visit www.arcci.org.

About Siberian Energy Group

Siberian Energy is one of the few U.S.-based public oil and gas exploration companies with 100% of its assets located in West Siberia, Russia. The Company evaluates investment and acquisition opportunities in Russia and Eastern Europe with the goal of bringing a portfolio of natural resource licenses and operating companies to Western investors. Siberian Energy strives to provide an attractive return on investment to shareholders by pursuing high-yield investment projects, reducing costs, and adhering to strict principles of transparency, disclosure and environmental consciousness. Additional information can be found at www.siberianenergy.com.

FORWARD-LOOKING STATEMENTS: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof. Readers should carefully review the risks described in other documents the company files from time to time with the Securities and Exchange Commission, including Annual Reports, Quarterly Reports and Current Reports on Form 8-K.