RussOil Corp. has entered into a contract with Selection Oil to sublicense Selection’s “Perm” license. This license is for extraction and geology of a 52,000-acre area in Bashkiria with 8 million barrels of proven and probable crude oil reserves.

Should the merger between RussOil and Smolenergy be consummated as expected, Smolenergy will become a wholly-owned subsidiary of RussOil, and Selection Oil will receive 4 million unregistered shares of RussOil common stock in consideration for ownership of the Perm license.

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