This press release contains certain forward-looking statements and forward-looking information
(collectively referred to herein as "forward-looking statements"). In particular, this press release contains
forward-looking statements pertaining to the following: business strategies, development and drilling
plans, listing of the PetroKamchatka Shares on the TSX Venture Exchange, delisting of the shares of
Bluerock from the TSX Venture Exchange and other expectations, beliefs, plans, goals, objectives,
assumptions or statements about future events or performance. Forward-looking statements are based on
the PetroKamchatka's current beliefs as well as assumptions made by, and information currently available
to, PetroKamchatka concerning business prospects, strategies, regulatory developments, the ability to
obtain equipment in a timely manner to carry out development activities, the ability to get oil to
market, and the ability to obtain financing on acceptable terms Although management of PetroKamchatka
considers these assumptions to be reasonable based on information currently available to it, they may
prove to be incorrect. Undue reliance should not be placed on forward-looking statements, which are
inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks
and uncertainties (both general and specific) that contribute to the possibility that the future events or
circumstances contemplated by the forward-looking statements will not occur. There can be no assurance
that the plans, intentions or expectations upon which forward-looking statements are based will in fact be
realized. Actual results will differ, and the difference may be material and adverse to either
PetroKamchatka and/or its security holders. These factors include, but are not limited to, risks associated
with oil and gas exploration, financial risks, the history of losses, substantial capital requirements, political
and government risks, government regulation, limitations on foreign investments in Russia, risks relating to
environmental matters, prices, dependence on key personnel, availability of drilling equipment and access,
access to Kamchatka, risks may not be insurable, licenses, resource estimates, and variations in exchange
rates. Further information regarding these factors may be found under the heading "Risk Factors" at
Appendix "E" to the management information circular of Bluerock dated October 23, 2009 in respect of the
Arrangement, a copy of which is available at www.sedar.com under Bluerock's SEDAR profile. Readers
are cautioned the foregoing list of factors that may affect future results is not exhaustive. The forwardlooking
statements contained in this press release are made as of the date hereof and PetroKamchatka does
not undertakes any obligation to update publicly or to revise any of the included forward-looking
statements, except as required by applicable law. The forward-looking statements contained herein are
expressly qualified by this cautionary statement.