NEW YORK, NY--(Marketwire - October 23, 2007)

Siberian Energy Group Inc. (OTCBB: SIBN) ("SEG"), a U.S.-based, publicly traded oil and gas exploration company with 100% of its assets located in West Siberia, Russia, announced today, that on October 25, 2007, Helen Teplitskaia, President of SEG, who also serves as President of the American-Russian Chamber of Commerce & Industry and Adjunct Professor at Northwestern University Kellogg School of Management, will receive the 2007 Changing Worlds Award in Entrepreneurship & Business.

The Awards and educational series introduced by the Changing Worlds strive to create awareness, foster positive human relations, dispel stereotypes, enhance cross-cultural understanding and provide role models for the youth. These series focus on identifying and honoring contributions made in the following fields: community and civic leadership, sports and entertainment, the arts, entrepreneurial and corporate leadership and education. An honoree is chosen in each category through a public nomination process overseen by a selection committee. Awards ceremony will be held in Chicago. Additional information may be found at www.changingworlds.com

About Siberian Energy Group Inc.

Siberian Energy Group Inc. is a unique, U.S.-based public oil and gas exploration company 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 ROI to shareholders by pursuing high-yield investment projects, reducing costs, and adhering to strict principles of transparency, disclosure and environmental consciousness. Additional information may be found at www.siberianenergy.com.