AMENDMENT NO. 1 TO THE
SHARE EXCHANGE AGREEMENT
 
This Amendment No. 1 to the SHARE EXCHANGE AGREEMENT (the “Agreement”), dated of
even date herewith by and among OJSE SMOLENERGY, a corporation formed under the
laws of the Russian Federation (the “Company”), Viktor Ekimov, a citizen of the
Russian Federation, (“Gorstovoe Holder”) and RUSSOIL CORPORATION, a Nevada
corporation (“Russoil”), filing reports pursuant to the Securities Exchange Act
of 1934, as amended (the “Exchange Act”) and the stockholders of the Company
signatory hereto (the “Stockholders”). Each of the parties to this Agreement is
individually referred to herein as a “Party” and collectively, as the “Parties.”
 
BACKGROUND

WHEREAS, the above Parties have entered into the Share Exchange Agreement.

WHEREAS, the Agreement misidentified the Gorstovoe Holder in two respects;

WHEREAS, the Parties desire to amend certain of the terms of the Agreement.

Now, therefore, the Agreement is amended as follows:
 

 
A.
The preamble to the Agreement is amended to read as follow:

SHARE EXCHANGE AGREEMENT

This SHARE EXCHANGE AGREEMENT (the “Agreement”), dated as of August 31, 2007, is
by and among OJSE SMOLENERGY, a corporation formed under the laws of the Russian
Federation (the “Company”), Viktor Ekimov, a citizen of the Russian Federation
(“V. Ekimov”), and the Closed Joint Stock Company ZAO Ariust (“ARIUST”)
(collectively, V. Ekimov and Ariust are hereinafter referred to as the
“Gorstovoe Holder”) and RUSSOIL CORPORATION, a Nevada corporation (“Russoil”),
filing reports pursuant to the Securities Exchange Act of 1934, as amended (the
Exchange Act”) and the stockholders of the Company signatory hereto (the
“Stockholders”). Each of the parties to this Agreement is individually referred
to herein as a “Party” and collectively, as the “Parties”.

 
B.
Ariust shall become a party to the Agreement.

 
 
 

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C.
This Amendment shall become effective as of the date first above written.

 
D.
This Amendment shall be binding upon and inure to the benefit of the Parties
hereto and their respective heirs, successors and assigns.

 
E.
On and after the date, execution and delivery hereof, (i) this Amendment shall
be part of the Agreement; (ii) each reference in the Agreement to “this
Agreement”, “hereof”, “hereunder” or words of like import, and each reference in
any other document to the Agreement shall mean and be a reference to the
Agreement as amended or modified hereby.

 

F.
Counterparts; Facsimile Execution. This Amendment may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the Parties and delivered to the other Parties. Facsimile execution and delivery
of this Agreement is legal, valid and binding for all purposes.

 
 

G.
Governing Law. This Amendment shall be governed by, and construed in accordance
with, the laws of the State of New York, regardless of the laws that might
otherwise govern under applicable principles of conflicts of laws thereof,
except to the extent the laws of Nevada are mandatorily applicable to the
Transactions.

The Parties hereto have executed and delivered this Share Exchange Agreement as
of the date first above written.

       
RUSSOIL CORPORATION
 
   
   
  By:  
/s/ Silvestre Hutchinson
 

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Name: Silvestre Hutchinson
  Title: President

 

       
OJSE SMOLENERGY
 
   
   
  By:  
/s/ Evgeny Bagay
 

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Name: Evgeny Bagay
  Title: Deputy of the General Director

 
 
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THE STOCKHOLDERS:
 
   
   
 
/s/ Elias Kamennoy
 

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Elias Kamennoy
 
Number of shares the Company owned: 500

 

     
/s/ Evgeny Bagay
 

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Evgeny Bagay
Number of shares the Company owned: 2,500

 

     
/s/ Evgeny Fedosov
 

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Evgeny Fedosov
Number of shares the Company owned: 7,000

 

       
THE GORSTOVOE HOLDER
 
   
   
 
/s/ Viktor Ekimov
 

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Viktor Ekimov

 

       
ZAO ARIUST
 
   
   
  By:  
/s/ Viktor Ekimov 
 

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Viktor Ekimov
  Title:

 
 
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