Exhibit 99.01

                BMB Munai, Inc. Receives Reserve Estimate Report

         October 1, 2004--Almaty, Kazakhstan--BMB Munai, Inc. (OTCBB: BMBM.OB)
is pleased to announce the results of a reserve evaluation on their ADE Block
prepared by Chapman Petroleum Engineering Ltd., an independent reserve
evaluation firm in Calgary, Alberta, Canada. The reserve analysis was prepared
following the recent completion and interpretation of a 3-D seismic survey
covering the block, performed by PGS-GIS, and the placing on production the
initial wells in the Emir and Dolinnoe fields in the ADE block. Workover of the
initial well in Aksaz, the third field in the block, has been performed, but the
well has not yet been placed on production. The reserve evaluation states that
the total proved reserves estimated for all three fields in the block amount to
37 million barrels of oil equivalent (BOE). Additionally, probable reserves of
88.5 million BOE and possible reserves of 95 million BOE have been estimated for
the total block. (In the reserve evaluation, gas is converted to BOE at a ratio
of 6 mscf/Bbl.)

         The reserve evaluation has been carried out in accordance with
standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH), which
is the "Practice Standard" for evaluation of oil and gas reserves for public
disclosure in Canada.

         Cautionary Note to U.S. Investors -- The United States Securities and
Exchange Commission permits oil and gas companies, in their filings with the
SEC, to disclose only "proved" reserves that a company has demonstrated by
actual production or conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. We use certain
terms in this press release to refer to oil and gas reserves such as "probable"
and "possible," that the SEC's guidelines strictly prohibit us from including in
filings with the SEC. Estimates for these categories are by their nature more
speculative than estimates of "proved" reserves and accordingly are subject to
substantially greater risk of not being realized by the Company. U.S. investors
are advised of the fact that in our annual report on Form 10-KSB filed for the
year ended March 31, 2004 we made no estimate of proved reserves because we had
not completed our geological and engineering studies and infrastructure
development to allow us to make a statement regarding "proved" reserves in
compliance with SEC disclosure standards. Also, U.S. investors are cautioned
that future filings with the SEC will only contain reserve estimates that are
"proved" according the standards established by the SEC. Interested investors
can obtain a copy of an SEC filing from us upon request by writing to BMB Munai,
Inc., 500 Fifth Avenue, Suite 4810, New York, New York 10110. You can also
obtain this form from the SEC by calling 1- 800-SEC-0330.



         BMB Munai is an independent oil and gas company engaged in the
exploration, development and production of crude oil and natural gas in western
Kazakhstan. The Company maintains administrative offices in New York, New York
and Almaty, Kazakhstan.

Contacts:
In the US:        Alexandre Agaian, Ph.D, President and CEO
                  (212) 730-7919, E-mail: USoffice@bmbmunai.com

In Kazakhstan:    Boris Cherdabayev, Chairman and co-CEO
                  +7 3272 588-517, E-mail: KZoffice@bmbmunai.com

The information contained in this release includes estimates and forward-looking
statements that are subject to risks and uncertainties that could cause actual
results to differ materially. Certain statements contained herein constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of the Company to be materially different
from those expressed or implied. Forward-looking statements involve risks and
uncertainties, including but not limited to, such risks as the availability of
development and exploration funds, successful drilling activities and other
risks described in the Company's periodic reports on file with the Securities
and Exchange Commission.