This article is about geochemical characteristics of oil shales in the Volzhkaia oil shale formation. Tendency of changing of TOC, REE and biophile elements has been examined laterally and vertically based upon cross cuttings of Perelubskoe and Kotsebinskoe developments. Possible interrelation between concentration of molybdenum and rhenium in the Volzhskii basin has been discovered. Intervals of ash material and their potential genesis have been closely considered.