SOURCE: Arctic Oil & Gas Corporation

March 25, 2008 06:00 ET

Arctic Oil & Gas Corp. Begins Courting Major Oil Companies

Company Looks to Build Consortium to Develop Arctic Commons

LAS VEGAS, NV--(Marketwire - March 25, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration company, is pleased to announce that it is inviting major oil companies from Canada, Norway and Denmark to join the Arctic Consortium to explore and develop the Arctic Commons Abyssal property.

Arctic Oil and Gas Corp. and its partners made an international Arctic Commons hydrocarbons claim on May 9th, 2006 with the United Nations and the five Arctic countries. This claim is for the exclusive exploitation, development marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the "Arctic Claims"; an area of the Arctic Ocean that has no country's claims to it; or simply, the open area in between all of the Arctic-bordering countries.

Given the energy emergency facing the US today from the 1 million BBL/day decline of the Mexican Cantrell field and possible supply disruption of approximately 1 million BBL/day threatened by Venezuela, as well as ongoing instabilities in the Middle East, it is even more imperative that the US develops alternative supplies.

The Company believes that the Arctic Commons Abyssal represents an outstanding opportunity for secure long-term energy resources, without the supply interruption risks of other sources.

Peter Sterling, CEO for AOAG, stated that, "The Arctic Commons Abyssal Claim holds the promise of a world-class super-giant oil and gas province. It simply doesn't get any bigger than this in the oil patch. Shell just spent over $2 billion acquiring ten-year leases in the Alaska Arctic region from the MMS, over an area less than 5% of the area of AOAG's Claim, with perhaps 5% of the potential hydrocarbons resources."

About Arctic Oil & Gas

Arctic Oil & Gas representatives have filed a claim with the United Nations General Assembly and the countries of Canada, Russia, United States of America, Norway and Denmark, claiming, as a responsible oil and gas development agent of the "common heritage of mankind," the sole and exclusive exploitation, development, marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the entire Arctic Ocean Common area beyond the exclusive economic zone of the Arctic Ocean's surrounding countries called the "Arctic Claims." The Company intends to operate as the "lead manager" tasked to create a multinational joint venture consortium of major oil companies, whose technology and managerial expertise will be vital to recovering the oil and gas from beneath the harsh, deep waters of the Arctic in an environmentally safe manner.

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This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks associated with oil & gas exploration risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation. More information about factors that potentially could affect AOAG's financial results is included in its filings with the Securities and Exchange Commission.

Contact Information

  • Investor Relations:
    Patrick Lowry
    Phone: 702.953.9688
    Email: Email Contact