SOURCE: Arctic Oil & Gas Corporation

March 26, 2008 06:00 ET

Arctic Oil & Gas Corp. Outlines Plans for Short Term

Company Building Alliances and Developing Exploration Strategies

LAS VEGAS, NV--(Marketwire - March 26, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration company, is pleased to provide its shareholders with an update as to the company's plans for the near future.

The Company's initial plans are as follows:

--  Develop and implement ongoing legal and political tenure strengthening
    strategies.
    
--  Conduct EM and later infill seismic Surveys via submarine or
    icebreaker.
    
--  Conduct follow on seismic surveys via icebreakers.
    

AOAG controls 30% of a speculative claim over an 80 million acre area in the Arctic Abyssal; a vast prolific and undeveloped hydrocarbon basin region containing possibly the largest non-government controlled oilfields in the world today. The Company contends that with potentially enough oil and gas to supply America for 100 to 200 years, potential hydrocarbons in the Arctic could end the unstable Middle East supply problems once and for all.

The Wall Street Journal recently wrote, "... Recent estimates have found the Arctic could contain the equivalent of more than 400 billion barrels of oil and gas and massive amounts of another potential energy source, crystallized methane... "

Peter Sterling, CEO of the AOAG, commented, "With high oil prices and oil companies being locked out of easy locales by increasingly hostile governments, the time for the Arctic Ocean Commons Deeps has arrived."

He continued to say, "If Arctic Commons hydrocarbons can be extracted at less than $40 a barrel, it will make them not only comfortably profitable in world markets but also very competitive against alternatives. Tar sands and heavy oil are extracted at $40 per barrel and oil shale at around $70 per barrel. Even oil from enhanced recovery can cost up to $50. In short, while the very highest environmental standards will need to be met at every stage, the economics are beginning to give a serious green light to Arctic exploration."

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.

Please visit www.arcticoag.com

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.

Contact Information

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