SOURCE: Arctic Oil & Gas Corporation

March 11, 2008 06:00 ET

Arctic Oil & Gas Creates Environmental Advisory Board for Arctic Commons Prospect

LAS VEGAS, NV--(Marketwire - March 11, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration company, will be creating an environmental advisory board to aid in its development of the "Arctic Commons" prospect. The Company, along with its development consortium, expects to avoid controversies that have plagued the drilling in the Arctic National Wildlife Refuge, known as ANWR.

The Company is now in negotiations with both industry and non-industry environmental experts to join this board. The Company expects the Board to help it properly develop the "Arctic Commons" without negative responses from the environmental community, by working diligently to avoid negative impacts on birds, animals and other wildlife in the area.

Arctic Oil & Gas Corp. has also adopted an Environmental Code of Ethics, whereby internal policies have been implemented and are enforced to minimize the company's 'footprint' on the planet. This includes limiting the negative impacts on the natural environment through the responsible use of resources, effective waste management and minimizing of pollution; limit activities, services and facilities to levels that do not threaten the integrity of the planet's resources or systems while continuing to support the economic goals of the company; and seek innovative solutions to mitigate or avoid undesirable environmental, social and cultural impacts.

Peter Sterling, CEO of Arctic Oil & Gas Corporation, stated, "We believe that it is our duty to preserve the environment of the region, keeping it free from any harm and spillage. We will shortly begin to announce the names of individuals with strong environmental credentials who are joining this advisory board to help us insure the safe and successful development of the 'Arctic Commons.'"

Mr. Sterling continued, "We have already committed ourselves and our consortium to the use of specialized, state-of-the-art, drillships, with technologies designed to avoid environmental accidents. We have learned from the mistakes of our predecessors in Prudhoe Bay and other projects. We expect to be a model company for correct environmental development of hydrocarbon resources and we expect our advisors to help us adapt appropriate alternative energy concepts and processes to improve our efficiency. We can do no less."

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

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    Phone: 702.953.9688
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