Arctic Oil & Gas Corporation

March 05, 2008 09:08 ET

Arctic Oil and Gas Estimates Commons Reserves Capable of Producing 25% of U.S. Oil Demands

LAS VEGAS, NEVADA--(Marketwire - March 5, 2008) - Arctic Oil & Gas Corp. ("Arctic") (PINK SHEETS:AOAG), a petroleum exploration company, estimated that when in full production, its share of the Arctic Commons, when produced in partnership with major independent oil companies, might provide twenty-five (25%) percent of the oil requirements of the United States. Currently, Prudhoe Bay in Alaska provides slightly less than approximately five (5%) percent of all the oil consumed by the United States.

Today, Prudhoe Bay produces in excess of 700,000 barrels of oil a day (BOD), down from its 1988 peak of over 2,000,000 BOD. While Prudhoe Bay is expected to continue to slow over the next ten years, the Arctic Commons, fueled by increased needs and U.S. desire for greater independence from OPEC, should grow quickly, and Arctic and its consortium expect to be leaders in this process.

According to Peter Sterling, Arctic CEO, "We are expecting to begin negotiations with our team of major drilling partners and investment partners. We intend to use a more fine-tuned version of the Prudhoe Bay model, which should enhance production and prevent almost all of the environmental problems that they experienced."

Sterling continued, "We are currently developing a five-year development and drilling plan. We expect to announce many of its most important details in the very near future and believe that this will provide great comfort for our strategic partners and investors."

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.

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.

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