SOURCE: Arctic Oil & Gas Corporation

March 12, 2008 06:00 ET

Arctic Oil & Gas Expects to Benefit From Increased U.S. Interest in Development of American-Owned "ANWR"

LAS VEGAS, NV--(Marketwire - March 12, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration company, expects heightened interests in drilling for oil and gas in the U.S.-owned Arctic National Wildlife Refuge, or ANWR, will benefit the Company's own prospects of expediting development and drilling. The bi-partisan "American Made Energy Act" (HR 5437) was proposed in the House of Representatives by Reps. Nunes (R-CA) and Ross (D-AR).

Arctic's legal and political activities to initiate support for its development and drilling in the nearby "Arctic Commons" will be benefitted by the push in Congress for drilling in the ANWR, which probably contains significantly smaller reserves than the "Arctic Commons." The Company has already been in contact with the offices of the President, the Secretary of the Interior, and the Secretary of Energy, and expects that all those who support HR 5437 will also be supportive of Arctic's proposal, which will provide great benefits to the United States, through helping to lessen dependency on foreign oil and to provide dramatic royalty payments to the U.S. government, based on the Arctic formula.

Meanwhile, oil prices surged to over $109 on Monday, a new inflation-adjusted record and their fifth new high in the last six sessions on an upbeat report on wholesale inventories. Energy investors shrugged off a relative stabilization of the dollar and a cooling in tensions between Venezuela and its neighbors Colombia and Ecuador.

Peter Sterling, Arctic CEO, stated, "We are thrilled by the introduction of the 'American Made Energy Act,' HR 5437, which we firmly believe at Arctic will help us garner stronger political support for our drilling and producing the 'Arctic Commons.' We expect Representatives Nunes and Ross to be strong potential allies and look for the same positive support from all supporters of this energy bill."

Mr. Sterling further stated, "This energy bill potentially does a great deal of our work for us. At the same time, we believe that we are going to be even better environmentally prepared than they will be to drill in ANWR, so that we feel that these gentlemen have prepared a model that will help us speed up our own timetable."

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
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