SOURCE: Arctic Oil & Gas Corporation

March 24, 2008 06:00 ET

Arctic Oil & Gas Expects to Use New-Generation Multi-Purpose Combined Platform-Drillships

LAS VEGAS, NV--(Marketwire - March 24, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration company, will use specially designed marine vessels with icebreaking capability and platform drilling equipped to conquer the "Arctic Commons." State-of-the-art multi-purpose floaters (MPFs), which serve this purpose, are already under construction.

AOAG principles expect to lease these production vessels, fully equipped and crewed from the manufacturers. Arctic marine technology for oil and gas exploration has advanced dramatically, which will enable the Company to successfully produce in the "Arctic Commons," something essentially unimaginable before the North Sea and Prudhoe Bay.

Peter Sterling, Arctic Oil & Gas CEO, stated, "We are fortunate to live in a time where technology is catching up with our aspirations. Today, offshore technology can cope with weather conditions and other environmental challenges that would have been impossible two decades ago. Fortunately, we at Arctic Oil & Gas live at the right time in science, technology, and history, and we expect our company and its shareholders to benefit greatly as a result."

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