SOURCE: Arctic Oil & Gas Corporation

March 20, 2008 06:00 ET

Arctic Oil & Gas Expert Confirms Enormous Reserve Potential Based on Geoscientific Evidence

LAS VEGAS, NV--(Marketwire - March 20, 2008) - Arctic Oil & Gas, Corp. (PINKSHEETS: AOAG), a petroleum exploration company, confirmed potentially vast "Arctic Commons" oil and gas deposits from geoscientific evidence. Prevalent deposits of what is known as the "Azolla Interval" have corresponded to Arctic finds in northern Alaska, East Barents Sea, and the South Karal/Yamal basins.

According to data from the Integrated Ocean Drilling Program (IODP), this interval also bisects the entire Arctic Ocean Commons area Claimed by AOAG, confirming the regional consistency of this source rock, extremely rich in hydrocarbons precursors. Such data is consistent with geological estimates of oil deposits in the area, exceeding 400 billion barrels. Dr. Jonathan Bujack, Arctic advisory board member, confirmed the highly probable validity of the Azolla Horizon data, which supports the conclusions that have been drawn from it.

Peter Sterling, Arctic CEO, stated, "We are extremely fortunate to have brought on board an expert of the caliber of Dr. Bujack. His expertise and his connection to other geoscientists allow us to validate data and confirm its utility in our pursuit of the vast hydrocarbon resources that we intend to successfully locate and extract in the 'Arctic Commons.'"

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