SOURCE: Arctic Oil & Gas Corporation

March 18, 2008 11:12 ET

Arctic Oil & Gas to Receive Estimates on Cost of EM And Seismic to Locate Arctic Oil and Gas Deposits

LAS VEGAS, NV--(Marketwire - March 18, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration company, announced that a major technology company, specializing in technical data acquisition for the energy industry, is preparing cost studies for the Company regarding the "Arctic Commons." Representatives of Arctic initiated the conversations and expect initial estimates before the end of March.

Arctic located the top companies with expertise in EM and seismic data acquisition, especially with experience in Arctic and permafrost conditions. The Company is being advised by the top equipment manufacturers and expects to use one of two specialists for hands-on data acquisition on location.

The Company plans to initially survey the Amerasia basin, which at approximately three times the size of Iraq, is the largest, deepest and most prospective Arctic Abyssal sedimentary basin (containing possibly as much as 10,000 ft thick high TOC sediment horizons). This basin holds an estimated 75% of the Arctic Commons Abyssal petroleum potential, and lies just beyond Canada and the US 200 mile zones and is thus far beyond the reaches of any UNCLOS claim by Russia or any other country.

Peter Sterling, Arctic CEO, stated, "We have identified and are now dealing directly with the specialists who will provide us with the best information possible, so that we can properly focus our Arctic drilling. We will soon know our estimated costs and will have the funds in place to proceed at the earliest possible time, based on crew availability and weather."

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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