SOURCE: Arctic Oil & Gas Corporation

March 17, 2008 05:00 ET

Arctic Oil & Gas to Hire Experts to Perform EM and Seismic Studies of Arctic Commons

LAS VEGAS, NV--(Marketwire - March 17, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration company, announced its commitment to have EM and seismic studies performed to better locate hydrocarbon structures in sections of the "Arctic Commons." The Company has begun to interview European, U.S. and Canadian EM seismic specialty firms to determine who can best perform the task at the most reasonable cost for this expensive but necessary procedure.

The company will first conduct EM surveys to narrow down which specific regions contain hydrocarbons before conducting expensive seismic surveys to detail individual leads structural trap details.

New EM technology exploration techniques greatly reduce drilling risks and improve exploration efficiency in the Arctic Commons frontier basins. Revolutionary EM technology is turning risks into rewards. EM allows higher-confidence indications as to whether seismic identified structures contain hydrocarbons or not.

Unlike seismic surveys, which use acoustic energy to locate promising geological structures, EM can directly reveal the presence of commercial hydrocarbon reserves. EM uses electromagnetic energy to detect resistive bodies, including hydrocarbon reservoirs, beneath the seabed.

EM can more easily identify reservoirs before seismic surveys are conducted reducing the areas requiring seismic studies to those specific areas known to contain hydrocarbons. Where seismic methods indicate the presence of a suitable structure, EM data dramatically improves confidence in ranking the prospect. And EM has the potential to find hydrocarbons in traps that cannot be detected using seismic methods and would thus be overlooked.

Arctic has committed to use all of the current technologies to enhance the probability of success for each well. There exist a number of such technologies and Dr. Jonathan Bujak, new member of the advisory board, along with other experts, will aid the Company in the decision-making process as to which is most efficient and applicable to the unique qualities of the "Arctic Commons."

Peter Sterling, Arctic CEO, stated, "We will take every step to minimize risk and maximum success in our drilling in the 'Arctic Commons.' Obviously, the use of 3-D seismic is one of the most important steps and we will take bids to maximize the area from which we will have data. This work may be expensive, but a major integral part of a successful drilling venture."

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 Commons." 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

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    Phone: 702.953.9688
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