(Oslo, July 29th. 2010) Last Tuesday Aladdin Oil & Gas Company ASA (AOGC) held an extraordinary general meeting, and a full financial restructuring plan was resolved. A share capital increase of NOK 30 mill were guaranteed.

At the EGM last Tuesday the shareholders resolved a full financial restructuring plan and a share capital increase of minimum NOK 30 mill. The subscription period expiring Thursday 22nd of July at 16.00, and the board of directors has made allocations accordingly. The payment of awarded shares took place Monday 26th of July. All the share capital increases have been fully subscribed.

The EGM also elected a new board of AOGC directors, consisting of:

Fred Ponsonby – Chairman
Lord Ponsonby is a physicist by education and has served on the Board and as Chairman of a varity of oil companies incl. Emerald Energy PLC, Rosehill Enegy PLC, and has worked for Phibro, Lasmo and Petrofina;

Kirill Dragun
Mr. Dragun has over 15 years experience in the oil industry and in corporate finance in the former Soviet Union and Europe;

Mark Bond
Mr. Bond has 23 years of experience in the financial service industry in London, New York and Moscow having worked for Deloitte & Touche, Bear Stearns and run private equity funds;

Yekaterina Zhdan
Ms. Zhdan has over 10 years o experience in fund and asset management within the CIS;

Michael Alyautdinov
Mr. Alyautdinov has M&A and project management experience in oil and gas and natural resources and is a Deputy Chairman and Head of M&A of SoyuzNeftegaz, has previously worked as a lawyer at Clifford Chance for over 7 years;

Alexey Kruzhkov
Mr. Kruzhkov is CFO of Waterford and has worked for a variety of companies in the natural resources area incl. SINCO and Oxoil and Thistle Mining;

Ewa Popiolek
Ms. Popiolek is an experienced Polish lawyer, who has had exposure many natural resources projects;

Katherine H. Støvring
Ms. Støvring is an oil & gas lawyer with Simonsen in Norway.

The Extraordinary General Meeting did also decide to increase the share capital for the full conversion of all bonds and debt including accumulated interests. Following the AOGC’s bondholders meeting of 12 of July 2010 the bond Trustee – Norsk Tillitsmann has accepted the restructuring plan on behalf of the bondholders, and agreed to convert all the three bonds to equity in AOGC.

After payment of the share issue against cash, the company will immediately arrange for the registration of the share capital increases in the Norwegian Register for Business Enterprises, and subsequent allocations in Norwegian Central Securities Depositary (VPS).

Further information is to be found at www. aogc.no

For more information, please contact:
AOGC’s financial advisor Einar Lyche (+47 90594959)

Aladdin Oil & Gas Company ASA is a Norwegian based exploration and production company, head quartered in Oslo, with its shares traded on the OTC list under the ticker code AOGC. The company owns the Russian oil company OOO Geotechnologia which holds two licenses in the Timan-Pechora province in Northwest Russia, as well as 6 licenses through our companies ZAO Orneftegaz and OOO Veselovskoye in the Orenburg area.