Aladdin Oil & Gas Company ASA has received USD 1,45 mill in a private placement towards a consortium headed by Lakeshore International Management Inc. In addition AOGC has received a guarantee of another USD 4 mill in the rights issue of up to USD 10 mill, which is planned for this month.

AOGC has received USD 1,45 mill in fresh capital through a private placement towards a consortia lead by Lakeshore International Management Inc. The price is set at NOK 0,50 per share.

In addition AOGC is guaranteed USD 4 mill. In the rights issue which is planned for January 2010. This guaranteed amount will be paid in to the company’s placement account already in January.

This entails that the rights issue will be up to USD 10 mill. and the price will be most likely be increased to NOK 1,- per share.

- We are now very pleased that we have secured the financial strength to carry out the company’s planned activities. This will result in a significant production, which in turn will take us faster to a positive cash flow. We enter 2010 as a much stronger company than before, says Chairman of the board; Einar Askvig.

For further information please contact:
Chairman of the board, Einar Askvig (+ 34 666 508 510)

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.