Aladdin Oil & Gas Company ASA has completed a restructuring of its Bond issued at NOK 65 mill and due in May 2011.

Aladdin Oil & Gas Company ASA (AOGC) has restructured the bond issued at NOK 65 mill where NOK 27.5 mill has been deducted and secured in the company’s subsidiary Stikito Ltd, owner of OOO Veselovskoye and 5 licenses in Orenburg.

Owner of the new bond will pay NOK 3.4 mill or 12.5% of the new bond in cash to AOGC for the increased terms given including 1 year extension of the Bond, due May 2012.

AOGC has a NOK 5 mill. part of this bond that they plan to sell in the marked, raising funds for short term financing.

The new Bond is due 2nd.May 2012.

- This restructuring has provided our company with additional funding that will improve our financial situation and given us some flexibility the following 2 years quotes Managing director, Pål Nedrelid

For more information, please contact:
Managing Director Pål Nedrelid (+47 906 08 168)

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.