(Oslo, 12 April 2011) Aladdin Oil & Gas Company ASA

Aladdin Oil & Gas Company ASA notify that the  tax value assessment of the Company’s shares to be reported in the tax form for year 2010 sent to our shareholders from the Norwegian Central Depository Registry (Verdipapirsentralen) is not in accordance with the Company’s preliminary calculation, as the company has completed equity issues during 2010.

The Company has estimated the tax value per share to be NOK 0,10 as of 31 December 2010. The calculation is subject to adjustments.

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 three licenses in the Timan-Pechora province in Northwest Russia, as well as 5 licenses through our company OOO Veselovskoye in the Orenburg area.