Work program – Company presentation

Aladdin Oil and Gas Company ASA Board of Directors has approved Work Program for 2012 which is aimed at increasing production, reserves and generating operating profit by its Russian subsidiaries.

The Work Program is based on the first independent company reserves audit carried out by TRACS.The combined production for the Group is stable around 1,000 boepd. The Company’s goal is to produce in excess of 1,500 boepd by the end of the year.

Updated investors’ presentation can be accessed via the Company’s website.

Loan agreement

Aladdin Oil & Gas Company ASA has signed a loan agreement with Waterford Finance & Investment Ltd for USD 7.6 million. The funds will be used to finance the approved Work Program.

New CFO

Marina Tikhonenko has been appointed as CFO for Aladdin Group. She has over 10 years experience in the international oil and gas industry in the UK and Russia.

The Chairman comments:

“Our goal in 2012 is to deliver value to the shareholders via substantial increase of production, reserves and reaching positive operating profit by its Russian subsidiaries. The Company has secured necessary funds to carry out the Work Program. I am pleased that our main shareholder supports the Work Program and our efforts”.

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