(Oslo, April 9th, 2008) The Board of Directors of Aladdin Oil & Gas Company ASA (“Aladdin”) has resolved to conduct a Private Placement of up to NOK 50 million to finance the company’s program on licences in Russia. The Private Placement will be directed towards institutional and professional investors. NOK 40 million has been guaranteed by a consortium of existing shareholders to price NOK 10.50.

The proceeds from the equity issue will be used in the company’s capital expenditure program which includes further development of the existing fields in Timan Pechora and Orenburg, including drilling of numerous production and exploration wells, development of new infrastructure and continued work over program in Orenburg. The Company expects existing licenses to be fully financed by completing this private placement.

The Private Placement will be carried out as a book-building process with an indicative price range of NOK 12 – 17 per share. Based on the indicative price range, Aladdin will issue up to 4,166,667 new shares. Decision on the final offer price per share and the number of new shares to be issued will be made by the Board of Directors of Aladdin and announced through a press release immediately following the end of the book-building period. Minimum allocation will be NOK equivalent to EUR 50,000.

In connection with the equity issue, Aladdin has secured a NOK 40 million guarantee from existing shareholders at a share price of NOK 10.50.

The Company has appointed Pareto Securities AS as manager for the Private Placement.

For further information, please contact:
CEO, Espen Glende, Aladdin Oil & Gas Company ASA, Phone: (+47) 906 05 434

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 the company ZAO Orneftegaz in the Orenburg area. The company has around 125 employees and intends to apply for listing on Oslo Axess during 2008.