(Oslo, 25 March 2008) The processing and interpretation of Aladdin Oil & Gas Company ASA’s recent 3D seismic on the Bogdanovskaya-license in Orenburg has revealed the existence of a substantial reef structure. The structure covers approximately 5 sq.kms and has the potential of holding 200 Million barrels of oil in place. This is a promising development.

- The results so far from the 3D seismic are very promising. We are now evaluating the possibilities to drill the new reef structure during the second half of 2008. Reef structures are commonly excellent oil producers, and oil is being produced from similar Permian reefs in the Orenburg area. The structure is also close to Aladdin Oil & Gas Company’s well 34, where infrastructure is already established, says Aladdin Oil & Gas Company CEO Espen Glende.

The 3D seismic from the southern part of the Bogdanovskaya-license is now being processed by Spectrum (UK). Studies so far have revealed a Permian reef structure of approximately 5 sq.kms at a depth of around 1000m. The zone of interest is around 75m thick, which indicates that the structure may contain as much as 200 Million barrels of oil. Typical recovery rate in such reefs are around 30-35%.

The structure continues partly into an adjacent open area. Aladdin Oil and Gas will apply for this area partly or entirely. This process is expected to take 9 to 12 months.

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 100 employees.