(Oslo, August 28, 2007) Aladdin Oil & Gas Company ASA has entered into an agreement to purchase the remaining 28.5% of the shares in Larchbay Traders & Consultants Ltd. Larchbay Traders & Consultants owns the Russian company OOO Geotechnologia. The transaction is settled by the issue of 1.345.000 shares in Aladdin Oil & Gas Company.

Aladdin Oil & Gas Company’s P50-reserves will with this increase from 76,5 to 99 Million barrels of oil.

- This agreement gives Aladdin Oil & Gas Company total control of Geotechnologia and its reserves, which represents a considerable strengthening of the development of the company, says Espen Glende, CEO of Aladdin Oil & Gas Company ASA in a comment.

Aladdin Oil & Gas Company ASA is an exploration and production company based in Norway, head office is in Olso and the shares are traded on the OTC list, ticker 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 80 employees and intends to be traded on Oslo Axess during 2007. The company’s largest shareholders are Paal Hveem, Vollvik Invest AS and Arild Nilsen.