(Oslo, 2. October 2007) Aladdin Oil & Gas Company ASA has now completed the work over of the second, of a total of seven, oilwells on the company’s license in Orenburg, Russia. Well # 39 is put on test production and is now producing oil.

The second overhauled well on the Bogdanovskaya license in now put on test production. The oil is pumped into holding tanks and is transported by truck to the market.

- Well # 39 is expected to give a somewhat higher stable production rate than the first well, says Espen Glende , CEO of Aladdin Oil & Gas Company ASA in a comment. – The production can probably be increased further through stimulation. We are considering possible such actions as we see how the well stabilises, he continues.

Following this work over, Aladdin Oil & Gas Company is continuing the work over programme on the Bogdanovskaya license. Work over has started on well number three, and will commence on well number four shortly.

- From being purely an exploration and development company, Aladdin Oil & Gas Company has now become an oil producing company. During a short period of time we have overhauled (worked over) two wells that are now producing oil, and we look forward to the further work over programme on the Bogdanovskaya license, says Glende.

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

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.