(Oslo, 21. November 2007)Reference is made to announcement by Aladdin Oil & Gas Company ASA (AOGC)on Monday 19 November 2007. Aladdin has completed a NOK 50 million secured bond issue 2007/2009 with attached warrants. The Bond Loan will carry an interest of 13% p.a. payable semi-annually arrears.

The nominal value of the Bonds is NOK 500,000 and each Bond will have attached 30,000 warrants exercisable into shares in AOGC at a strike price of NOK 27.50 per share. The Company will issue a total of 3,000,000 warrants.

- The bond loan is strengthening Aladdin Oil & Gas Company’s operational leverage. The proceeds will be used in the company further development of the existing fields in Russia, including new seismic surveys, the acquisition of drilling equipment and acceleration of the work over and drilling program in Orenburg, says Espen Glende, CEO of Aladdin Oil & Gas Company ASA.

The bond issue is conditioned upon the approval of the company’s extraordinary general assembly. The invitation to the extraordinary general assembly will be sent out in week 47. The settlement date is expected to be on or about 10 December 2007 with maturity on 10 December 2009, 2 years after Settlement Date.

The Bond Issue was managed by Pareto Securities ASA.

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 80 employees and intends to be traded on Oslo Axess during 2007.