(Oslo, October 11, 2007) Based on the results of the 3D seismic from Orenburg, which was processed by Spectrum Energy Ltd., western experts have generated maps which have been posted on the company’s website.

The 3D survey has revealed a total of 32 interesting prospects, and have also identified a new potentially oil bearing reservoir horizon on the “Tournasian” level. 15 of the new prospects are defined on this new level, which has demonstrated excellent production rates in the area in general. This could represent a significant potential increase of reserves and good production levels from the new wells planned to be drilled in 2008. The remaining prospects constitute 15 prospects on the “Famennian” level and 2 on the “Devonian III” level.

It was also revealed that the seven existing wells were all drilled on the flanks of the structures mapped on the 3D, hence a considerable upside is expected by drilling new wells in a more optimal location near the crest of the structures.

The internationally renowned certification agency; Gaffney – Cline & Associates Ltd. has been contracted to evaluate the license’s reserves based on the 3D study and data from existing wells. The reserves’ report is expected to be ready during December 2007.

- A more optimal location of the wells, and the possible use of horizontal wells, could lead to a significant increase in production. This should result in a very exciting drilling programme in 2008, says Aladdin Oil & Gas Company CEO Espen Glende in a comment

For further information, please contact:
CEO, Espen Glende, Aladdin Oil & Gas Company ASA, Phone: (+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, Arild Nilsen and Vollvik Invest AS.