(Oslo, 10th March 2009) Aladdin Oil & Gas Company ASA has completed the drilling of the reef structure to a total depth of 1150 meters. Oil was encountered in several zones in the structure, and the company will do the necessary analyses to evaluate if the discovery may be commercial.

Drilling of the reef structure in Orenburg is now completed at total depth (TD) 1150 meters, as planned. Several oil bearing horizons were encountered in the structure, both in shallow zones as well as zones close to TD.

The company has tested some of the zones of interest without being able to conclude whether the discoveries are commercial or not. This is due to modest porosity in the zones. The well will now be analyzed further to evaluate if stimulation of the zones may improve porosity and permeability of those. It is estimated that this work will take a couple of month.

The rig which drilled well #101 on the reef structure will now be moved to well #34 to drill a sidetrack well.

For further information, please contact:
CEO, Hans-Axel Jahren (+47 900 70 873)

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.