Venatino Trading Ltd. (VTL) has paid NOK 7 030 000 to Fondsfinans’ escrow account, as the first payment of the private placement’s second phase of a total of NOK 36 960 000. The second phase will be fully paid before the end of December.

Because of the financial crisis, the second phase payments have been delayed some and subdivided into several transactions. The second phase will be fully completed during December and will provide Aladdin Oil & Gas Company ASA (AOGC) with NOK 36.960.000 in payment for 4.800.000 shares at a price of NOK 7,70.

AOGC agreed on October 15th with VTL a private placement of a total of 20 102 153 shares at a price of NOK 7,70. 800 000 of these shares have been issued and NOK 6.160.000,- have been paid to AOGC November 14th.

913 770 shares will be issued when the capital increase has been registered. This registration process has been initiated. The remaining shares in the second phase will be issued before the end of the year. AOGC registers the capital increases sequentially as the payments are taking place.
- The company is very pleased that the payment is now taking place, and we are of the opinion that the cooperation with representatives of VTL will be of great value for the company’s further activities in Russia, says chairman of the board, Einar Askvig.

Fondsfinans ASA is the financial advisor to the company

For further information, please contact:
Chairman of the Board, Einar Askvig (+34 666 508 510) or CEO, Hans-Axel Jahren (+47 900 70 873)

Aladdin Oil & Gas Company ASA is a Norwegian based exploration and production company, headquartered 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.