(Oslo, 6th August 2008) The Board of Directors of Aladdin Oil & Gas Company ASA has appointed Hans-Axel Jahren as acting General Manager of the company. He succeeds, Espen Glende, who will assume the position of operational manager with main responsibility to develop the Russian licenses.

- Espen announced in February that he wanted to concentrate on the day-to-day follow up of our operational activities in Russia. The board supports this fully and we are pleased that his fellow founder of Aladdin, Hans-Axel Jahren, will assume the position of General Manager. Hans-Axel has substantial knowledge about the company and I look forward to be working closely with him in the time to come with focus on business development, says Chairman of the Board of Aladdin Oil & Gas, Einar Askvig.
To further strengthen the company’s management, Mr Askvig will act as working chairman, until further notice.

The company continues the search for a new permanent CEO.

For further information, please contact:
Working chairman of the board in Aladdin Oil & Gas Company ASA, tel. +34 666 508 510
(Acting) General Manager Axel Jahren of Aladdin Oil & Gas Company ASA tel. +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.