(Oslo, 12th May, 2009) Aladdin Oil & Gas Company ASA has completed a test of one zone in well 14A. In addition, new shares have been issued to Venatino, making Venatino the company’s largest shareholder.

Our company has completed a test to evaluate the production capacity of the well #14A. The well flowed up to 20,000 m3/day, corresponding to approx 130 boe/d. No water was produced. The interval 562-566m was tested, which is only 4m of the total 20m of reservoir.

The company estimates that the reserves from a geological perspective are between 200-400 million m3. To evaluate if the field is commercial, another appraisal well is required. Weather permitting, one will attempt to drill the next well in August. This should determine if this is a commercial field, and provide indications about how to develop the field. The planning regarding commercialization and development will start immediately, AOGC’s team has acquired substantial competency in this regard through the work with gas field #1.

The company views the structure positively, and if commercially interesting, could be on stream during the summer of 2010.

Development of gas field 1
The gas field on structure 1 is under development and the construction work is expected to be completed in Q2. The laying of pipelines is soon completed. Start up of commercial production is expected as soon as all necessary permits are in place. These are expected in Q3, however, these are beyond the company’s direct control.

Venatino
In connection with the private placement towards Venatino, the payments have now totaled NOK 53,6 million, and almost 7 million shares have been issued to Venatino. This makes Venatino the company’s largest shareholder.The remaining NOK 102 million are signaled to be paid during the early summer. The company has a good and positive dialogue with Venatino.

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.