(Oslo, August 8th 2008) Aladdin Oil & Gas Company ASA has signed a cooperation agreement with Komi Regiongas, an affiliate of Gazprom, regarding the sale of gas from the Middle Sedolskoye license in Russia.

The agreement is based on the offer from Komi Regiongas, with reference to the press release of January 17th.

Following the agreement, the gas price is based on the wholesale price in Russia, currently approximately USD 65 per 1000 m3. Russian authorities have in addition decided to increase the domestic gas price with 25 to 40 % annually to 2011.

For further information, please contact:
CEO Hans-Axel Jahren of Aladdin Oil & Gas Company ASA tel. (+47) 900 70 873
COO Espen Glende i Aladdin Oil & Gas Company ASA tel. (+47) 906 05 434

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.