(Oslo, April 23rd, 2007)

Aladdin Oil & Gas Company AS (OTC: AOGC) is in the market with a bond issue of MNOK 65 with a 4-year maturity. Each bond has a par value of NOK 100,000 and a fixed annual coupon of 11.5%. In addition, investors will receive 5,600 warrants for each bond subscribed. The bonds rank pari passu with all other senior debt and ahead of subordinated debt. The Placement is fully guaranteed by a group of more than 20 investors.

The proceeds from the offer will be used to fund the acquisition of the remaining 45% of shares in ZAO Orneftegaz and to secure liquidity for general corporate purposes.

Fondsfinans ASA is acting as sole manager for the offering.

This is purely for information purposes and not an offer for subscription.