(Oslo, June 12th, 2008). Aladdin Oil & Gas Company ASA has drilled another successful gas well on the MS-license in Timan-Pechora. The well indicates that the structure is larger and the gas zone is thicker than previously thought.

Aladdin has drilled a production well on the Middle Sedolskaya-license, which the company holds 100%, in the Timan-Pechora region. The well (MS 1C) has been drilled to total depth and has approximately 20m of gas bearing reservoir; 658-668m, 669-678m, 682-685m. The zone
670-672m has been perforated and shows substantial quantities of gas. Testing is in progress and the results are expected in the near future. The test will subsequently be expanded to several zones in order to identify the total production potential of the well. The pressure in the reservoir is excellent.

Interpretation of the electric logs from MS 1C has provided the following reservoir information:
* Depth (m): 658 – 685
* Thickness of zone (m): 22
* Reservoir porosity (%) 22 – 25

- Commercialisation of the gas discovery will provide the company with a substantial production- and revenue contribution in 2009. According to a decree from the Russian authorities in January of this year; the gas prices in Russia will increase with 28,6% in 2008, 19,9% in 2009, 28% in 2010 and 40% in 2011. This indicates a radical revenue growth from the company’s gas deliveries the next 4 years, says CEO Espen Glende.

For further information, please contact:
Espen Glende, CEO of Aladdin Oil & Gas Company ASA, telephone (+47) 906 05 434.

Aladdin Oil & Gas Company ASA is a Norwegian-based E&P company headquartered in Oslo, and listed on the OTC listing of the Norwegian Securities Dealers Association under ticker code AOGC. The company owns the Russian oil company OOO Geotechnologia, which holds two licenses in the Timan Pechora province in northwest Russia. Aladdin also owns the company ZAO Orneftegaz in the Orenburg area.