On February 25, 2011 Aladdin Oil & Gas Company ASA has disputed a wrongful and baseless bankruptcy petition submitted by the Finnish financial advisory firm Northstar Corporate Finance Oy (“Northstar”). 

The claim by Northstar is unfounded in that the agreement is invalid and further, that the purported investment services were not executed in accordance with the agreement or the mandate.

Moreover, Aladdin Oil & Gas Company ASA is clearly solvent and is ready to prove its solvency should Northstar choose to uphold its unfounded insolvency allegations against the Company and continue to pursue the case-matter.

On February 25, 2011, the parties were heard by the bankruptcy court (Oslo byfogdembete) which resolved to allow the parties to submit additional pleadings in order to throw further light on the case-matter.

Aladdin Oil & Gas Company ASA intends to seek damages for economic and non-economic losses from Northstar following the decision by the bankruptcy court in favour of the Company.

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 three licenses in the Timan-Pechora province in Northwest Russia, as well as 5 licenses through our company OOO Veselovskoye in the Orenburg area.