LAS VEGAS, NV -- (MARKET WIRE) -- 03/20/08 -- Arctic Oil & Gas, Corp. (PINKSHEETS: AOAG), a
petroleum exploration company, confirmed potentially vast "Arctic Commons"
oil and gas deposits from geoscientific evidence. Prevalent deposits of
what is known as the "Azolla Interval" have corresponded to Arctic finds in
northern Alaska, East Barents Sea, and the South Karal/Yamal basins.
According to data from the Integrated Ocean Drilling Program (IODP), this
interval also bisects the entire Arctic Ocean Commons area Claimed by AOAG,
confirming the regional consistency of this source rock, extremely rich in
hydrocarbons precursors. Such data is consistent with geological estimates
of oil deposits in the area, exceeding 400 billion barrels. Dr. Jonathan
Bujack, Arctic advisory board member, confirmed the highly probable
validity of the Azolla Horizon data, which supports the conclusions that
have been drawn from it.
Peter Sterling, Arctic CEO, stated, "We are extremely fortunate to have
brought on board an expert of the caliber of Dr. Bujack. His expertise and
his connection to other geoscientists allow us to validate data and confirm
its utility in our pursuit of the vast hydrocarbon resources that we intend
to successfully locate and extract in the 'Arctic Commons.'"
About Arctic Oil & Gas
Arctic Oil & Gas representatives have filed a claim with the United Nations
General Assembly and the countries of Canada, Russia, United States of
America, Norway and Denmark, claiming, as a responsible oil and gas
development agent of the "common heritage of mankind," the sole and
exclusive exploitation, development, marketing and extraction rights to the
oil and gas resources of the seafloor and subsurface contained within the
entire Arctic Ocean Common area beyond the exclusive economic zone of the
Arctic Ocean's surrounding countries called the "Arctic Claims." The
Company intends to operate as the "lead manager" tasked to create a
multinational joint venture consortium of major oil companies, whose
technology and managerial expertise will be vital to recovering the oil and
gas from beneath the harsh, deep waters of the Arctic in an environmentally
safe manner.
Please visit www.arcticoag.com
This announcement contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and the Private Securities Litigation Reform Act of
1995. Actual results may differ from management's expectations. These
forward-looking statements involve risks and uncertainties that include,
among others, risks associated with oil & gas exploration risks related to
competition, management of growth, new products, services and technologies,
potential fluctuations in operating results, international expansion,
commercial agreements, acquisitions and strategic transactions, government
regulation and taxation. More information about factors that potentially
could affect AOAG's financial results is included in its filings with the
Securities and Exchange Commission.
Investor Relations:
Patrick Lowry
Phone: 702.953.9688
Email: Email Contact
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