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Arctic Oil &Amp; Gas Initiates Major Funding Process Using International Investment Bankers

Posted on: Monday, 31 March 2008, 06:00 CDT

Arctic Oil & Gas (PINKSHEETS: AOAG), a petroleum exploration company, will work with international investment bankers to obtain the first two major rounds of funding for corporate and technical development. These funds will be used to finalize Arctic's claim on the "Arctic Commons," along with beginning the technical assessment of the hydrocarbon resources within the region.

The Company's investment bankers are currently in Europe working with funding resources who have already expressed strong positive interest in Arctic and its "Arctic Commons" drilling project. The Company expects to be able to announce the receipt of the first round funding in the upcoming weeks.

Peter Sterling, Arctic CEO, stated, "We are extremely pleased with our investment bankers and expect great things from them, both in this early level funding and when it is time to supply large funding for EM and seismic data acquisition and, of course, later for drilling. The relationships that these people bring to us are extremely strong and have been built over a number of years, plus they are very savvy to oil and gas development."

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.

 Investor Relations: Patrick Lowry Phone: 702.953.9688 Email: Email Contact

SOURCE: Arctic Oil & Gas Corporation

Source: MARKET WIRE

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