SOURCE: Arctic Oil & Gas Corp.

 

LAS VEGAS, NV--(Marketwire - September 24, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG) (351 million shares issued), a petroleum exploration company, is pleased to note that the quarter-century Congressional offshore oil moratorium will expire at the end of September, enabling the company's proposed Blake Ridge, Carolinas and Santa Barbara Channel, California oil-gas developments to move forward.

Mr. Sterling, AOAG President, stated, "The economic and energy emergency demands immediate action to bring proven offshore oil-gas fields into production quickly. Currently OCS leasing is done way too slowly. Delays which the country simply cannot afford today."

"We have asked the President to temporarily swap the MMS oil lease bonus payments system, for an increased royalty and immediate lease grant process."

Mr. Sterling said he believes that "Opening AOAG's Lease Application areas and America's other domestic oil and gas resources to immediate responsible development would quickly increase supply, lower gas prices, create greater US energy security, and lower taxes, as well as creating an influx of trillions in new income and excise taxes and create millions of American jobs; prosperity here not there."

Drilling Moratorium Lifting, Affected AOAG Projects:

1)  Santa Barbara Oil: The Company and partners have proposed $2.50
    gasoline, 30% discounted natural gas and hundreds of millions of
    dollars in royalties to Santa Barbara County from a proposed, (40% AOAG
    equity) Santa Barbara OCS-State petroleum lease development project, on
    known oil accumulations containing between 250-500 million barrels oil.

    AOAG's proposed FPSO development would have a daily send-out capacity
    of 100,000 BBL/day oil-gas, generating over $4 billion per year in
    revenues.

2)  Blake Ridge Carolinas Natural Gas:  The Blake Ridge natural gas project
    contains a speculative recoverable resource estimate made by USGS
    geologists, of approximately 100-200 Trillion cubic feet (Tcf) gas.
    This is possibly one of the world's largest undeveloped clean energy
    natural gas fields, 3 to 6 times the size of the entire Barnett Play.
    When developed it could supply up to 10% of the US East Coast States,
    cleaner low C02 energy needs to power a substantial fleet of lower-C02
    flexi-fuel vehicles and cleaner electric power stations for 50 years or
    more.

AOAG's lease application areas could quickly generate tens of billions of dollars of new more affordable gasoline and CNG for Americans and billions in new taxes for Treasuries.

AOAG: The Company and partners have speculative Claims and lease applications over four large areas with significant proven and potential oil and or gas reserves.

1.   Arctic Commons Abyssal Claim                        (AOAG: 30%)
2.   Blake Ridge Claim and OCS lease Application.        (AOAG: 30%)
3.   Bering Sea Abyssal Commons Claim.                   (AOAG: 30%)
4.   Santa Barbara Channel OCS and State Waters
     lease applications.                                 (AOAG: 40%)

There is political "Title Risk" but low geological "Reserve Risk" associated with each of these Giant projects.

Please visit www.arcticoag.com and www.strategicnine.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.