SOURCE: Arctic Oil & Gas Corporation

February 19, 2008 06:30 ET

Arctic Oil and Gas Reserves Expected to One Day Exceed Alaska's Prudhoe Bay

Arctic Oil & Gas Corp. to Create a Series of Strategic Exploration-Drilling- Development Alliances

LAS VEGAS, NV--(Marketwire - February 19, 2008) - Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration company, will develop its share of the extensive "Arctic Commons" claims of what may be one of the greatest oil and gas discoveries in history. The Company expects its legal claims to a portion of the prospect to be developed in partnership with both major integrated oil companies and large independent exploration companies.

Prospects to be explored in the arctic seabed are expected to far surpass the greatest nearby discovery, which is Alaska's Prudhoe Bay. The United States has produced over 12.8 billion barrels of oil from this area, which was discovered in 1968. The Wall Street Journal estimated that over 400 billion barrels of oil may be found and produced within the "Arctic Commons." The largest potential oil-gas sedimentary basins are adjacent to secure US Alaska and Canadian territories.

For the world's major independent oil companies, the Arctic Commons Claim represents a unique long-term opportunity to carve out an entire nation-sized remote frontier basin region for oil companies to operate in with lower taxes and imposts, possibly for centuries.

Arctic Oil & Gas Corp. will create a series of strategic exploration, drilling and development alliances in order to locate and develop the oil and gas resources within the Commons. The Company's management expects to finalize and announce a series of financial partnerships in the near future to provide the wherewithal to develop and drill the "Arctic Commons."

Peter Sterling, CEO of Arctic Oil & Gas Corporation, stated that, "In a world nearing a point when oil will be seriously scarce and expensive, Management believes that, subject to exploration proving successful, and with the help of increasing Canadian oil-sands resources supplies, the Arctic Commons Abyssal could contain enough oil and gas to provide America with perhaps 5-10 million barrels per day OEL, providing complete energy security at reasonable prices to North American Consumers for between 100 to 200 years. Thus the Arctic Commons abyssal is a potential US nation-saving energy resource that should be husbanded and protected vigorously."

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.