|By Marketwired .||
|January 29, 2008 06:54 PM EST||
LAS VEGAS, NV -- (MARKET WIRE) -- 01/29/08 -- In the news release, "Arctic Oil & Gas Provides Update on Claim to Arctic Petro Resources," issued earlier today by Arctic Oil & Gas Corporation (OTCBB: AOAGE), we are advised by the company that the ticker symbol in the first paragraph should read "(OTCBB: AOAGE)" rather than "(OTCBB: AOAG)" as originally issued. Complete corrected text follows.
Arctic Oil & Gas Provides Update on Claim to Arctic Petro Resources
Claim Legally Filed on May 9th, 2006 With the United Nations and the Five Arctic Countries
LAS VEGAS, NV -- January 29, 2008 -- Arctic Oil & Gas Corp. (OTCBB: AOAGE), an oil exploration venture company that has filed for the exclusive exploitation, development, marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the "Arctic Claims," is pleased to provide an update outlining its claims.
Arctic Oil and Gas Corp., and its partners, including the private company United Oil and Gas Consortium Management Corp., made an international Arctic Commons hydrocarbons claim on May 9th, 2006 with the United Nations and the five Arctic countries. This claim is for the exclusive exploitation, development, marketing and extraction rights to the oil and gas resources of the seafloor and subsurface contained within the "Arctic Claims."
Under international law, no country owns the North Pole or the region of the Arctic Ocean surrounding it. The five surrounding Arctic states, Russia, the United States, Canada, Norway and Denmark (via Greenland), are limited to a 370 kilometer (200 nautical mile) exclusive economic zone around their coasts. The "Arctic Claims" is the area of the Arctic Ocean that has no country's claims to it; or simply, the open area in between all of the Arctic-bordering countries.
There are very strong legal precedents for the Arctic Consortium's Arctic Commons Hydrocarbons Resource Rights Title Rights Claim under International Maritime Law and customary international laws. The company has outlined some of these precedents at its website www.arcticoag.com
Peter Sterling, CEO of the Company, stated, "Our claim is solid and we intend to vigorously assert the Arctic Hydrocarbons Claim made by Arctic Oil & Gas and its partners. Given that a preliminary assessment by the US Geological Survey (USGS) suggests the Arctic seabed may hold as much as 25 percent of the world's undiscovered oil and natural gas reserves, competition to claim parts of the Arctic seabed is likely to intensify as Arctic energy reserves become more accessible and the price for oil rises. Since we have already filed our claim with the United Nations and the five Arctic countries, we believe that we have the right to manage this vast area of natural resources."
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.
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