Primepoint Buys Majority Shareholding in Neptune Marine Oil & Gas

The Board of Directors of Neptune Marine Oil & Gas Ltd. has today received copy of a press release dated March 14, 2007 from Primepoint Holdings Ltd, a special-purpose vehicle controlled by the CEO of Neptune Marine, announcing that Primepoint has gained majority control of Neptune Marine through purchases of an aggregate of 5,947,006 Neptune Marine shares, representing 41.0% of the outstanding equity capital of Neptune Marine, at a price of NOK 143 per Neptune Marine share.

Primepoint further informs that prior to these purchases Primepoint held 1,549,994 shares in Neptune Marine, representing a 10.7% stake, and that following the purchases Primepoint holds an aggregate of 7,497,000 Neptune Marine shares, representing approximately 51.7% of the equity of Neptune Marine.

According to the press release, Primepoint intends to increase its aggregate holding in Neptune Marine further by making market purchases up to a maximum price of NOK 143 per Neptune Marine share commencing on March 19, 2007.