Artumas Group Plans Private Placement to Fund Work at Mnazi Bay Concession

Artumas Group Inc. has retained ABG Sundal Collier Norge ASA as Lead Manager with First Securities ASA as Co-lead Manager, to advise on and effect an equity issue directed towards professional Norwegian and international investors after the close of the Oslo Bors today. The equity issue will be carried out through a book-building process which will close on or before 08:30 (CET) on March 30, 2007.

The planned share issue will amount to up to 3,308,000 shares in a combination of new shares and existing shares, equal to 15.7% of the existing number of outstanding shares in the company. Up to 2,108,000 shares will be issued as new common shares in the offering, and up to 1,200,000 shares will be borrowed from certain members of Artumas' management and sold in the offering. The borrowed shares will be returned by the Managers following filing and approval of a security note to the Oslo Børs after closing of the offering.

The net proceeds of the offering will be used to finance working capital and the exploration and seismic programs in the Company's Mnazi Bay Concession.