Arctic Oil & Gas to Receive Estimates on Cost of EM And Seismic

Arctic Oil & Gas Corp., a petroleum exploration company, announced that a major technology company, specializing in technical data acquisition for the energy industry, is preparing cost studies for the Company regarding the "Arctic Commons." Representatives of Arctic initiated the conversations and expect initial estimates before the end of March.

Arctic located the top companies with expertise in EM and seismic data acquisition, especially with experience in Arctic and permafrost conditions. The Company is being advised by the top equipment manufacturers and expects to use one of two specialists for hands-on data acquisition on location.

The Company plans to initially survey the Amerasia basin, which at approximately three times the size of Iraq, is the largest, deepest and most prospective Arctic Abyssal sedimentary basin (containing possibly as much as 10,000 ft thick high TOC sediment horizons). This basin holds an estimated 75% of the Arctic Commons Abyssal petroleum potential, and lies just beyond Canada and the US 200 mile zones and is thus far beyond the reaches of any UNCLOS claim by Russia or any other country.

Peter Sterling, Arctic CEO, stated, "We have identified and are now dealing directly with the specialists who will provide us with the best information possible, so that we can properly focus our Arctic drilling. We will soon know our estimated costs and will have the funds in place to proceed at the earliest possible time, based on crew availability and weather."