AOAG to Use New-Generation Multi-Purpose Combined Platform-Drillships

Arctic Oil & Gas Corp., a petroleum exploration company, will use specially designed marine vessels with icebreaking capability and platform drilling equipped to conquer the "Arctic Commons." State-of-the-art multi-purpose floaters (MPFs), which serve this purpose, are already under construction.

AOAG principles expect to lease these production vessels, fully equipped and crewed from the manufacturers. Arctic marine technology for oil and gas exploration has advanced dramatically, which will enable the Company to successfully produce in the "Arctic Commons," something essentially unimaginable before the North Sea and Prudhoe Bay.

Peter Sterling, Arctic Oil & Gas CEO, stated, "We are fortunate to live in a time where technology is catching up with our aspirations. Today, offshore technology can cope with weather conditions and other environmental challenges that would have been impossible two decades ago. Fortunately, we at Arctic Oil & Gas live at the right time in science, technology, and history, and we expect our company and its shareholders to benefit greatly as a result."