Neptune Terminates Registrar and FINFO Agreements, De-registers

Neptune Marine Oil and Gas wishes to announce that it had, on April 28, 2008, given notice to DnB NOR Bank ASA to terminate the two registrar agreements for shares and warrants respectively (Registrar Agreements) that it had entered into with DnB NOR. Under the Registrar Agreements, the termination will be effective three months from the date of notice given, unless an earlier date is agreed. In addition, it had also, on May 9, 2008, given notice to terminate the distribution agreement (Distribution Agreement) signed between the Company and Fondsmeglernes Informasjonstjenester AS (FINFO). Under the Distribution Agreement, the termination will be effective one month from the date of notice given.

With the termination of the Distribution Agreement and the shares being de-registered from the Norwegian Central Securities Depository (VPS) upon the termination of the Registrar Agreements, the Company had also requested FINFO to de-register it from the OTC.

The Company intends to discontinue the VPS registration of its issued shares as soon as practically possible and is in the process of clarifying with DnB NOR the exact date on which the VPS registration of the shares of the Company will cease. Persons/entities with shares registered with any account manager under the VPS register are therefore advised to make arrangements for the registration of their shares directly in his/its own name in the Company's register of shareholders in Cyprus in accordance with Cyprus law.