Saga Increases Production Through Workover Ops

SAGA Oil sold 5,430 barrels of crude oil in February.

PROMGEOTEK conducted a workover operation on the well 106 in the period mid-January to end of February. Production from the well 106 commenced March 1, 2009, with a production of 150 barrels per day, which is an increase of 50 barrels per day. The average production to date in March is 270 barrels per day.

About SAGA Oil ASA

SAGA Oil ASA was established in October 2005 to focus on exploration, development and production of oil and gas assets in Russia. SAGA Oil currently holds two production licenses in Orenburg region through its Russian subsidiary.

SAGA Oil has it's headquarter in Stavanger, Norway, and has around 60 employees in Norway and Russia. The company's shares are listed at the OTC market (Over the Counter-List) in Oslo, Norway.