Arctic Oil & Gas Initiates Major Funding Process Using International Investment Bankers

LAS VEGAS, NV, Mar 31 (MARKET WIRE) --
Arctic Oil & Gas (PINKSHEETS: AOAG), a petroleum exploration company, will
work with international investment bankers to obtain the first two major rounds
of
funding for corporate and technical development. These funds will be used to
finalize Arctic's claim on the "Arctic Commons," along with beginning the
technical assessment of the hydrocarbon resources within the region.

The Company's investment bankers are currently in Europe working with
funding
resources who have already expressed strong positive interest in Arctic and
its "Arctic Commons" drilling project. The Company expects to be able to
announce the receipt of the first round funding in the upcoming weeks.

Peter Sterling, Arctic CEO, stated, "We are extremely pleased with our
investment bankers and expect great things from them, both in this early level
funding and when it is time to supply large funding for EM and seismic data
acquisition and, of course, later for drilling. The relationships that these
people bring to us are extremely strong and have been built over a number of
years, plus they are very savvy to oil and gas development."

About Arctic Oil & Gas

Arctic Oil & Gas representatives have filed a claim with the United
NationsGeneral Assembly and the countries of Canada, Russia, United States of
America, Norway and Denmark, claiming, as a responsible oil and gas
development agent of the "common heritage of mankind," the sole and exclusive
exploitation, development, marketing and extraction rights to the oil and gas
resources of the seafloor and subsurface contained within the entire Arctic
Ocean Common area beyond the exclusive economic zone of the Arctic Ocean's
surrounding countries called the "Arctic Claims." The Company intends to
operate as the "lead manager" tasked to create a multinational joint
venture consortium of major oil companies, whose technology and managerial
expertise will be vital to recovering the oil and gas from beneath the harsh,
deep waters of the Arctic in an environmentally safe manner.

Please visit www.ArcticOAG.com

This announcement contains forward-looking statements within the meaning
ofSection 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange
Act of 1934 and the Private Securities Litigation Reform Act of 1995. Actual
results may differ from management's expectations. These forward-looking
statements involve risks and uncertainties that include, among others, risks
associated with oil & gas exploration risks related to competition,
management of growth, new products, services and technologies, potential
fluctuations
in operating results, international expansion, commercial agreements,
acquisitions
and strategic transactions, government regulation and taxation.

Investor Relations:
Patrick Lowry
Phone: 702.953.9688
Email: Email Contact

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