Arctic Oil & Gas Corp. Acquires 30% Interest in Blake Ridge, Offshore Carolina's Natural Gas Property and Bering Sea

LAS VEGAS, NV, Jul 23 (MARKET WIRE) --
Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a petroleum exploration
company, is pleased to announce that in order to broaden its energy asset
base and secure more immediately developable resources, it has acquired
30% equity interests in a Speculative International Resources Rights
Claim in the Outer Blake Ridge Commons, and unsolicited OCS lease
application with seismic and drill identified potential for resources of
immediately developable, clean low CO2 natural gas.

The Company has also acquired a 30% equity interest in a Speculative
International Resources Rights Claim in the Bering Sea Abyssal Commons,
with seismic identified potential for large resources of immediately
developable, clean low CO2 natural gas, along with untested deeper oil
potential.

These are speculative tenure situations on large gas resources and it
might take some time to perfect a clean enough tenure to proceed with
energy development.

These natural gas development projects, when developed might supply as
much as 1Tcf gas p.a by pipeline to the Carolinas and up to 20 million
tons each per year LNG.

North and South Carolina. Blake Ridge Natural Gas Project, (30% Equity):

Area: 45,000 square kilometers.

This is one of the larger undeveloped clean energy natural gas fields in
the world.

The Blake Ridge-Carolina Rise area hydrocarbons in-situ resources have
been estimated by various researchers from 10 drill holes and seismic
studies to be approximately 2,400 Tcf in-situ. It is estimated to contain
a speculative resource of 100 trillion cubic ft of recoverable free gas,
which is 18 billion BOE.

These free-gas resources cover an area, which is approximately 25% within
the Consortium's International waters Resources Claim and 75% within the
US unsolicited OCS lease application.

Economic Geology: Blake Ridge is within the western Atlantic carbonate
trend, a Jurassic-Early Cretaceous reef and platform limestone complex
that stretches from the Gulf of Mexico to Newfoundland.

Thermally mature sediments have been encountered. Early source rock
analyses suggested that Upper Jurassic carbonate reservoirs would more
likely contain gas than oil.

-- Thickness of Free-Gas Zone Sediments; 250 meters average.
-- Source Rock: Originally assumed to be biogenic but also possibly from
untested deeper heavier petroleum systems.
-- Trap, Seal: Hydrate Zone, interbedded clays-hydrates above free gas
zone sealed free gas over large areas below.
-- Reservoir porosity: Poor to good in fractured zones.
-- Free Gas Saturation: High.

MARKET CONSIDERATIONS:

Conveniently located 100-200 miles offshore from the South Carolina Coast
and America's largest Gas market. Also close enough to Western Europe to
deliver LNG economically.

The environmental impact of Blake Ridge gas extraction will be net
positive due to the new availability of large quantities of clean,
low-CO2 natural gas for electric power generation, enabling the lowering
of coal-fired plants CO2 emissions as well as for vehicle use as CNG.

Production Potential: The Consortium plans to eventually deploy a fleet of
6 or more 1,500ft long, floating LNG production vessels on the
international Claim portion of the property, each producing 3-4 million
tons per year of Clean, low CO2 LNG for US and European markets.

Tenure: The Outer Blake Ridge Commons is an area beyond the US 200nm EEZ
line and thus a high-seas enclave outside the jurisdiction of any country.

The Strategic Nine Corporation led Consortium lodged an International
Resources Rights Claim dated April 10th, 2008, covering an area located
adjacent to the OCS lease application beyond the 200nm EEZ of the US. This
is a speculative tenure situation and it might take some time to perfect a
clear enough tenure to proceed with energy development.

OCS Lease Application: Approximately 75% of the gas resource the
Consortium has Claim to is under US unsolicited OCS Lease Application and
falls within the US Atlantic OCS lease moratorium area.

The Consortium is proposing that the government support the International
Resources Claim and on the OCS lease application, either

a) Grant a waiver from the moratorium, or
b) Commit to granting the OCS lease when the moratorium expires in
June 30th, 2012.

There is now considerable public pressure to open up the OCS for
drilling due to the high costs of importing energy and the consequential
grave risks to America's security and economy.

Bering Sea Abyssal Commons Natural Gas Project, (30% Equity):

-- Area; 200,000 square kilometers;
-- This is possibly one of the larger undeveloped clean energy natural
gas fields.
-- Contains a speculative resource estimate made by USGS geologists, of
approximately 900 Trillion cubic feet (Tcf) in-situ of natural gas and the
possibility of deeper oil resources, with perhaps 100Tcf recoverable free
gas.

Economic Geology: Thousands of gas chimney structures, fueled by
warmed source beds in Miocene siliceous deposits, occur in the Aleutian
Basin Abyssal. The gas chimneys occur in a flat area of the abyssal plain,
comparable in size to Nevada and Utah combined. In addition to known gas
resources, there is also oil potential as heavier petroleum sources are
thought to be located underneath the gas chimneys.

Production Potential: The Consortium plans to attract partners to
eventually build and deploy a fleet of 6 or more 1,500ft long, floating
LNG production vessels on the property, each producing 3-4 million tons
per year of Clean, low CO2 LNG for US and Asian markets.

Tenure: The Strategic Nine Corporation led Consortium lodged an
International Resources Rights Claim dated May 26th, 2008, covering an
area located in the Bering Sea Abyssal beyond the 200nm EEZ of any
country.

This is a speculative Tenure situation. The Bering Sea Abyssal Commons:
Known to fisherman as the "donut hole" it is a portion of the Bering Sea
surrounded by the EEZs of Russia and the United States. It lies just off
the eastern Bering Sea on the Aleutian Basin. The "donut hole" is
essentially a high-seas enclave outside the jurisdiction of any country.

International Waters Claim Has Higher Potential Profit Margins

Management believes that the Outer Blake Ridge International Waters Claim
area gas resources and Bering Sea projects could generate higher internal
rate of return (IRR) than other LNG projects.

Other Benefits

1. The areas carry lower political risks as there is no regime to
expropriate floating Assets. Freedom of the Seas is one of the most
inviolable Rights in the world today.

2. Most of the LNG and subsea equipment is moveable and can be relocated
to other gas resources when the resource is depleted.

3. Faster development, due to the lack of bureaucratic permitting delays.

4. Operating in international waters eliminates in-country political risk
factors and cuts taxes and other imposts to zero. These are substantial
commercial advantages.

5. Natural resources in the oceans commons have historically been
extracted wherever it is profitable to do so as the lack of any onerous
government resource rent makes a substantial difference in overall
economic returns.

ENERGY MARKET NEED: The worldwide demand for clean energy such as
natural gas is increasing geometrically. US domestic gas supply is
largely static, despite 90% of US onshore drilling rigs being employed
seeking gas.

The Consortium is proposing that the natural gas resources be immediately
developed using a mass-produced fleet large floating LNG (FLNG) production
vessels.

Share Issues:

-- The Company acquired a Thirty percent interest in the Bering Abyssal
Claim for the issuance of 60 million restricted shares and funding of
agreed future costs.
-- The Company acquired a thirty percent interest in the Bering Sea
Project for the issuance of 60 million restricted shares and funding of 35%
of agreed future costs.
-- The Company issued 103,750,000 shares to satisfy overdue debt owed to
staff, Arctic Claim JV partners and contractors. At the completion of these
issuances the company will have 351 million shares on issue.
-- Due to a heavy workload, Mr. E. Lawson has resigned to pursue his
other business interests.
-- Mr. Kelvin Williams has been appointed to fill the vacancy.

About Arctic Oil & Gas

ARCTIC OCEAN COMMONS CLAIM: In addition to its Blake Ridge, South Carolina
and Bering Sea Abyssal Claim projects, Arctic Oil & Gas partners
representatives have filed a claim in 1996, with the United Nations
General 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."
(AOAG 30% equity).

USGS geologist Donald Gautier recently estimated that the Arctic holds 100
billion barrels of oil. Another press source reportedly estimated 400
billion barrels potential.

Please visit www.arcticoag.com

This announcement contains forward-looking statements within the meaning
of Section 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. More
information about factors that potentially could affect AOAG's financial
results is included in its filings with the Securities and Exchange
Commission.

Contact:
Peter Sterling
Email Contact

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