Artumas Group Inc. (OSL:AGI) Corporate Update

Artumas Group Inc. (OSL:AGI) Artumas Group Inc., (OSE:AGI), the independent oil and gas exploration and production company today issues a corporate update. This includes the Company's progress in:

* continuing negotiations on the sell down of a portion of its assets; * advancing operational developments; * reducing ongoing costs and capturing efficiency gains throughout the Company;

* Reduction of approximately 60% in Field Operations costs * Immediate 40% reduction in corporate head office employees; with further staff reductions anticipated by end Q1 2009, and

* Convertible Bonds Series 1, USD 20 MM, paid in full on maturity date of 16 January 2009.

Please see attached document for the Company's full news release with details on the Corporations' developments.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



LINK: http://hugin.info/136496/R/1283704/287482.pdf

Artumas Group Inc.

http://www.artumas.com

ISIN: CA04317T1066

Stock Identifier: XOSL.AGI