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SAGA Oil ASA sold 2 418 barrels of oil in May. The production, from the company's field in the Orenburg Region of Russia, reflects the well stimulation challenges as reported in the press release of May 30th 2008. As stated in this release the company has implemented the necessary measures to ensure the quality of the required well stimulations, which up to this point has been hindered due to lack of competence, equipment and understanding of quality with local service companies. The expected success with these actions will result in increased production.
SAGA Oil will release operational updates within a short period of time.
Additional to the development of the Rodnikovsky-license, SAGA Oil acquired the 637 square kilometre Kudryashovsky-license in the Orenburg region in March this year. Through this acquisition the company significantly increases its reserve base, as well as the prospects of future increase in reserves and production.
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 and the FSU. The company's founder has more than 20 years of business experience in the Soviet Union and Russia. SAGA Oil currently holds two production licenses in Orenburg region through its Russian subsidiary. The company started production from the first license in 2007, and it will gradually build up its production during 2008 and will start developing its new acreage. SAGA Oil has it's headquarter in Stavanger, Norway, and has around 80 employees in Norway and Russia. The company's shares are listed at the OTC market (Over the Counter-List) in Oslo, Norway.
For further information, please contact: SAGA Oil ASA - CEO Mr. Malvin Høydal, cell: +47 97422959, email: malvin.hoeydal@sagaoil.no SAGA Oil ASA - CFO Mr. Lasse Fjell, cell: +47 93249339, email: lf@sagaoil.no SAGA Oil ASA - Investor Relations Mr. Stein Are Valdal, cell: +47 97 50 99 82, email: sav@sagaoil.no
