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SAGA Oil ASA has initiated negotiations with Norsk Tillitsmann to extend the maturity date of ISIN NO 001 032 223.3 12.00 per cent SAGA Oil ASA Bond Issue 2006/2008 Call and Warrants maturing 14th of July 2008. The background for these negotiations are that SAGA Oil ASA has not yet completed its ongoing financing process and is therefore not in a position to repay the bond loan on the maturity date. SAGA Oil ASA will provide further information in due course.
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:
Stig Hetlevik cell.nr: +47 905 90 967 Chairman of the Board SAGA Oil ASA
