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Saga Oil ASA SAGA Oil ASA sold 3 943 barrels of oil in June, an average of 132 bbl/d. The production, from the company's field in the Orenburg Region of Russia is reflecting the ongoing well stimulation campaign as several wells are off stream for treatment as indicated in earlier communication. The results from these actions are expected to improve production rates in the near future.
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 - 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
