Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Saga Oil ASA (OSL:SAGA.OTC) The newly elected board of SAGA Oil ASA held meeting today September, 3. 2008. The Board has started working to clarify the circumstances pertaining to the previously issued convertible loan where the shareholders were subjected to de jure discrimination. The Board hopes to establish the necessary finance within a short period of time. A foreign industrial company has taken interest in SAGA Oil ASA` Russian subsidiary. The Board will immediately proceed with the aim to enter into negotiations with this company.
Sign. A. O. Hillestad Chairman
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.
