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Saga Oil ASA (OSL:SAGA.OTC) (Stavanger, October 31, 2008)
SAGA Oil ASA is currently unable to repay the NO 001 032 223.3 17.00 per cent SAGA Oil ASA Bond Issue 2006/2008 Call and Warrants Bond Loan with maturity date 31. October 2008
The Company works with possible solutions.
SAGA Oil will give updates on progress 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. SAGA Oil currently holds two production licenses in Orenburg region through its Russian subsidiary. 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:
CEO SAGA Oil ASA John-Arne Farstad Mob: 928 05 733 CFO SAGA Oil ASA Lasse Fjell Mob: 932 48 339
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
