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Saga Oil ASA After due consideration of current challenges, SAGA Oil ASA's board has agreed with current CEO Malvin Høydal that Mads Grinrød is hired as new CEO of SAGA Oil as of today. Mr Høydal will now work in a newly established position as VP SAGA Corporate affairs, Russia, with focus on further developing SAGA Oils Russian operations and bringing the wells on stream.
The new CEO Mads Grinrød (62) comes from the senior advisory group of Well Invest AS and has recently held position as acting executive vice president in Statoil, with responsibility for the corporate staff function for health, safety and the environment (HSE) respectively. He has 36 years experience from the oil and gas industry, mainly from StatoilHydro, where he acted as vice president for drilling and well technology, operations vice president for Sleipner, strategy vice president for EP and vice president for Bergen operations.
Mads Grinrød's comments: "I am pleased to get this opportunity to work with a company with such a potential. The job will call for all my past experience in the oil and gas field, with a goal to build a dynamic E&P company in Russia. I am looking forward to start with this exiting and challenging work "
Key focal points: Plan, Execute and deliver - Safely.
Malvin Høydal's comments: "I have for some time been looking forward to focus my attention fully on the Russian operation. With Mads in the position as CEO, I feel confident that the company will gain momentum and we will reach the goals set forth in our business plans."
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 - Chairman Stig Hetlevik, Cell +47-90590967 SAGA Oil ASA - CEO Mr. Mads Grindrød, cell: +47 90899412, email: mads.grinrod@sagaoil.no
