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The new management have after its entrance in the company median July, initiated a process of evaluation of current status, and necessary actions to raise production from the company's existing wells. Additionally an evaluation of the drilling campaign is ongoing. The new management focus on putting existing wells in production, and has ambitions to produce from 14 wells year end. In connection with the refinancing of the company, the management will present production estimates for the company's oil and gas licenses.
In connection with the ongoing refinancing of SAGA Oil ASA, the company has been approached by several parties regarding structural transactions and strategic co operation. The company has initiated discussions with some of the parties. SEB Enskilda is the company's advisor in this process.
The company urges existing and future shareholders to thoroughly investigate the financial situation of the company. Further information regarding the financial situation can be obtained by contacting the company.
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.
