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In the board meeting held on the 19. September 2008 Saga Oil ASA decided to start proceedings to sell the Kudryashovsky license in Orenburg, Russia. This is the last acquired license that was bought for USD 10,5 million in January 2008.
In the extraordinary general meeting, held 11th of August 2008, the meeting decided to issue a convertible bond loan at maximum NOK 50 million. Total subscription was NOK 34 150 000. The terms of this loan is disputed, ref. protocol from extra ordinary general meeting 1. September 2008.
The loan arranger has now returned the pre-paid funds to the subscribers. The board is working with alternative short and long term financial solutions for 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.
For further information, please contact: SAGA Oil ASA - Chairman Aksel O. Hillestad, Cell +47-98294520 SAGA Oil ASA - CEO Mr. John-Arne Farstad, cell: +47 92805733, email: JAF@sagaoil.no
