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Testing of "Little Village" Bundy Heirs #1, Jefferson Ph., Louisiana.

The well has tested positive for natural gas production.

The well should be placed on production in January 07’ and produce at a rate of 4 to 5 Mmcf/day. Ginger has 2.8% net revenue interest before payout and 4.5% after payout. This should significantly increase our cash flow.

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Little Village - Encouraging Results

The Little Village well was spudded on this prospect on September 11, 2006. The well has now reached intermediate casing depth of 11,700 feet and drilling will continue to the primary target sands to a proposed depth of 13,100 feet .The well should reach total depth in approximately two more weeks.

The evaluation that was done at intermediate casing depth shows considerable encouragement for the well. Approximately 32 feet of net gas pay sand has been identified, based on analyses of logs and core samples. Particularly, a formation containing 24 feet of net pay should make a good completion.

Ginger Oil has a 6.25 % carried working interest and a 0.5% cost working interest. This well is projected to cost $6,450,000 through completion. Gingers net revenue interest will be 4.8%.

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Searcy #3 Oil Well Completed

The development well, Searcy #3 was swab tested at the rate of 128 barrels of oil in a 12-hour period. A rod pump will be installed and the well will be on production in two weeks. This well is an offset to the discovery well for the Lewisville Northeast Field, the Searcy #1. The field is located in southwestern Arkansas and was the first of four new fields discovered as a result of our 3-D seismic acquisition there. The Searcy #1 was completed in September 2004 and is currently pumping at the rate of approximately 115 BOPD. Ginger Oil has a 16% net revenue interest in these wells.

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Ginger Oil AB – new private emission.

Ginger Oil AB has emitted 1,164,668 B-shares at 27 SEK each This has added 31,446,036 SEK in capital. The emission was directed toward Swedish and Norwegian investors with a minimum subscription of 500,000 SEK per lot. The emission was done in order for Ginger to participate with greater interest in Arkansas.

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Ginger Oil analysed by CAR ASA (Corporate Advice and Resarch) Oslo.

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Successful Private Placement in Ginger Oil AB – First step towards main listing at Oslo Stock Exchange (OSE). New discovery and additional drilling.

Ginger Oil AB (Publ) completed a Private Placement towards 6 Norwegian investors July 2006. Among the large investors was the Norwegian Fund Convexa through its Fund Convexa Capital V.

The Private Placement amounted to 544 000 shares at a par value of SEK 0,10 and was placed at SEK 21.00 totalling SEK 11 424 000. The total share capital is now SEK 1 339 472,90 consisting of 1 500 000 A-shares and 11 894 729 B-shares at a par value of SEK 0,10.

Ginger Oil AB has appointed CAR ASA (Corporate Advice and Research) as financial advisor for the Private Placement and the listing at Oslo Stock Exchange.

Kings Ridge (Lafourche Parish School Board #1) Louisiand has been drilled. Three zones encountered pay.

Searcy #3 (Arkansas) development well is drilling. Rig will immediately move to our prospect Windmill II, Treat #1.

Little Village (Bundy Heirs #1) Louisiana is ready to drill. Rig will move in no later than Sept. 10, 2006.

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Ginger Oil increases in Arkansas

Ginger has committed to purchase an increased working interest in the Lewisville area in Southern Arkansas from 15 to 23% with a corresponding increase in net revenue interest to above 16%. The area is currently producing 250 bopd and has three development and three exploratory wells to be drilled in 2006.

We are in discussion with the operator and joint venture partners in Arkansas that horizontal wells be used for drilling the development wells. The objective in a horizontal completion is to stay at the crest of the reservoir, away from water production and increase the oil production on the order of 5 to 10 fold for each well.

We are continuing leasing in Ohio. We have shot five seismic lines and are leasing on three potential prospects. Three more lines will be shot.

Finally, Ginger is negotiating to be listed on First North, previously Nya Marknaden stock exchange this year.

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Dan Bendig as Vice President

Ginger Oil Company is pleased to announce the employment of Dan Bendig as Vice President – Exploration. He has been on retainer to Ginger Oil for the past two years and operates from our office in Columbus, Ohio.
He was previously employed at Conoco-Phillips for over twenty years. Positions included Chief Geophysicist in the United Kingdom where he oversaw their seismic programs in the North Sea. Other experience include the SE Asia, North and West Africa.
We see him as an excellent addition to our staff with his particular expertise. He will be involved in all of Gingers projects but foremost in Ohio and the North Sea.
Dan has degrees from Ohio State University (BS Physics), State University of New York (MA Geology) and University of London (MSc Stratigraphy).
He has a well developed network in the international oil and gas industry.
In conjunction with this appointment, Ginger has opened a branch office in London. Hower, Dan Bendig will continue to work at our office in Columbus, Ohio and commute to London when required.

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Events - Ginger Oil

North Sea.

Ginger has signed a Memorandum of Understanding - Joint Participation Agreement with GB Petroleum regarding certain Opportunities in the British sector of the North Sea. We believe GB Petroleum, which is based in London, and with it’s ex-Conoco-Phillips management team, will prove to be a definite advantage in securing a concession, possibly as early as this year. Our consultant, Dan Bendig, has extensive experience in the North Sea with Conoco and has been responsible for the execution of several exploration and appraisal projects. These projects included 3-D seismic data acquisition, processing and interpretation in addition to well planning.

Arkansas.
Searcy #2 logging and coring results showed the pay zone that we expected. However, mechanical problems with the completion will necessitate the drilling of a sidetrack or a completely new well.
Ledbetter #1 was put on production and watered out after a short period of production. We suspect the cause may be a “channel” developed in the cement behind the casing, which may have allowed salt water from another zone to invade our oil zone. This is believed to be the case with the Searcy #2, mentioned above. The operator is studying remedies.
Six additional wells are planned for Arkansas this year. These consist of three development wells and three exploratory wells.
Two additional 3-D seismic acquisition programs are also planned for this year. Based on the results of our first 3-D program, these new programs should yield up to six prospects each and drilling should begin on these prospects in 2007.

Louisiana.
Mestayer #1, Iberia Parish. Third party log evaluation of this well revealed 25 feet of natural gas pay from six different zones. The first zone that was tested yielded natural gas, but at non-commercial rates. The best zone, according to the operator will be tested in the period from April 15th to the 17th.

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Significant events - Ginger Oil

Bonner #1, Lafayette County, Arkansas. A new discovery. The well was drilled to 7,475 feet to the Smackover formation in December 2005. The well tested 209 bopd and is currently being produced at 85 bopd. The well will eventually be placed on pump and should produce in the 150-bopd range. It is significant in that it confirms the viability of a new type of structural trap, similar to our earlier Cleveland #1 discovery in the same area. More of these type traps are available to us in future 3-D seismic shoots on trend. Ginger Oil has a 15.01% working interest in this well and will have a 25% interest in the future 3-D seismic shoots.

Ledbetter #1, Lafayette County, Arkansas. The well was drilled to 5,000 feet and production casing was run to total depth of 3,150 feet in December 2005. An oil completion attempt is being made in a Cretaceous age, “Tuscaloosa” sand at 3,020 feet. Ginger Oil has a 24% working interest.

Searcy #2, Lafayette County, Arkansas. This development well was drilled to 7,400 feet and production casing was run to TD in November 2005. Several completion attempts have been made and one more attempt will be tried. Analyses shows it to be similar to the discovery well that is producing 150 bopd but mechanical problems have been encountered in the completion. If this completion does not work a side-track hole will be drilled and a completion made in it. Ginger Oil has a 14.75 % working interest.

Mestayer #1, Iberia Parish, Louisiana. The well reached total depth of 13,270 feet on February 5, 2006. The deep seismic objective, “Marg vag” was found to be a salt layer and not a pay zone. However, there are gas shows in the shallower objective, the “Planulina” sands. A liner is being run to these sands at 12,400 feet and they will be production tested with a work over rig at a later date. The decision on well #2 will be made after production results of #1 has been analysed. Ginger Oil has a 11.25% carried working interest plus an additional 6.75% working interest “after payout.”

Little Village Prospect, Jefferson Parish, Louisiana. A drilling rig is being built for Century Offshore, the operator of this prospect. It is scheduled for spudding in March 2006. This is a high gas potential exploration well scheduled to be drilled to 13,200 feet vertical depth. Ginger Oil has a 5 % carried working interest.

Eastern Ohio. Our first 2-D seismic shoot resulted in finding or confirming three lead areas. We are currently checking ownership of 10,000 acres in these areas with the intention of leasing part or all of the leads. This play is a frontier type play but in a very mature oil and gas province. Ginger Oil currently holds 100 %.

Other. Stephens 3-d shoot in Arkansas will start in 2nd quarter of 2006. The Falcon 3-d shoot will start as soon as permitting is finished. Leasing is being done in two additional prospect areas where 2-d seismic will be shot this year. Ginger will have 25% interest in future 3-d shoots and 25% and 90% in the 2-d shoots.

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