Alaskan Oil and Gas to acquire Russian oil firm

Alaskan Oil and Gas said Tuesday it plans to buy 49 percent ownership of an unnamed producing oil company located in Russia.

The operating management of the Russian company has 10 years of experience and is involved in various aspects of oil production, according to Houston-based Alaskan Oil and Gas.

Alaskan Oil and Gas said it believes that it can help the Russian company increase its production to 10,000 metric tons of oil per month over the next five years.