PRELIMINARY RESULT AS PER 2ND QUARTER & 1st HALF YEAR 2010

Summary of main events

Net result after tax for the 1st half of 2010
: USD 8,6 million

For the 2nd quarter 2010
: USD 10,9
million

· Revenue and operating profit before depreciation for Oilfield
Service division for the 1st half was USD 37 million and USD 14,1
million, respectively, equivalent to the same period last year.
· Operating profit before depreciation of Venture Drilling AS (50%
owned) for the first half 2010 was USD 93,6 million. Net Result after
tax USD 64,4 million. From end April the rig is stacked in Ghana
awaiting outcome of the result of the bareboat termination dispute with
the Russian owner.
· Book Equity per 30.06.2010 USD 1,84 per share. (Shares 10 to 1
reverse split in the Annual General Meeting 28 June 2010).
· A new Board of Directors was elected at the Annual General Meeting
28 June 2010.
· A team of new key employees hired from 1 October 2010 for the
Drilling and Well Division and the Oilfield Service Division.

Financial information

Profit and loss for the first half year of 2010

Total revenues for the first half of 2010 were USD 37.0 million whereof
USD 36.8 million came from Petrolia Services (100% owned subsidiary).
For the first half of 2009, total revenues equalled USD 32.2 million.

Total operating expenses equalled USD 25.0 million in the first half of
2010 whereof USD 22.6 million relates to Petrolia Services. The rest of
the operating expenses relates to business administration under the
contracts with LOG and various other operative and administrative
expenses.

The net, after-tax result for the first half of 2010 was USD 8.6
million. The net after-tax result for the first half year 2009 was USD
8.9 million

Attachment : Preliminary Report for 2nd Quarter and 1st half year
2010.

ooo0ooo

The preliminary report for 2nd quarter and 1st half year 2010 will only
be presented as a stock exchange notice.

For further information please contact : Ørnulf Samdal, CEO Petrolia
Drilling ASA,

e-mail: samdal@log-ior.no (samdal@log-ior.no)

Bergen/Oslo, 31 August 2010

Board of Directors

Petrolia Drilling ASA