Final result of Private Placement towards Employees and Board

Reference is made to the disclosure issued on 5 september 2011.

The Board of Directors of Petrolia ASA has resolved the final allocation
of the 15 188 951 shares to be issued in the announced private
placement.

In total 22 employees and board members subscribed. The payment (NOK 7
594 475.50) for the new shares falls due on 15 september 2011.

The new shares may not be transferred or traded before they are fully
paid and the share capital increases have been registered with the
Norwegian Register of Business Enterprises. It is expected that the
share capital increase pertaining to the new shares will be registered
in the Norwegian Register of Business Enterprises on or about 30
September 2011 and that the new shares, subject to due payment, will be
transferred to the VPS accounts of the subscribers and admitted to
trading on Oslo Børs on 5 October 2011.

The share capital of Petrolia ASA will as a consequence of the rights
issue be increased with NOK 607 558.04 by issue of 15 188 951 new
shares. Following registration of the share capital increase, the share
capital of Petrolia ASA will be NOK 6 683 138.52 divided into 167 078
463 shares.