SHARE PURCHASE AGREEMENT

SHARE PURCHASE AGREEMENT

Petrolia ASA has entered into a Share Purchase Agreement with Sinvest AS
to purchase 50% of the shares in Venture Drilling AS.

The purchase price for the shares is USD 34 million.

After the transaction Venture Drilling AS is a 100% subsidiary of
Petrolia ASA.   

For further information : please contact Mr. Kjetil Forland, Managing
Director, e-mail :
Kjetil.forland@petrolia.no (Kjetil.forland@petrolia.no). 

Bergen/Oslo, 29 March 2011

Petrolia ASA