TRANSFERABLE SUBSCRIPTION RIGHTS

Reference is made to the announcement of 27 June 2011 regarding the
rights issue of up to 50 629 837 shares, authorized by Petrola ASA´
Extraordinary General Meeting 17 December 2010.

The Board of Directors resolved on 27 June 2011 that the subscription
rights could be made transferable if required by the Oslo stock
exchange. The Oslo stock exchange has now decided that the subscription
rights should be made transferable. Therefore the subscription rights
will be made transferable.

27 June 2011 will continue to apply as the date from when the shares
will have been traded exclusive of the subscription rights. Petrolia
will revert with further details regarding the subscription period, the
listing of the subscription rights, the trading period, as soon as the
prospectus for the share capital increase has been approved by the
Financial Supervisory Authority of Norway.

For further information, please contact:

Kjetil Forland, Managing Director, e-mail:
kjetil.forland@petrolia.no (kjetil.forland@petrolia.no)

Bergen/Oslo 8 July 2011

Petrolia ASA