Petrolia ASA - Information regarding Listing of Subscription Rights

Petrolia ASA (the "Company") - A public limited liability company
organised under the laws of Norway

Reference is made to the stock exchange notice dated 27. June 2011 and
the Board of Directors' resolution to carry out a Rights Issue of up to
50,629,837 New Shares at a Subscription Price of NOK 0.50 per New Share,
with Subscription Rights for Existing Shareholders as of the end of 27.
June 2011. Reference is further made to the stock exchange notice dated
3. August 2011 that the Financial Supervisory Authority of Norway has
approved the Prospectus for the Rights Issue.

Existing Shareholders of the Company as of the end of 27. June 2011 will
receive one Subscription Right for every two shares in the Company held
as of the end of 27. June 2011. The number of Subscription Rights
granted to each Existing Shareholder will be rounded down to the nearest
whole Subscription Right. The holders of Subscription Rights will be
entitled to subscribe for and be allocated one New Share for every
Subscription Right held. The Subscription Rights will be registered on
each Existing Shareholder's account in the VPS. Oversubscription and
subscription without Subscription Rights is permitted.

Subscription period:From and including 9. August 2011 to 23. August 2011
at 17:30 hours CET.

Trading in subscription rights:

From and including 9. August 2011 to 18. August 2011 at 17:30 hours CET.

IT IS EXPECTED THAT THE SUBSCRIPTION RIGHTS WILL BE OF ECONOMIC VALUE.
SUBSCRIPTION RIGHTS NOT USED TO SUBSCRIBE FOR NEW SHARES BEFORE THE END
OF THE SUBSCRIPTION PERIOD OR NOT SOLD BEFORE 18 AUGUST 2011 AT 17:30
HOURS CET WILL LAPSE WITHOUT COMPENSATION AND CONSEQUENTLY BE OF NO
VALUE.

The Rights Issue is not underwritten. The Company refers to the
Prospectus Section 4.3.1 where it is stated that "The Board may, at its
discretion, decrease the number of New Shares allotted to the Offering,
when allocating New Shares, in order to obtain the best possible result
for the Company in light of the subscriptions received" . and
"Completion of the Rights Issue is conditional on the Company having
approved the allocation of the New Shares".

Irrespective of the wording in Section 4.3.1 of the Prospectus, the
Company wants to clarify that investors subscribing for New Shares based
on Subscription Rights, will get New Shares allocated based on their
Subscriptions Rights in accordance with the Allocation Principles set
forth in Section 4.3.6 of the Prospectus.

The Manager of the Rights Issue is First Securities AS. The prospectus
together with subscription form will be available on the following web
sites: www.petrolia.no (http://www.petrolia.no/) or
www.first.no (http://www.first.no/)

The prospectus together with subscription form will also be available
free of charge at the business offices of Petrolia ASA and First
Securities AS.

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

Petrolia ASA - Bergen/Oslo, 9. August 2011