Final results of the Rights Issue

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

The subscription period in the rights issue in Petrolia ASA expired at
17:30 (Oslo time) on 23 August 2011. The final results show that
Petrolia ASA at the end of the subscription period had received
subscriptions for a total of 172 368 777 new shares. 50,629,837 new
shares were offered, and the rights issue was thus oversubscribed by
approximately 240%.

The Board of Directors of Petrolia ASA has today, 25 August 2011,
resolved the final allocation of the shares to be issued in the rights
issue, based on the allocation criteria set out in the prospectus. A
total of 50,629,837 new shares have been allocated, of which
approximately 34 million new shares have been allocated to subscribers
on the basis of exercised subscription rights and approximately 17
million new shares have been allocated to holders of subscription rights
as a result of oversubscription.

Notifications of allocated new shares and the corresponding subscription
amount to be paid by each subscriber are expected to be distributed in
letters today, 25 August 2011. The payment for the new shares falls due
on 30 August 2011 in accordance with the payment procedures described in
the prospectus.

Through the rights issue, Petrolia ASA will receive proceeds amounting
to approximately NOK 25 million before deduction of transaction costs.

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 2
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 September 2011.

The share capital of Petrolia ASA will as a consequence of the rights
issue be increased with NOK 2,025,193.48 by issue of 50,629,837 new
shares. Following registration of the share capital increase, the share
capital of Petrolia ASA will be NOK 6,075,580.48 divided into
151,889,512 shares.

First Securities AS acts as manager for the rights issue.

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