MANDATORY NOTIFICATION OF TRADE

MANDATORY NOTIFICATION OF TRADE

Reference is made to the final result of the Private Placement towards
Employees and Board

The following primary insiders have been allocated shares in this
private placement:

Name               New shares
            New Balance               % of shares
Berge Gerdt Larsen chair of board 8 558 951 19
479 220 11,66 %
Sølve Nilsen finance manager 1 500 000 1
500 000 0,90 %
Vidar Bergo Larsen manager E&P 1 000 000 1
000 000 0,60 %
Erik Frydenbø board member 500 000
502 000 0,30 %
Kjetil Forland managing director 300 000
300 000 0,18 %
Marit Instanes board member 200 000
200 000 0,12 %
Geir Bjørlo manager communications 150 000
150 000 0,09 %
Ulf Eide manager drillig & well 100 000
100 000 0,06 %
Unni Tefre board member 100 000
100 000 0,06 %
Sandra Eileng legal secretary 20 000 20
000 0,01 %
Sum primary insiders 12 428 951 23
351 220 13,98 %

Other employees 2 760 000
Sum private placement 15 188 951

Total shares once new shares are registered
167 078 463 100,00 %

* Berge Gerdt Larsen has invested through Larsen Oil & Gas AS.

Bergen/Oslo, 9 September 2011