DECISION IN THE COURT CASE BETWEEN PETROJACK ASA, ITS BANKRUPTCY ESTATE, AND PETROLIA ASA

DECISION IN THE COURT CASE BETWEEN PETROJACK ASA, ITS BANKRUPTCY ESTATE,
AND PETROLIA ASA

 

Petrolia ASA has today received the decision from the Office of the City
Recorder in Oslo (Oslo Byfogdembete) in the case where Petrojack ASA,
its bankruptcy estate claimed up to NOK 32.9 million related to Petrolia
Services AS' (Petrolia ASA's 100% owned subsidiary) purchase of certain
drilling equipment from Petrojack ASA in 2009. The bankrupt estate
asserted to have a claw back claim related to the transferred equipment.
Petrolia ASA dismissed the reasons for the claim, ref Stock Exchange
notice dated 10 March 2011.

The Office of the City Recorder in Oslo has ruled in favor of Petrojack
ASA, its bankruptcy estate for NOK 18 million, approximately half of
their claim.

Petrolia ASA will, with its legal advisors, go thoroughly through the
decision to evaluate if there are grounds for an appeal.

For further information; please contact Mr. Kjetil Forland - email:
kjetil.forland@petrolia.no (kjetil.forland@petrolia.no)

Bergen/Oslo, 2 November 2011

PETROLIA ASA