UPDATE ON PETROLIA NORWAY AS

UPDATE ON PETROLIA NORWAY AS

 

Reference is made to the 16 August 2011 announcement regarding Petrolia
Norway AS´ acquisition of 10 per cent of PL 356 Ulvetanna, conditioned
upon Petrolia Norway AS being approved as license holder on the
Norwegian Continental Shelf within 1 January 2012.

Petrolia Norway AS is in good process regarding being approved as a
license holder and expects the final approval within 15 February 2012.
Det Norske Oljeselskap ASA has granted Petrolia Norway AS a
corresponding waver for the license holder condition in the acquisition
agreement.

For further information, please contact:

Managing director, Kjetil Forland, e-mail: kjetil.forland@petrolia.no

Bergen/Oslo 30 December 2011

About Petrolia

Petrolia ASA has three business segments: E&P, Drilling & Well
Technilogy and Oilfield Services and is listed on Oslo Stock Exchange
under the ticker code PDR. The core activity includes Petrolia Norway
AS, an independent oil & gas company aiming at being prequalified as a
licensee on the Norwegian Continental Shelf early in 2012. The company
currently holds 10 per cent of Ulvetanna. In addition, Petrolia ASA owns
Petrolia Services AS, a leading rental equipment equipment company for
the global oil industry. The company employs a staff of around 250
highly competent employees worldwide.