MINISTRY APPROVAL OF PL 356 TRANSFER TO PETROLIA NORWAY

The Ministry of Petroleum and Energy has approved the transfer of 10 per cent of PL 356 from Det norske oljeselskap ASA to Petrolia Norway AS, a subsidiary of Petrolia ASA.

- Following Petrolia Norway being approved as a licensee on the Norwegian Continental Shelf, we are pleased with the transfer of the 10 per cent of PL 356 license being approved by the Ministry of Petroleum and Energy, says Managing Director Vidar Bergo Larsen in Petrolia Norway AS.

The Ulvetanna prospect is located in block 3/4 in the production license 356 in the southern North Sea, and is scheduled to be drilled in the third quarter of 2012. The main objectives for the drilling are the Ekofisk and Tor formations. The well will be drilled to a depth of approximately 3,000 meters with the jack-up rig Mærsk Guardian. Det norske oljeselskap ASA is the operator for the PL 356 license with a 50 per cent stake, Repsol holds a 40 per cent stake and Petrolia Norway holds the remaining 10 per cent of the license.

Bergen, 23 March 2012

For further information, please contact:

Vidar Bergo Larsen

Managing Director

Petrolia Norway AS

Phone: +47 90 86 60 41

E-mail: vidar.bergo.larsen@petrolia.no

Kjetil Forland

Managing Director

Petrolia ASA

Phone: +47 93 24 00 27

E-mail: kjetil.forland@petrolia.no

About Petrolia

Petrolia ASA has three business segments: E&P, Drilling & Well Technology and Oilfield Services and is listed on Oslo Stock Exchange under the ticker code PDR. The core activities include Petrolia Norway AS, an independent oil & gas company qualified as a licensee on the Norwegian Continental Shelf. The company currently holds 10 per cent of the PL356 license, which includes the Ulvetanna prospect. In addition, Petrolia ASA owns Petrolia Services AS, a leading rental equipment company for the global oil industry. The company employs a staff of around 250 highly competent employees worldwide.