2011 Annual Statement of Reserves

Panoro Energy ASA ("PEN", OSE ticker code), the independent oil and gas company with assets in West Africa and Brazil, publishes its 2011 Annual Statement of Reserves (“ASR”). At the end of 2011, total proven (“1P”) reserves were 17.4 MMBOE, total proved and probable (“2P”) reserves were 34.1 MMBOE and total proved, probable and possible (“3P”) reserves were 43.7 MMBOE.

Panoro’s classification of reserves and resources complies with the guidelines established by the Oslo Stock Exchange and are based on the definitions set by the Petroleum Resources Management System (PRMS-2007), sponsored by the Society of Petroleum Engineers/World Petroleum Council/ American Association of Petroleum Geologists/ Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) as issued in March 2007.

Please find attached the 2011 Annual Statement Reserves.

For further information please contact:

Jonas Gamre, Finance & Investor Relations Manager
Tel: +47 23 01 10 02 
Cell: +47 971 18 292 
Email: jonas.gamre@panoroenergy.com

Carl Peter Berg, VP Commercial and Investor Relations
Tel: +55 21 3078 7472
Cell: +55 21 8541 1907
Email: carl.peter.berg@panoroenergy.com

Please visit www.panoroenergy.com for more information.