Capital increase

Panoro Energy ASA (“PEN”, OSE ticker code) announces that further to Panoro Energy ASA's stock exchange release of 4 February 2011, the share capital increase resolved by Panoro Energy ASA’s Board of Directors in connection with the private placement has been registered with the Norwegian Register of Business Enterprises resulting in a share capital of NOK 263,384,091.43 consisting of 180,341,789 shares each with a par value of NOK 1.460471768 and representing one vote in the general meeting.

This capital increase is within the 10% proxy approved by the EGM. The remaining capital increase including the potential repair issue is conditioned upon approval from the upcoming EGM and a prospectus has been filed.

Find enclosed the Company certificate in Norwegian.

For further information, please contact:
Anders Kapstad, CFO
Tel: +47 23 01 10 01
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com

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