MANDATORY NOTIFICATION OF TRADE

Wed, Dec 30, 2009 09:06 CET

Independent Oil & Resources ASA has on the 29th of December 2009 sold 750.000 shares in Petrojack ASA. Following this transaction Independent Oil & Resources ASA owns 9.000.000 shares in Petrojack ASA, equal to 13.85% of issued shares. Stavanger/Bergen, 30 December 2009