OTHER ANNOUNCEMENTS (PPROD)

Mon, Nov 17, 2008 08:45 CET

Petrojack ASA has on 17 November 2008 carried out an early termination of a forward contract regarding 12.383.000 shares in PetroProd Ltd. After the above mentioned transaction, Petrojack ASA owns 36.958.800 shares in PetroProd Ltd, corresponding to 42.23% of the shares outstanding in PetroProd Ltd.

After this transaction Petrojack ASA has no forward contracts regarding any shares.

Bergen/Oslo, 17 November 2008