ACQUIRES 10% OF PL  356, ULVETANNA, FROM DETNOR

(Bergen, 16 August 2011) Petrolia Norway AS, a fully owned subsidiary of Petrolia ASA, has entered into an agreement with Det norske oljeselskap ASA (Det norske) to acquire 10 per cent of PL 356, Ulvetanna.

Petrolia Norway AS was established following the resolution of the Extraordinary General Meeting in Petrolia ASA 17 December 2010, aiming at being an approved license holder on the Norwegian continental shelf within 2011.

4 August 2011, The Petroleum Safety Authority Norway's (PSA) gave consent to drill the Ulvetanna prospect, with exploration well 3/4-2S. The prospect is located in block 3/4 in production license 356 in the southern North Sea. The well will be drilled with the jack-up rig Mærsk Guardian, with planned startup at the end of the third quarter 2011.

The main objective for the drilling is the Ekofisk- and Tor formations, where the well will be drilled to a depth of approximately 3,050 meters. The water depth in the area is 51 meters.

Det norske is the operator for the PL 356 license with a 50 per cent stake, followed by Repsol that entered the license in 2010 with a 40 per cent stake.

The agreement is conditioned upon Petrolia Norway AS being approved as license holder on the Norwegian continental shelf within 1 January 2012. The transaction has a limited effect on the company´s cash position.

For further information, please contact:

Managing director, Kjetil Forland, e-mail:kjetil.forland@petrolia.no