ACQUIRES CATCH FISHING SERVICES

Petrolia Tool Pool AS, part of Petrolia’s Oilfield Services, has entered into an agreement of acquiring 85 per cent of Catch Fishing Services, a leading provider of well fishing, remedial and whipstock services for the oil and gas industry. The transaction will strengthen the Oilfield Services offering and increase the utilization of the group´s equipment.

- The acquisition of Catch will strengthen our Oilfield Services offering and enable us to leverage on our services and existing well fishing, remedial and whipstock equipment with Catch´s experienced and competent team. We are expecting an increased demand for fishing and remedial services going forward and are pleased to announce the Catch team joining the Oilfield Services, says Managing Director Kjetil Forland in Petrolia ASA.

Catch Fishing Services provides fishing and remedial services and products to oil and gas companies throughout Europe, the former Soviet Union and the Middle East. The services include fishing, remedial, whipstocks & milling services, rental and supervision, well abandonment, rental of tubulars and other drilling equipment, hard facing, in addition to overhauling of stabilizers and other drilling tools. Catch Fishing Services is ISO 9001:2000 certified by Det Norske Veritas.

The three founders of Catch Fishing Services will each retain five per cent of the company. Under the terms of the agreement, the financial details of the transaction will not be disclosed. The transaction has a limited impact on Petrolia ASA´s balance sheet.

Bergen, 8 February 2012

For further information, please contact:

Kjetil Forland

Managing director

Petrolia ASA

Phone: +47 93 24 00 27

E-mail: kjetil.forland@petrolia.no

About Petrolia

Petrolia ASA has three business segments: E&P, Drilling & Well Technology and Oilfield Services and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company approved as a licensee on the Norwegian Continental Shelf. The company currently holds 10 per cent of the PL356 license, which includes the Ulvetanna prospect, subject to a final governmental approval. In addition, Petrolia ASA owns Petrolia Services AS, a leading rental equipment company for the global oil industry. The company employs a staff of around 250 highly competent employees worldwide.