Agreement to purchase production licences on the NCS

Petrolia Norway AS (a 100% subsidiary of Petrolia ASA) has on 18-May-2012 entered into an agreement to purchase Front Exploration AS’s 30% share of production licences PL 506S, PL 506BS, PL 506CS and PL 506DS. The transaction is pending approval from the authorities. Drilling is expected in the first quarter of 2013. This transaction conforms to Petrolia Norway’s strategy of maximising field potential through innovative exploration and increased oil recovery technology from mature areas on the Norwegian Continental Shelf, leveraging on the extensive industry experience of the Petrolia Norway team.

Questions related to the above transaction can be directed to the Managing Director of Petrolia Norway:

Vidar Bergo Larsen          Tel: 55224710 / 90866041               Vidar.bergo.larsen@petrolia.no

This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)